HEALTHCARE PAYER SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America dominates the global healthcare payer services market with an estimated market share of 40.2% in 2024. The US accounts for the lion's share of the market due to presence of several leading healthcare insurance companies and managed care organizations. The large size of the U.S. private healthcare system has led to emergence of many third-party administrators and benefit managers who work closely with insurance firms to manage claims, process billing and implement various government-sponsored programmes. Moreover, medical coding and billing services have proliferated in the U.S. due to the need for paperwork reduction and maintaining compliance with regulatory standards. Many U.S. healthcare payers also outsource non-core services like customer support and back-office operations to specialist BPO vendors.

Asia Pacific has emerged as the fastest growing region led by China and India. In China, the government is focusing heavily on expanding basic medical insurance to a wider population, which has boosted the third- party administration sector. Meanwhile, several global insurance giants have either set up subsidiaries or partnered with local insurers to gain foothold in China's promising healthcare market. In India, increasing expenditure on healthcare and medical tourism are encouraging private insurance providers as well public insurers to strengthen their managed care capabilities and rely more on payers services. Low costs have attracted many global companies to establish offshore delivery centres for payer functions like claims processing and customer support in countries like India.