Healthcare Payer Services Market by Service Type (BPO (Claims, Front end, Provider, Product Development, Care Management, Billing, HR), ITO (Provider Network, Accounts, Analytics, Fraud), & KPO), End User (Public and Private) - Global Forecast to 2027

Healthcare Payer Services Market by Service Type (BPO (Claims, Front end, Provider, Product Development, Care Management, Billing, HR), ITO (Provider Network, Accounts, Analytics, Fraud), & KPO), End User (Public and Private) - Global Forecast to 2027

The healthcare payer services market is projected to reach USD 118.2 billion by 2027 from USD 69.9 billion in 2022, at a CAGR of 11.1% during the forecast period. The increased usage of outsourcing, federal mandates, rising instances of healthcare fraud, rising enrolment in health insurance, and rising chronic disease cases are the key drivers of industry growth. However, it is anticipated that some factors, such as the possibility of data breaches, the loss of administrative control, linguistic and cultural hurdles, and the high costs of outsourcing, may limit this market's expansion to some extent.

BPO service type segment holds the largest share of the healthcare payer services market in 2021”

On the basis of service type, the healthcare payer services market is bifurcated into ITO services, BPO services and KPO services. In 2021, the BPO services segment accounted for the largest market share. ITO services segment is projected to grow at the highest CAGR during the forecast period due to factors such as rising integration of healthcare and information technology, increasing use of EHRs and EMRs, increasing investment in technology to improve operational efficiency, leveraging data analytics for better decision making, and need for secure and complaint IT systems.

“Private payers segment accounted for the largest share of the healthcare payer services market in 2021.”

On the basis of end user, the healthcare payer services market is bifurcated into private payers & public payers. The private payers segment accounted for the largest market share in 2021 and is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing focus on patient centric healthcare delivery and the increasing government initiatives to encourage private sector participation in the healthcare industry and rising competitiveness among private payers.

“Asia Pacific to be the fastest-growing regional market in 2021.”

On the basis of region, the healthcare payer services market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America dominated the healthcare payer services market, followed by Asia Pacific. The large share of this market is attributed to the rise in insurance enrolments due to PPACA, federal healthcare mandates to drive the demand for outsourcing of services, rising need to curb healthcare expenditure. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the increasing adoption of advanced technologies and the growing focus of major players on expanding their presence in emerging Asia Pacific countries.

The primary interviews conducted for this report can be categorized as follows:

By Company Type: Tier 1 (35%), Tier 2 (45%), and Tier 3 (20%)

By Designation: C-level (35%), D-level (25%), and Others (40%)

By Region: North America (45%), Europe (30%), Asia Pacific (20%), Latin America (2%), and Middle East & Africa (3%)

Prominent players in this market include Accenture (Ireland), Cognizant (US), Tata Consultancy Services (India), XEROX Corporation (US), WNS (Holdings) Limited (India), NTT Data Corporation (Japan), IQVIA Inc. (US), Mphasis (India), Genpact (US), Wipro (India), Infosys BPM (India), Firstsource Solutions (India), IBM Corporation (US), HCL Technologies (India), Solutions (US), Lonza (Switzerland), Omega Healthcare (India), R1 RCM (US), UnitedHealth Group (US), Paraxel Corporation International (US),

Research Coverage:

This report provides a picture of the healthcare payer services market. It aims at estimating the size and future growth potential of the market across different segments, such as service type, and end user. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall healthcare payer services market and its subsegments. This report will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. It will also enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.