The Payer Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Payer Services Global Market Report 2024, 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.
The increase in healthcare frauds is expected to drive the payer services market for tightening its security systems. 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. For instance, according to the National Health Care Anti-Fraud Association, in the USA the loss from healthcare fraud was estimated to be $300 billion. Therefore, increasing healthcare fraud in the healthcare industry is propelling the demand for rigid security systems, thereby driving the growth of the payer services market.
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The payer services market covered in this report 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
The payer services market report table of contents includes:
- Executive Summary
- Payer Services Global Market Characteristics
- Payer Services Global Market Trends And Strategies
- Payer Services Global Market – Macro Economic Scenario
- Global Payer Services Global Market Size and Growth
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- Global Payer Services Global Market Competitive Benchmarking
- Global Payer Services Global Market Competitive Dashboard
- Key Mergers And Acquisitions In The Payer Services Global Market
- Payer Services Global Market Future Outlook and Potential Analysis
- Appendix
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