The global healthcare payer
services market is anticipated to reach USD 69.2 billion by 2024, according to
a new report by Grand View Research. The key factors driving the market include
the increasing demand for streamlined business processes and better customer
services through the adoption of cost effective strategies.
The growing usage of advanced
technologies to deliver economical business process services, rising adoption
of digital technology, increasing focus on consumerism, and the presence of stringent
healthcare regulatory policies are certain crucial factors boosting the
healthcare payer services market in the coming years. Some of the key
participants, such as Accenture, Cognizant, EXL, HP Development Company, L.P.,
Concentrix Corporation, and others, are primarily focusing on incorporating
mobility technology with health plans to engage enrolled members.
Moreover, the growing private
healthcare insurance exchanges, increasing IT investments, and with the
Affordable Care Act (ACA) in effect, the market is set to grow. The increasing
demand to curb the overall administrative costs of member management services,
increasing demand for cost effective solutions for the healthcare payer
services, and the growing number of healthcare fraud cases are few determinants
that are expected to propel the market growth over the forecast period.
Some established players
including United Healthcare, Inc., Anthem, Inc., Aetna, Inc., Accenture,
Cognizant, Dell, HP Development Company, L.P., and Xerox Corporation are
expanding their footprint through the implementation of various technologies
such as digital technology and contract models. The technological advancements
in the overall healthcare payer services system are anticipated to positively
reinforce the market growth.
In depth research report on Healthcare Payer Services
Market
Further Key Findings from the Study Suggest:
·
In 2015, the BPO segment
accounted for the maximum revenue share of 51.7%. The growing number of people
enrolling for the insurance program, increasing pressure to bend the healthcare
cost curve, and the rising implementation of ICD-10 codes are driving this
segment’s growth. However, the KPO segment is expected to emerge as the fastest
growing with a CAGR of 17.9%. Increasing demand for accurate claim resolution
and the reduction of fraud incidences are some of the factors that are expected
to drive the market over the forecast period.
·
In 2015, North America was a
clear leader with a revenue share of 77.31%. The growing insurance enrollment,
lack of low-cost skilled professionals, and the increasing demand for an
integrated healthcare system are accountable for the large market share
captured by this segment.
·
Asia Pacific is expected to
emerge as the fastest growing region with a CAGR of 10.8% during the forecast
period. The Southeast Asian region is one of the major outsourcing destinations
in the world. The region includes Malaysia, Singapore, Vietnam, Philippines,
India, China, and many more, which are predominately involved in carrying out
outsourcing activities. The presence of skilled workforce to provide high-end
process services, such as software development and application development
management, is one of the prominent factors driving the Asia Pacific healthcare
payer services market in the coming years.
·
The healthcare payer services
market is presently dominated by few key participants, such as United
Healthcare, Inc., Anthem, Inc., Aetna, Inc., Cigna, Humana, Inc., Accenture,
Xerox Corporation, Genpact, IBM Corporation, and Cognizant. The healthcare
payer services players initiate merger & acquisition and corporate
development strategies primarily to further expand their reach in various other
verticals. For instance, Wipro Limited had acquired HealthPlan Services for
approximately USD 460 million to diversify its health insurance product
portfolio.
Grand View Research has
segmented the healthcare payer services market by outsourcing services, application,
end use, and region:
Healthcare Payer Services Market Outsourcing Services
Outlook (Market revenue in USD Billion, 2013 - 2024)
·
BPO
·
KPO
·
ITO
Healthcare Payer Services Market Application Outlook
(Market Revenue in USD Billion, 2013 - 2024)
·
Claims Management Services
·
Integrated Front Office Service
and Back Office Operations
·
Member Management Services
·
Provider Management Services
·
Billing and Accounts Management
Services
·
Analytics and Fraud Management
Services
·
HR Services
Healthcare Payer Services Market End-use Outlook (Market
Revenue in USD Billion, 2013 - 2024)
·
Private Payer
·
Public Payer
Healthcare Payer Services Market Regional Outlook (Market
Revenue in USD Billion, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
o
India
·
Latin America
o
Brazil
o
Mexico
·
Middle East and Africa
o
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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