Healthcare Payer Solution Market to Reach $41.90 Bn, Globally, by 2027 at 10.6% CAGR: Allied Market Research
- Increase in cost of healthcare system and urge to decrease wasteful spending, rise in health insurance enrolment and upsurge in adoption of healthcare IT, healthcare frauds fuel the growth of the global healthcare payer solution market.
PORTLAND, Ore., Sept. 29, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Healthcare Payer Solution Market" by Service (Business Process Outsourcing Services, Information Technology Outsourcing Services, and Knowledge Process Outsourcing Services), Application (Audit & Analysis Systems, Claims Management Services, Fraud Management Services, Computer-assisted Coding (CAC) Systems, Member Eligibility Management Services, Provider Network Management Services, Payment Management Services, Customer Relationship Management Services, Medical Document Management Services, and General Ledger & Payroll Management), and End User (Private and Public): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global healthcare payer solution industry was estimated at $19.40 billion in 2019, and is expected to hit $41.90 billion by 2027, registering a CAGR of 10.6% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in cost of healthcare system and urge to decrease wasteful spending, rise in health insurance enrolment, upsurge in adoption of healthcare IT and implementation of various healthcare reforms, rise in healthcare frauds, and increase in demand for streamlined business processes fuel the growth of the global healthcare payer solution market. On the other hand, surge in incidences of data breach and several cultural and language barriers impede the growth to certain extent. Nevertheless, high growth potential in emerging economies and rise in adoption of AI & analytics are expected to create lucrative opportunities for the key players in the industry.
Covid-19 scenario-
- The outbreak of the pandemic has led to a steep increase in demand for health coverage. Also, rise in health insurance awareness among people all over the world has given the global healthcare payer solution market a strong boost.
- At the same time, the dedicated units of this business tend to perk up the overall health system performance through optimizing care quality which, in turn, has scaled up its demand among public & private payers as well as healthcare insurers.
The business process outsourcing services segment to dominate by 2027-
Based on service, the business process outsourcing services segment contributed to more than half of the global healthcare payer solution market revenue in 2019 and is expected to retain its dominance by 2027, owing to high demand for BPO services and surge in investment by key players in cloud computing to strengthen their portfolio for healthcare business process outsourcing services. The knowledge process outsourcing services segment, on the other hand, would manifest the fastest CAGR of 12.6% during the study period. This is because increase in demand for such services for business process analysis and decision making.
The claims management services segment to lead the trail-
Based on application, the claims management services segment accounted for nearly one-fourth of the global healthcare payer solution market share in 2019 and is anticipated to rule the roost till 2027, due to urge in bringing down unnecessary expenditure in healthcare and increase in demand to streamline the process. At the same time, the computer assisted coding (CAC) systems segment would portray the fastest CAGR of 18.2% from 2020 to 2027, owing to increase in implementation of ICD-10 code globally.
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North America garnered the highest share in 2019-
Based on geography, North America held the major share in 2019, generating nearly one-third of the global healthcare payer solution market. High demand for healthcare payer solutions in the province and the presence of key players that offer exclusive healthcare payer solutions drive the market growth. Simultaneously, Asia-Pacific would grow at the fastest CAGR of 11.3% till 2027. This is due to rise in adoption of healthcare IT solutions, and increase in enrolment for health insurance in the region.
Frontrunners in the industry-
- Berry Global
- Constantia Flexibles
- Gerresheimer AG
- MONDI Plc
- ProAmpac
- Reynolds Group Holdings Ltd.
- Sonoco Products Company
- SIG Combibloc Group Ltd.
- Tetra Laval.
- Amcor Limited
- Sealed Air Corporation
- Goglio S.p.A.
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