Industry Background:
Healthcare payer services refer to services or organizations which help in financing an individual’s healthcare-related expenditures. Such services or organizations can be broadly categorized into two main categories which are the Public sector and the Private Sector. The primary objective of healthcare payer services is to financially protect or defend an individual availing its services against monetary repercussions arising from the health care expenditure. Various premade and custom-made plans are offered to individuals accustomed to their diverse needs availing different sets of benefits.
According to AMA Research, the market for Healthcare Payer Services is expected to register a CAGR of 20.3% during the forecast period to 2030. This growth is primarily driven by Rising Number of Health Care Payers, and Providers.
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Life & Health Insurance sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Accenture PLC (Ireland), Blue Cross Blue Shield (United States), Centers for Medicare & Medicaid Services (United States), Xerox Corporation (United States), Wipro Ltd. (India), Ping An Insurance Company (China), Cognizant Technology Solutions Corporation (United States), Allianz SE (Germany), China Life Insurance (China), AXA S.A. (France) and Nippon Life Insurance (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In the year 2021, United Health group owned Optum has announced plans to acquire Change Health care in a deal worth USD13 billion. This deal is aimed at de-cluttering of the administrative process and improving payment processes.
In January 2023, PhonePe Insurance Broking Services on Tuesday announced the launch of health insurance plans that will for the first time in India offer monthly subscriptions, a move that can reduce the burden of one-time payments for the citizens amid price pressures.The industry is highly competitive with a huge presence of leading players, which is set to increase further with rising number of new entrants into the market. This industry is driven by the democratization of new technologies such as artificial intelligence, cloud computing, and machine learning yielding to better analytics and thus better forecasting.
Influencing Trend:
Innovation in Cloud Solutions and Increase Investment in Research and Development
Market Growth Drivers:
Rising Number of Health Care Payers, and Providers., Increase in Insurance Enrolments and Rising Cost of Healthcare
Challenges:
Increasing Health Care Claim Related Frauds, Data Breach Incidents Involving Personal Confidential Data and Stringent Government Regulations
Restraints:
Excessive Politicization of these Services and Constraints to Developing IT Infrastructure in Developing Countries
Opportunities:
Adoption of advance data analytics
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Healthcare Payer Services Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Healthcare Payer Services Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Healthcare Payer Services players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Healthcare Payer Services Study Sheds Light on
The Healthcare Payer Services Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Healthcare Payer Services industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Healthcare Payer Services industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.