Global Healthcare Payer BPO Market is projected to grow at a CAGR of 11.3% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Healthcare Payer BPO Market by Service (Finance & Accounts, Claims Processing Services, HR Services, Member Services), Regions, and Global Forecast 2020-2027.
The global healthcare payer BPO market is expected to grow from USD 19.6 billion in 2019 to USD 46.15 billion by 2027, at a CAGR of 11.3% during the forecast period 2020-2027. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like supportive government policies, market penetration of insurance services in rural & urban areas, increasing public & private healthcare expenditures, and improving economic conditions. On the other hand, the North America region accounted for the major market share of 45.25% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as high rate of claim records, high private as well as public healthcare expenditure, favorable government policies, and the presence of an ethical reimbursement framework. Countries like Canada & the USA invest billions of dollars in medicare insurance and ensure full compliance with healthcare regulations.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global healthcare payer BPO market are Cognizant Technology Solutions, Exlservice Holdings Inc., Wipro Limited, Xerox Corporation, HCL Technologies Ltd., Hinduja Global Solutions, Accenture, Hewlett-Packard, and Genpact Limited, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global healthcare payer BPO market.
Based on service, the global healthcare payer BPO market has been segmented into finance & accounts, claims processing services, HR services, and member services. The member services segment is forecasted to grow at the highest CAGR in the upcoming years due to growing requirements for value-added services, increasing customer service requirements, and extensive competition to get new customers & retain the existing clientele. On the other hand, claims processing services dominated the market and held the largest market share of 52.6% in the year 2019. The main reason behind this segment’s large market share is the penetration of insurance coverage in developing & developed nations across the world. The Affordable Care Act has had a very high positive impact on the BPO industry as a whole for healthcare payers. According to statistics released in 2013 by CMS & ObamaCare, nearly eight million people registered in 2013 and about 11.7 million people registered in 2015.
About the report:
The global healthcare payer BPO market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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