Future Overview of Healthcare Payer Solution Market - Explore the 2021 to 2030 Trends, Analysis, Forecasts and Market Development.
Global healthcare payer solution market was valued at US$ 20.40 billion in 2021 and is expected to reach US$ 43.82 billion by 2030, growing at a CAGR of 9.2% over the forecast period.
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Increased number of people opting for insurances because of awareness about its benefits is one of the major factors that have been driving the healthcare payer solution market. This awareness has been created by surge in the number of insurance companies, who have been trying to lure major chunk of consumers with the help of advertisements. With the number of people enrolling for insurance going upwards, the healthcare payers have been facing the heat and this is where healthcare payer solution providers are proving as a boon for them.
Majority of the payers are now outsourcing various tasks like computation of claim amount and verification of medical documents. This is helping them save time and costs, which automatically results in higher profitability. On the other hand, the adoption of new outsourcing business models also invites some unwanted threats like the health data security. The breach not only impacts the reputation of the organization in a longer run but also likely to bring some serious financial losses. This is likely to prove hindrance in the growth of the healthcare payer solution market. Despite the threats like cyber security and data breach, the healthcare payer solution market is expected to grow in coming future.
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Additionally, it also uses some significant techniques such as SWOT and Porter’s Five analysis to examine the data effectively. To take a strong business outlook in different global regions such as North America, Latin America, Europe, Asia-Pacific, and India have been examined on the basis of profit margin and investments.
Leading key players such as include Change Healthcare Inc., Conduent Inc., HMS Holdings Corp, McKesson Corporation, PLEXIS Healthcare Systems and UnitedHealth Group amongst others have been mentioned along with the feedback from various industry experts to improve the performance of existing businesses. Some internal and external factors have been included, which are responsible for driving or restraining the market.
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Key Findings of the Report:
• The healthcare payer solution market in the United States accounts for highest revenue share mainly because of the presence of important players and strict federation regulations related to insurance
• The rising use of technology and surging demand for bringing costs is likely to provide impetus to the growth of the healthcare payer solution market
• Claim management and fraud management are most sought after services in the healthcare payer solution market
• The recent COVID-19 situation is pushing more people to enroll for insurance services
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