Healthcare Payer Service Market Research Report Information by Service Type (Business Process Outsourcing Services, IT Outsourcing Services, and Knowledge Process Outsourcing Services) by Application (Claims Management, Integrated Front Office and Back Office Operations, Member Management, Provider Management, Billing and Accounts Management, Analytics and Fraud Management, Human Resource, Clinical Decision-Making, Patient Engagement, and Others), by End User (Private Payers and Public Payers), by Region Industry Forecast to 2032
In 2022, the Healthcare Payer Service Market was estimated to be worth USD 69.32 billion. During the forecast period (2023-2032), the Healthcare Payer Service Market industry is anticipated to experience a compound annual growth rate (CAGR) of 8.81%, increasing from USD 73.01 billion in 2023 to USD 156.04 billion by 2032.
The enrollment of healthcare insurance is on the rise due to a variety of factors, including the increasing geriatric population in developing regions, the increasing cost of healthcare, and changes in health insurance policies offered by employers. Approximately 31 million individuals were enrolled in the United States between late 2020 and early 2021, according to the Assistant Secretary for Planning and Evaluation. Additionally, in 2022 and early 2023, over 40.2 million American individuals enrolled in Marketplace and Medicaid expansion coverage.
Additionally, secondary research indicates that there has been a significant increase in the enrollment of health insurance in low- and middle-income countries. This is attributable to the government's provision of subsidized health insurance to individuals, the reduction in the cost of health insurance products, and the growing awareness of the advantages of health insurance adoption. Therefore, the healthcare payer services market is experiencing growth because of the increasing awareness of health insurance and the increasing enrolment of individuals in health insurance.
Market segment insightsThe Healthcare Payer Service Market segmentation is based on the type of service provided and includes business process outsourcing services, IT outsourcing services, and knowledge process outsourcing services.
Application-based segmentation of the Healthcare Payer Service Market encompasses claims management, integrated front and back-office operations, member management, provider management, billing and accounts management, analytics and fraud management, human resource, clinical decision-making, patient engagement, and other functions.
The Healthcare Payer Service Market segmentation is based on the end consumer, which encompasses both private and public payers.
Regional PerspectivesThe market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World by region. In 2022, the healthcare payer service market in North America held the highest market share. This is a result of the established presence of major market actors, the growing adoption of healthcare policies, and the advanced healthcare system in the region.
It is anticipated that the Asia-Pacific healthcare payer service market will experience substantial growth from 2023 to 2032. This is a result of the growing patient population in the Asia-Pacific region, the implementation of new ICT guidelines in Japan, and the increasing investments and reforms to modernize China's healthcare infrastructure. Additionally, the patient population is suffering from chronic diseases such as cancer, orthopedic, and cardiovascular diseases.
The Middle East, Africa, and Latin America comprise the Rest of the World. The healthcare payer service market in the aforementioned regions is expected to expand as a result of the increasing investment in healthcare infrastructure and technological advancements.
Major PlayersOracle Corporation (US), IQVIA Holding, Inc (US), HCL Technologies Limited (India), Accenture (Ireland), Cognizant (US), Dell Inc (US), Genpact (US), Omega Healthcare Management Services (India), Infosys Limited (India), and NTT DATA, Inc (Japan) are among the key companies in the Healthcare Payer Service Market.