- October 1, 2019
- Category: Healthcare and LifeSciences, Healthcare Services
Global Healthcare Payer Services Market Size study, by Service Type (business process outsourcing services, knowledge process outsourcing services and information technology outsourcing services) Application (claim management services, member management services, provider management services, integrated front-end services and back-offices operations, analytics and fraud management services, billing and accounts management services and HR Services) End-user (private payers and public payers) and Regional Forecasts 2019-2026
Chapter 1. Executive Summary
Global Healthcare Payer Services Market is valued approximately USD 16.7 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 12.20% over the forecast period 2019-2026. Vigorously changing reforms for healthcare such as technological advancements, rising healthcare expenditure are convincing payers to re-design their business models and processes for sustainable operational excellence while certifying excellent quality patient care. Since these payers’ solutions enables maximize customer service and derive operational excellence for the healthy patient experience and relationship. Thus, growing needs to improve patient care is anticipated to supplement the growth of the healthcare payer services market over the forecast period of 2018-2025.
The healthcare payer services market is significantly driven by increasing healthcare frauds. According to the Coalition against Insurance Fraud Organization, in year 2015 scams against private and government healthcare insurers forms the largest type of insurance fraud. According to the Coalition against Insurance Fraud Organization, healthcare frauds are likely to steal approx. $10 billion per year. In year 2015, approx. 478 healthcare frauds are reported which directly generates the need for the healthcare payer services across the globe. As healthcare payer services are considered as a successful business model that mitigates the risk of fraud, procurement, administrations and develops cost-effective healthcare processes. As a result, the demand and adoption of healthcare payer services would increase thereby, aiding the growth of the market across the forecast period. Furthermore, the advent of advanced data analytics offers lucrative growth prospects for the healthcare payer services market. However, rising incidences of data breaches and concerns related to confidentiality is expected to hinder the growth of the market during the forecast period.
On the basis of segmentation, the healthcare payer services market is segmented into service type, application and end-users. The service type segment of global healthcare payer services market is classified into business process outsourcing services, knowledge process outsourcing services and information technology outsourcing services. Based on application segment, the market is diversified into claim management services, member management services, provider management services, integrated front-end services and back-offices operations, analytics and fraud management services, billing and accounts management services and HR Services of which claim management is expected to dominate the market owing to the increasing number of people enrolling for health insurance. The end-user segment includes public payers and private payers.
The regional analysis of global Healthcare Payer Services market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the escalating adoption of e-referrals and surging interest of patients to self-pay for several ailments. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026.
Major market player included in this report are:
Cognizant Technology Solutions
Exlservice Holdings, Inc.
Hinduja Global Solutions Limited
HCL Technologies Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Service Type:
Business Process Outsourcing Services
Knowledge Process Outsourcing Services
Information Technology Outsourcing services
Claim Management services
Member Management services
Provider management services
Integrated Front-end services and back-offices operations
Analytics and fraud management services
Billing and accounts management services
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Healthcare Payer Services Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers