Global Healthcare Payer Solution Market Grows at a Staggering CAGR of 10.74%

Introduction

The healthcare payer solution is the services provided to payers by healthcare IT companies, such as private and public insurers and insurance companies, to support business process optimization and reduce operational costs. The report provides market dynamics and trends for the global market for healthcare payer solutions. Additionally, it contains market estimates and forecasts. Healthcare insurance payers and providers employ various outsourcing techniques to improve customer service and operational efficiency. Outsourcing, a viable business strategy, can reduce administrative, logistical, procurement, and other responsibilities while creating cost-effective business processes.

Market Dynamics

Increase in Health Insurance Enrolment Drives the Global Market

In developed countries, as well as the majority of developing countries, health insurance is mandated for all public and private employees. It can be explained by the fact that both in the public and private sectors, employees' families are protected by health insurance. An employee's monthly salary is automatically reduced to cover health insurance costs. A rise in working professionals is also anticipated globally due to health insurance requirements. Therefore, the rise in people purchasing health insurance contributes to the growth of the global market.

Increased Instances of Data Breaches and Confidentiality Losses Creates Tremendous Opportunities

Healthcare payer services and solutions extensively use the internet and cloud computing. The cloud hosts a sizable amount of confidential patient data. Due to the global increase in cyberattacks, protecting patient data is a significant challenge for healthcare organizations. Regarding the number of cybercrime attacks, Germany and the United Kingdom are second to China and the United States. Most security threats target non-traditional endpoints, from which the most significant sources of malicious traffic are connected medical endpoints, personally identifiable information made available online, security systems, and edge devices.

Regional Analysis

North America is the most significant shareholder in the global healthcare payer solution market. It is attributed to several factors, including a greater focus on cost containment by the government, which will increase profit margins and lower operational costs associated with healthcare delivery. The North American health insurance market is studied by the US, Canada, and Mexico collectively. The United States contributed the largest market share in the region because of its accessible healthcare and hospitable insurance environment.

Europe is expected to grow during the forecast period. The essential European countries considered in the report are Germany, France, the United Kingdom, Spain, Italy, and the rest of Europe. It explains the need for health insurance for everyone who resides and works in the European Union. The governments of European countries like the UK, Germany, and France mandate health insurance. It has also been noted that the European Union has significantly increased its spending to promote the adoption of healthcare IT among EU member states, which is anticipated to present lucrative opportunities for market expansion.

The nations examined are those Japan, China, India, and the rest of Asia-Pacific. This region offers lucrative opportunities for the healthcare payer solution market due to rising healthcare costs and an abundance of better healthcare services. It is expected to grow the fastest during the forecast period. Crucial players like Hinduja Global Solutions Limited and HCL Technologies Limited further expand the market for healthcare payer solutions.

Healthcare spending is anticipated to rise over the forecast period, providing market participants with lucrative growth opportunities and making LAMEA an emerging market. The market for healthcare payer solutions is growing due to laws requiring employers to provide health insurance to their employees and rising daily medical costs in most Latin America. The expansion of the private health insurance industry is also fueled by an increase in the population's disposable income, which is anticipated to boost the market for healthcare payer solutions.

Key Highlights

• The global healthcare payer solution market was valued at USD 25378 million in 2022. It is projected to reach USD 63562 million by 2031, growing at a CAGR of 10.74% during the forecast period (2023–2031).
• Based on service, the global healthcare payer solution market is bifurcated into business process outsourcing services, information technology outsourcing services, and knowledge process outsourcing services. The business process outsourcing services segment is the highest contributor to the market.
• Based on application, the global healthcare payer solution market is bifurcated intopharmacy audit & analysis systems, claims management services, fraud management services, computer-assisted coding systems, member eligibility management services, provider network management services, payment management services, customer relationship management services, medical document management services, and general ledger & payroll management. The claims management services segment is the highest contributor to the market.
• Based on end-user, the global healthcare payer solution market is bifurcated intoprivate providers and public providers. The public provider segment is the highest contributor to the market.
• North America is the most significant shareholder in the global healthcare payer solution

Competitive Players

1. Accenture Plc.
2. Change Healthcare, Inc.
3. Cognizant Technology Solutions Corporation
4. Hinduja Global Solutions Limited
5. HMS Holdings Corp.
6. International Business Machines Corporation
7. Inovalon Holdings, Inc.
8. McKesson Corporation
9. UnitedHealth Group Incorporated
10. Wipro Limited

Recent Developments

• November 2022- Wipro will provide support for AWS's new Cybersecurity Data Lake Service.
• December 2022- Accenture completes the acquisition of the personnel and business resources of ARZ.

Segmentation

1. By Service
   1. Business Process Outsourcing Services
   2. Information Technology Outsourcing Services
   3. Knowledge Process Outsourcing Services
2. By Application
   1. Pharmacy Audit & Analysis Systems
   2. Claims Management Services
   3. Fraud Management Services
   4. Computer-assisted Coding (CAC) Systems
   5. Member Eligibility Management Services
   6. Provider Network Management Services
   7. Payment Management Services
   8. Customer Relationship Management Services
   9. Medical Document Management Services
   10. General Ledger & Payroll Management
3. By End-User
   1. Private Provider
   2. Public Provider