Healthcare Payer Solutions Market to Reach $ 50 Billion Mark by 2025
Growing
insurance enrolments and increasing healthcare frauds to drive global healthcare payer solutions market
According to
TechSci Research report, “Global Healthcare
Payer Solutions Market By Service Type, By Application, By End User, By
Region, Competition, Forecast & Opportunities, 2025”, the global healthcare payer solutions market is forecast
to reach $ 50 billion by 2025, predominantly on account of rising demand for
streamlined business process. Additionally, healthcare payer solutions help
payers transform their businesses and achieve their goals with solutions across
all the major touch points. Also, healthcare payer solutions deliver a
well-coordinated, affordable, and cohesive healthcare experience, thereby
positively impacting the market. Besides, progression of health benefit plan
designs and presence of healthcare regulatory policies is further anticipated
to propel the growth of market over the next five years. However, high claim
denial rates and slow process of claim approvals might hamper the market
growth. Additionally, issues such as administrative control breakdown might further
hinder the market growth. High costs associated with outsourcing along with the
loss of managerial control in outsourced projects is also anticipated to negatively
impact the market growth.
Browse 107 market data Figures spread through 110 Pages and an in-depth TOC on "Global Healthcare
Payer Solutions Market"
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The global
healthcare payer solutions market is segmented based on service type,
application, end user, and region. Based on service type, the market can be
categorized into BPO, ITO and KPO. Among these, the BPO segment is expected to
dominate the market during forecast period with a majority market share through
2025. This can be attributed to the fact that BPO service provides customer
support & assistance in various administrative areas. This in turn enables
the payers to achieve cost reductions and to speed time to market, which is
majorly the key target of payer organizations. On the other hand, the ITO
segment is expected to witness highest growth over the next few years owing to
the growing demand for accurate claim resolution and rising need to reduce the
number of fraudulent incidences. Based on application, the market can be
fragmented into Claims Management Service, Provider Management Service, Member
Management Service, HR Services, Analytics & Fraud Management Service,
Billing & Accounts Management Service, and Others. Among these, the Claim
Management segment dominated the market with around one-third share in 2019 and
the segment is expected to hold its dominance during the forecast period as
well as it helps the organizations to create and deploy automated and agile
claim management process for full proof claim processing.
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Cognizant
Technology Solutions, Accenture plc, Concentrix Corporation, ExlService
Holdings, Inc., Xerox Corporation, Genpact Limited, Hewlett-Packard, Hexaware
Technologies Limited, FirstSource Solutions Limited, HCL Technologies Ltd., etc. are some of the
leading players operating in the global healthcare payer solutions market. “North America is expected to dominate
the global healthcare payer solutions market during the forecast period, owing
to the huge and growing insurance enrolment in the region. Additionally, surging
demand for an integrated healthcare system in the region is further anticipated
to fuel the market. Furthermore, the federal healthcare mandates in the US are
expected to positively impact the market growth over next few years.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Healthcare Payer Solutions Market By
Service Type, By Application, By End User, By Region, Competition, Forecast
& Opportunities, 2025” has evaluated
the future growth potential of global healthcare payer solutions market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global healthcare payer solutions market.
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