The healthcare payer services market is projected to reach USD 118.2 billion by 2027 from USD 69.9 billion in 2022, at a CAGR of 11.1% during the forecast period. Growth in this market is mainly driven by the increasing health insurance enrolments, rising incidences of healthcare frauds, federal mandates, and rising cases of chronic diseases. However, the risk of data breaches, a loss of managerial control, cultural and language barriers, and high costs associated with outsourcing are expected to restrain the growth of this market.
The healthcare payer services market is highly diversified and competitive, with many players, including mid-tier and start-up firms. Prominent players in this market include Accenture (Ireland), Cognizant (US), Tata Consultancy Services (India), XEROX Corporation (US), WNS (Holdings) Limited (India), NTT Data Corporation (Japan), IQVIA Inc. (US), Mphasis (India), Genpact (US), Wipro (India), Infosys BPM (India), Firstsource Solutions (India), IBM Corporation (US), HCL Technologies (India), Solutions (US), Lonza (Switzerland), Omega Healthcare (India), R1 RCM, INC. (US), Invensis Technologies (India), UnitedHealth Group (US), Sykes Enterprises (US), Paraxel Corporation International (US), Access Healthcare (US), and Akurate Management Solutions (US). These players have adopted various growth strategies, such as partnerships, collaborations, agreements, product launches & enhancements, service launches, expansions, and acquisitions to expand their presence in the global market further.
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Accenture is one of the prominent players in the healthcare payer services market. The company was founded in 1989 and is headquartered in Dublin, Ireland. The company mainly offers management consulting, technology, and outsourcing services. Accenture provides a variety of services and solutions for strategy, consulting, digital, technology, and operations to deliver end-to-end services and solutions to clients in more than 120 countries worldwide. For instance, in December 2020, Accenture (Ireland) acquired OpusLine (France) to help clients innovate and deliver digital innovation across their organizations.
Cognizant, a publicly held company, was founded in 1994 and is headquartered in New Jersey, US. The company offers IT consulting, enterprise information management (EIM), and business process outsourcing services worldwide. The company provides healthcare payers solutions and services to physicians and healthcare organizations for population health management, accountable care, and value-based initiatives. For instance, in July 2021, Cognizant (US) collaborated with Royal Philips (Netherlands) to create Philips HealthSuite, a cloud-based platform, to deliver and maintain leading-edge digital health solutions, providing advanced connectivity and using big data to create actionable insights.
Tata Consultancy Services (TCS) is one of the world's leading multinational information technology service and consulting firms. It is based in Mumbai, India, but has offices worldwide. TCS is established in governance, banking and financial services, telecommunications, education, and healthcare markets. For instance, in November 2019, TCS (India) partnered with Cardinal Health (US), which helped TCS transform its IT operating model towards a product-centric IT organization.
Healthcare Payer Services Market by Service Type (BPO (Claims, Front end, Provider, Product Development, Care Management, Billing, HR), ITO (Provider Network, Accounts, Analytics, Fraud), & KPO), End User (Public and Private) - Global Forecast to 2027
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