Global Healthcare Payer Services Market Report and Forecast 2024-2032

Global Healthcare Payer Services Market Outlook

The global healthcare payer services market size was valued at USD 60.5 billion in 2023, driven by the advancements in healthcare technology, telemedicine, and digital health across the globe. The market is expected to grow at a CAGR of 10.4% during the forecast period of 2024-2032, with the values likely to rise from USD 66.8 billion in 2024 to USD 146.9 billion by 2032.

Healthcare Payer Services: Introduction

Healthcare payer services refers to a bunch of functions performed by organisations, responsible for managing and financing healthcare expenses. It includes functions like claims processing, premium collection, and enrolment. Payers work at negotiating prices with healthcare providers to regulate expenses. Such services encompass insurance companies, government programs (like Medicare and Medicaid), and other entities that facilitate the payment of medical bills.

Global Healthcare Payer Services Market Analysis

The sudden outbreak of COVID-19 has highlighted the significance of having a practical and convenient healthcare coverage. Given the current economic scenario, healthcare costs have witnessed a substantial increase. With the expense hike, employers and individuals have started seeking insurance and payer services, leading to high healthcare payer services market demand.

With the convergence of artificial intelligence and data analytical tools into the healthcare ecosystem, companies have started modifying their tools to offer cost effective, rapid, and efficient services to the customers. Recently, Medicare has announced the new Medicare Advantage plan which focuses on prioritising senior healthcare. Similarly, UnitedHealthcare has also expanded their coverage area to reach 96 percent of the Medicare beneficiaries. All the latest plans prioritise customer feedback and aim at valuing their demands. Such initiatives are set to drive the healthcare payer services market growth in the future as well.

With a larger ageing population, the requirement for healthcare services is continuously evolving. As the elderly tend to have complex medical needs, prominent companies are entering as well as acquiring existing companies. India, being the world’s most populous country is observing some positive changes. In August 2023, Jio Financial Services announced their entry into the healthcare insurance segment.

Global Healthcare Payer Services Market Segmentation

Market Breakup by Type

• BPO  
  • Claims 
  • Front end 
  • Provider 
  • Product 
  • Development 
  • Care Management 
  • Billing 
  • HR 

• ITO 
  • Provider Network 
  • Accounts 
  • Analytics 
  • Fraud

• KPO

Market Breakup by End User

• Private 

• Public

Market Breakup by Region

• North America

• Europe  

• Asia Pacific 

• Latin America 

• Middle East and Africa

Global Healthcare Payer Services Market Overview

With increasing adoption of digital services into the healthcare industry, the market has flourished with telehealth services, and mobile apps for policy management and claim filings. The World Health Organisation has initiated a Universal Health Coverage initiative which plans to offer a range of health services to people at any hour without any financial burden. Such initiatives will contribute to the healthcare payer services market value positively in the forecast period.

There is a shift towards preventive care and personalised treatment plans for patients. The United States having a set of well-informed patients demands more comprehensive and improved customer services. The region being home to prominent healthcare insurance companies like Medicare and Medicaid help catering the needs effectively.

Europe is also expected to lead the healthcare payer services market share in the future. Along with a significant private healthcare system, the government healthcare system is highly efficient and active at proving services to the patients. The Asia Pacific region is anticipated to grow substantially with increasing investments and developments in the medical ecosystem.

Global Healthcare Payer Services Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Accenture

• Cognizant  

• Tata Consultancy Services 

• NTT Data Corporations 

• IQVIA Inc. 

• Mphasis 

• FIrstsource Solutions 

• IBM Corporation 

• HCL Technologies 

• First Source Solutions

Key Highlights of the Report