LONDON, June 12, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Healthcare Payer Solution Market Report 2023, the market will grow from $37.3 billion in 2022 to $41.1 billion in 2023, at a compound annual growth rate (CAGR) of more than 10%. Further, the global market will reach $58.4 billion in 2027, growing at a CAGR of more than 9%. North America held the largest healthcare payer solution market share in 2022.
The growth of the healthcare payer solutions industry is primarily driven by increasing insurance enrolments. Insurance enrolment involves qualified applicants registering with insurance providers to become plan members. Payer solutions within the insurance market offer robust enterprise core administration and claims management platform solutions. These solutions facilitate expansion, innovation, and cost savings for payer organizations across different business lines.
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Major healthcare payer solution companies are Cognizant Technical Solutions, Concentrix Corporation, Accenture PLC, HCL Technologies Ltd, Xerox Corporation, Wipro Ltd, Hinduja Global Solutions Ltd,Verisk Analytics Inc., UnitedHealth Group, NXGN Management LLC, and McKesson Corporation.
Innovation in product development is a key trend observed in the healthcare payer solutions market. Leading companies in this market are focusing on creating innovative solutions to strengthen their market position.
For instance, in March 2022, IMAT Solutions, a US-based company specializing in real-time healthcare data management and population health reporting solutions, launched a new product aimed at gathering, aggregating, disseminating, and reporting healthcare data. This technology will allow payers, statewide organizations, and health information exchanges (HIEs) to leverage IMAT’s clustering and SaaS-based solutions, in addition to the company’s new NCQA Data Aggregator Validation (DAV) designation.
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The global healthcare payer solution market is segmented as-
1) By Services: Business Process Outsourcing Services, Information Technology Outsourcing Services, Knowledge Process Outsourcing Services
2) By Application: Pharmacy Audit And 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, General Ledger And Payroll Management
3) By End User: Private Provider, Public Provider
The healthcare payer solution market report serves as a valuable resource for understanding the state and future trajectory of the market. Its comprehensive analysis, market projections, and insights into industry trends provide a solid foundation for driving growth, innovation, and success in the evolving landscape of healthcare payer solutions. By understanding the market dynamics, key trends, and future growth prospects presented in this report, organizations can make informed business decisions, develop effective strategies, and seize opportunities for growth in the healthcare payer solution market.
Healthcare Payer Solution Global Market Report 2023 by The Business Research Company provides insights on the healthcare payer solution market size, healthcare payer solution market segments, healthcare payer solution market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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