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LONDON, GREATER LONDON, UNITED KINGDOM, October 30, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The payer services market size has grown rapidly in recent years. It will grow from $134.92 billion in 2023 to $156.72 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to growing demand for cost containment, healthcare complexity, rising need for data analytics, rising demand for member engagement, aging population, increased chronic conditions.
Global Payer Services Market Size: What Are the Forecasts for Market Growth and Annual Expansion?
The payer services market is projected to experience significant growth in the coming years, reaching $277.68 billion by 2028, with a compound annual growth rate (CAGR) of 15.4%. This anticipated growth during the forecast period can be attributed to factors such as population health management, the adoption of value-based care models, the expansion of telehealth services, and the increasing demand for personalized healthcare.
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What Are The Key Growth Drivers In The Payer Services Market?
The rising demand for telehealth is expected to drive the growth of the payer services market in the future. Telehealth involves the use of telecommunications and digital technologies to provide remote healthcare services to patients and healthcare providers. By utilizing telehealth services, payers can improve the quality of care, boost member satisfaction, and more effectively manage healthcare costs, ultimately benefiting both payers and their members.
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Who are the Key Industry Players Stepping Up in the Payer Services Market?
Key players in the payer services market include United Health Group, Anthem Insurance Companies Inc., Concentrix Corporation, Aetna Inc., CIGNA Corp., HealthPartners, Blue Cross Blue Shield of Massachusetts, Group Health Cooperative, Accenture plc, Cognizant Technology Solutions Corp., Tata Consultancy Services Limited., Xerox Holdings Corporation, WNS (Holdings) Limited., NTT Data Corporation, IQVIA Holdings Inc., Mphasis Limited., Genpact Limited., Wipro Limited., Infosys BPM Limited., Firstsource Solutions Limited., International Business Machines Corporation, HCL Technologies Limited., Lonza Group AG, Omega Healthcare Investors Inc.
What Trends Are Shaping The Growth Of The Payer Services Market Size?
Leading companies in the payer services market are concentrating on innovative solutions like automating vendor integrations to enhance their revenues. Automating vendor integrations involves utilizing technology and software solutions to streamline and simplify the connections between businesses or organizations and their vendors or suppliers.
What Are the Different Segments of the Global Payer Services Market?
1)By Outsourcing Services: Business Process Outsourcing Services, Knowledge Process Outsourcing Services, Information Technology Outsourcing Services
2)By Application: Revenue Cycle Management, Healthcare Reimbursement, Medical Billing Outsourcing, Other Applications
3)By End-User: Public Payers, Private Payers
Geographical Insights: North America Leading The Payer Services Market
North America was the largest region in the market in 2023. Western Europe was the second-largest region in the market share. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Is The Definition Of The Payer Services Market?
Payer services assist payers in streamlining their business processes and enhancing the services they provide to customers. In the healthcare sector, organizations that set service prices, collect payments, manage claims, and pay providers are referred to as payers. Examples of payers include Medicare, Medicaid, and health plan providers.
The Payer Services Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Payer Services Market Report: Trends, Opportunities, Strategies, and More
The Payer Services Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into payer services market size, payer services market drivers and trends, payer services competitors' revenues, and payer services market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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