The global Healthcare Payer Services Market is anticipated to
reach USD 69.2 billion by 2024, according to a new report by Grand View
Research. The key factors driving the market include the increasing demand for
streamlined business processes and better customer services through the
adoption of cost effective strategies.
The growing usage of advanced
technologies to deliver economical business process services, rising adoption
of digital technology, increasing focus on consumerism, and the presence of
stringent healthcare regulatory policies are certain crucial factors boosting
the healthcare payer services market in the coming years. Some of the key
participants, such as Accenture, Cognizant, EXL, HP Development Company, L.P.,
Concentrix Corporation, and others, are primarily focusing on incorporating
mobility technology with health plans to engage enrolled members.
Moreover, the growing private
healthcare insurance exchanges, increasing IT investments, and with the
Affordable Care Act (ACA) in effect, the market is set to grow. The increasing
demand to curb the overall administrative costs of member management services,
increasing demand for cost effective solutions for the healthcare payer
services, and the growing number of healthcare fraud cases are few determinants
that are expected to propel the market growth over the forecast period.
Some established players
including United Healthcare, Inc., Anthem, Inc., Aetna, Inc., Accenture,
Cognizant, Dell, HP Development Company, L.P., and Xerox Corporation are
expanding their footprint through the implementation of various technologies
such as digital technology and contract models. The technological advancements
in the overall healthcare payer services system are anticipated to positively
reinforce the market growth.
Browse Details of Report @ http://www.grandviewresearch.com/industry-analysis/healthcare-payer-services-market
Further Key Findings from the Study Suggest:
- In 2015, the BPO segment accounted for the
maximum revenue share of 51.7%. The growing number of people enrolling for
the insurance program, increasing pressure to bend the healthcare cost
curve, and the rising implementation of ICD-10 codes are driving this
segment’s growth. However, the KPO segment is expected to emerge as the
fastest growing with a CAGR of 17.9%. Increasing demand for accurate claim
resolution and the reduction of fraud incidences are some of the factors
that are expected to drive the market over the forecast period.
- In 2015, North America was a clear leader with
a revenue share of 77.31%. The growing insurance enrollment, lack of
low-cost skilled professionals, and the increasing demand for an
integrated healthcare system are accountable for the large market share
captured by this segment.
- Asia Pacific is expected to emerge as the
fastest growing region with a CAGR of 10.8% during the forecast period.
The Southeast Asian region is one of the major outsourcing destinations in
the world. The region includes Malaysia, Singapore, Vietnam, Philippines,
India, China, and many more, which are predominately involved in carrying
out outsourcing activities. The presence of skilled workforce to provide
high-end process services, such as software development and application
development management, is one of the prominent factors driving the Asia
Pacific healthcare payer services market in the coming years.
- The healthcare payer services market is
presently dominated by few key participants, such as United Healthcare,
Inc., Anthem, Inc., Aetna, Inc., Cigna, Humana, Inc., Accenture, Xerox
Corporation, Genpact, IBM Corporation, and Cognizant. The healthcare payer
services players initiate merger & acquisition and corporate
development strategies primarily to further expand their reach in various
other verticals. For instance, Wipro Limited had acquired HealthPlan
Services for approximately USD 460 million to diversify its health
insurance product portfolio.
About
Grand View Research, Inc.:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: http://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: http://www.grandviewresearch.com
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