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Global Payer Services Market (2024 to 2033) - Industry Trends, Share, Size, Growth, Opportunity and Forecasts
Payer Services Global Market
The Business Research Company's Payer Services Global Market Report 2024 identifies increase in healthcare frauds as the major driver for the Payer Services market's growth in the forecast period. Healthcare fraud includes malpractices such as individuals obtaining subsidized or fully-covered prescription pills that are actually unneeded and then selling them on the black market for a profit billing by practitioners for care that they never rendered, filing duplicate claims for the same service rendered, altering the dates and modifying medical records. The healthcare industry continues to suffer losses attributed to frauds and errors.
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.
The payer services market size is expected to see rapid growth in the next few years. It will grow to $277.68 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to population health management, value-based care models, expansion of telehealth, demand for personalized healthcare. Major trends in the forecast period include data analytics and ai, telehealth integration, consumer-centric approaches, health equity and inclusivity, remote monitoring and wearables.
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Major competitors in the Payer Services market are United Health Group, Anthem Insurance Companies Inc., Concentrix Corporation, Aetna Inc., CIGNA Corp., HealthPartners, Blue Cross Blue Shield of Massachusetts, Group Health Cooperative, Cognizant Technology Solutions Corp., Tata Consultancy Services Limited., Xerox Holdings Corporation.
A key trend in the Payer Services market includes Technological Advancements. Increased adoption of technologically advanced products is gaining substantial popularity in the payer services market. This has led to improved price transparency, affordable payer services, higher utilization of resources, increasing quality reach, and member satisfaction and loyalty towards the service provider.
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The Payer Services market is segmented -
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
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Payer Services market.
The Business Research Company's "Global Payer Services Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Payer Services Market Include:
1. Executive Summary
2. Payer Services Market Characteristics
3. Payer Services Market Trends And Strategies
4. Payer Services Market - Macro Economic Scenario
5. Global Payer Services Market Size and Growth
……
31. Global Payer Services Market Competitive Benchmarking
32. Global Payer Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Payer Services Market
34. Payer Services Market Future Outlook and Potential Analysis
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