Press release
Healthcare Payer Services Industry Expected to Surpass USD 136.25 Billion by 2034, CAGR at 6.9%
The healthcare payer service market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 70.00 billion in 2024 and is projected to grow to USD 136.25 billion by 2034. This growth signifies a robust compound annual growth rate (CAGR) of 6.9% over the forecast period 2025-2034.
Market Overview
A healthcare payer is a body that pays for the price of healthcare services managed by a healthcare provider. Payers can be either government or private entities. Examples include commercial insurers and government initiatives such as Medicare services and Medicaid. The essential difference between a health plan and a payer is that a health plan pays the price of medical care, and a payer is an operation accountable for processing patient capability, services, claims, registration, and disbursement.
Payers in healthcare establishments are important to a provider's success. The majority of patients cannot meet the expense of medical services out of pocket and depend on the payers to fulfill the prices. Thus, consistent payer-provider association ensures patients to obtain the medical help they require while the provider earns revenue from its services.
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Market Drivers
Implementation of Compliance Mechanisms: Regulatory structures such as data confidentiality legislations, conformity needs, and value-based care models need payers to improve adherence processes while managing complex administrative procedures. For instance, in March 2024, the Centers for Medicare & Medicaid Services (CMS) instigated the Change Healthcare/Optum Payment Disruption (CHOPD) program to assist Part A donors and Part B suppliers impacted by cyberattacks or change healthcare in supporting the healthcare payer services market sales. Such initiatives are expected to contribute to the growth of the healthcare payer services market.
Growing Government-Sponsored Healthcare Funds: The expansion of government-subsidized healthcare programs, private funding, and employer-financed insurance plans have caused a surge in claim submissions, fraud prohibition steps, and repayment procedures. For instance, in March 2024, UnitedHealth Group made notable progress in addressing the impact of a major cyberattack on Change Healthcare that occurred in February 2024.
Healthcare Payer Service Market Report Highlights
• In terms of service, the ITO services segment led the healthcare payer service market growth in 2024, primarily due to the increasing dependence on advanced IT solutions that enhance operational efficiency and data management.
• Based on end use, the public payers segment is anticipated to experience the most rapid market expansion during the forecast period. This is driven by rising government initiatives focused on broadening healthcare coverage and enhancing reimbursement models.
• In 2024, North America dominated the market due to its robust healthcare infrastructure, high adoption rates of digital technologies, and a significant presence of major healthcare payers.
• Asia Pacific is projected to see the fastest growth in the healthcare payer service market during the forecast period, spurred by ongoing digital transformation initiatives and increased government investments in public health programs.
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Market Key Players
The healthcare payer services market has the presence of both established players and new entrants. Key companies are mentioned below:
• Cognizant
• Dell Inc.
• Firstsource
• Genpact
• IBM Corporation
• Infosys Limited
• IQVIA
• Mphasis.
• NTT DATA Group Corporation
• Oracle
• TATA Consultancy Services Limited
• Wipro
• WNS (Holdings) Ltd.
Segmental Perspective
The healthcare payer services market segmentation is mainly based on service, application, end use, and region.
By service analysis, the ITO services segment held the largest market share in 2024, propelled by growing dependence on progressive IT solutions to enhance functional productivity and data handling.
By end-use analysis, the public payer segment is expected to witness the fastest growth owing to growing government directives targeted at augmenting healthcare coverage and enhancing healthcare reimbursement models.
Healthcare Payer Services Market, Services Outlook (Revenue - USD Billion, 2020-2034)
• BPO Services
• ITO Services
• KPO Services
Healthcare Payer Services Market, Application Outlook (Revenue - USD Billion, 2020-2034)
• Claims management services
• Integrated Front Office Service and Back Office Operations
• Member Management Services
• Provider Management Services
• Billing And Accounts Management Services
• Analytics And Fraud Management Services
• HR Services
Healthcare Payer Services Market, End Use Outlook (Revenue - USD Billion, 2020-2034)
• Public Payers
• Private Payers
Regional Analysis
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Netherlands
o Rest of Europe
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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