Healthcare Payer Services Market Size, Share & Trends Analysis Report By Services (BPO Services, ITO Services, KPO Services), By Application (Claims Management Services), By End-use (Private Payers, Public Payers), By Region, And Segment Forecasts, 2023 -

Healthcare Payer Services Market Size, Share & Trends Analysis Report By Services (BPO Services, ITO Services, KPO Services), By Application (Claims Management Services), By End-use (Private Payers, Public Payers), By Region, And Segment Forecasts, 2023 - 2030

Healthcare Payer Services Market Growth & Trends

The global healthcare payer services market is expected to reach USD 111.9 billion by 2030, registering a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to witness substantial demand for IT operations so as to allow companies to focus on their core tasks and reduce operational costs. The growing vigilance regarding data security and customer-centricity in projects, especially in the aerospace & defense and BFSI sectors, are fueling the demand for information technology services outsourcing.

The market is progressing owing to the ever-increasing demand for consultancy-related projects. The growing need for proficiency in formulating and streamlining IT strategy, enterprise architecture advisory, portfolio consulting, and ensuring effective and smooth digital transformation further boosts the industry growth. Rapid innovations, offering various benefits to different industries globally, will also support market growth. Delegation of time-consuming and tedious tasks to service providers empowers businesses to concentrate on their central functionalities and reduces the load on their internal resources. It also offers optimization of capacity, resources, and flexibility to meet the demands of the changing commercial environment, and better access to innovation and intellectual property.

Service providers are coming up with different operational and pricing models to gain a competitive edge over others. The advent of cloud computing has fueled market growth as it enables firms to automate and ease their business applications and processes. Hence, enterprises, especially Small & Medium Businesses (SMBs), are largely deploying the Software as a Service (SaaS) model and the Infrastructure as a Service (IaaS) model, which has compelled the service providers to capitalize on the cloud-based offerings.

The COVID-19 pandemic has impacted the healthcare payer services market significantly. The market is doing well financially as compared to other sectors due to a rise in demand for medical care. However, the coming years for the economics of the market are full of threats. However, the payers are doing their part in this pandemic by providing support to providers, helping in the management and delivery of COVID-19 related supplies to multiple care providers, and also creating web portals that provide relevant and rapid information related to COVID-19.

Healthcare Payer Services Market Report Highlights

• ITO services segment dominated the market with the largest revenue share in 2022. The rising demand for advanced and innovative technologies, increased investment in Artificial Intelligence (AI) technology, and growing engagement in healthcare decisions are the key factors driving the market growth of this segment.
• The claims management services segment dominated the market with the largest revenue share in 2022. The presence of ACA and increasing overall healthcare expenditure are crucial factors driving the number of members enrolled in the Centers for Medicare and Medicaid Services.
• The public payers segment is expected to emerge as the fastest growing, with a CAGR of 9.0% during the forecast period.

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