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Healthcare Payer Services Market Size

Report ID: GMI5701
Published Date: May 2023
Report Format: PDF

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Healthcare Payer Services Market Size

Healthcare Payer Services Market size exceeded USD 57.7 billion in 2022 and will depict over 9.1% CAGR between 2023 and 2032.

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Increasing healthcare cost and expensive medical bills is expected to boost the market growth. Healthcare payers are seeking innovative solutions to manage expenses, optimize resource allocation, and deliver value-based care. Also, increasing shift towards digitalization and the adoption of advanced technologies such as artificial intelligence (AI), healthcare analytics, and automation are significantly propelling the market growth. However, increasing adoption of health insurance, growing burden of chronic diseases and healthcare frauds are some of the prominent factors proliferating the healthcare payer services market growth.

Healthcare payer services refer to the range of administrative and operational activities performed by healthcare payers to manage and facilitate the payment and delivery of healthcare services. These services include but are not limited to claims processing, enrolment and eligibility verification, customer support, provider network management, utilization review, medical coding and billing, data management and analytics, and regulatory compliance. The goal of healthcare payer services is to ensure efficient and effective administration of healthcare benefits, accurate processing of claims, timely reimbursement to healthcare providers, and satisfactory customer experiences

Healthcare Payer Services Market Report Attributes
Report Attribute	Details
Base Year:	2022
Healthcare Payer Services Market Size in 2022:	USD 57.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9.1%
2032 Value Projection:	USD 140 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	298
Segments covered:	Service Type, Application, End-use, and Region
Growth Drivers:	Rising adoption of health insurance policies Increasing outsourcing of services Growing burden of chronic disease Rise in healthcare fraud cases
Pitfalls & Challenges:	Risk of data breach and loss of confidentiality High cost associated with outsourcing of services

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of healthcare payer was valued at USD 57.7 billion in 2022 and will progress at 9.1% CAGR between 2023 and 2032 propelled by the increasing healthcare cost and expensive medical bills.

The BPO segment accounted for around 49% of the healthcare payer industry share in 2022 as outsourcing non-core business processes, such as claims processing and healthcare revenue cycle management, among others, are crucial for healthcare payers.

The private payer end-use segment is anticipated to reach USD 83 billion by 2032 owing to the introduction of novel technologies and data analytics for efficiency and personalized services.

North America held over 38% of the healthcare payer market share in 2022 and will grow notably through 2032 as a result of the increasing healthcare expenditure, rising adoption of digital technologies, and the need for efficient and cost-effective healthcare services in the region.