Healthcare Services Market Poised for Significant Growth: Payer Services and Diagnostic Imaging Sectors Show Promise

Healthcare Payer Services Market to Surpass $143.06 Billion by 2031, Says Coherent Market Insights

Burlingame, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The global Healthcare Payer Services Market is projected to witness steady growth, with sales estimated at USD 76.05 billion in 2024, and anticipated to reach USD 143.06 billion by 2031. This growth reflects a compound annual growth rate (CAGR) of 9.4% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Rapid adoption of advanced technologies such as artificial intelligence and robotic process automation by payers to improve operational efficiency. AI and machine learning help payers streamline claims review, understand trends, and prevent frauds. They also help improve customer service through virtual assistants. Request Sample Report: https://www.coherentmarketinsights.com/insight/request-sample/7178 Market Dynamics: The healthcare payer services market is primarily driven by the rising healthcare costs globally. Growing geriatric population and increasing incidence of chronic diseases are projected to further fuel the healthcare spending in the coming years. According to the U.S. Centers for Medicare & Medicaid Services, the national health spending is estimated to grow at an average rate of 5.5% annually and reach US$ 6.2 trillion by 2028. In addition, increasing emphasis on lowering the healthcare costs through effective policy management and claims processing is expected to boost the market growth over the forecast period. Healthcare Payer Services Market Report Coverage Report CoverageDetailsMarket Revenue in 2024$76.05 billionEstimated Value by 2031$143.06 billionGrowth RatePoised to grow at a CAGR of 9.4%Historical Data2019-2023Forecast Period2024-2031Forecast UnitsValue (USD Million/Billion)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredBy Service Type, By Application, By End UserGeographies CoveredNorth America, Europe, Asia Pacific, and Rest of WorldGrowth Drivers* Rising Healthcare Costs * Increasing Adoption of E-Health ServicesRestraints & Challenges* Data privacy and security concerns * Lack of required healthcare infrastructure in developing nations Market Trends: Adoption of artificial intelligence and analytics: Major healthcare payers are increasingly adopting artificial intelligence and advanced analytics to optimize processes such as claims management, customer service, and fraud detection. This trend is expected to continue during the forecast period. Launch of new customized plans: Key players in the market are focusing on developing and launching customized healthcare plans specific to the requirements of employers and customers. This is expected to be a major trend in the healthcare payer services market. Immediate Delivery Available | Buy This Premium Research Report: https://www.coherentmarketinsights.com/insight/buy-now/7178 Market Opportunities: Claims management services help healthcare payers manage the entire claims lifecycle from receipt to payment. It involves activities like claims processing, validating eligibility and coverage, ensuring accuracy of claims, and reviewing claims forcoding errors or inconsistencies. With rising healthcare costs and complex regulations, there is increasing need for automation and streamlining of claims management. This offers opportunities for payer services providers to offer advanced claims management solutions powered by technologies like artificial intelligence, machine learning and robotic processing automation. Human resource services help healthcare payers manage employee records, benefits administration, payroll management, talent acquisition and other HR functions. With the rapid growth of the healthcare industry, payers are facing challenges in efficiently managing the HR needs of their large and expanding workforce. This creates an opportunity for payer services providers to offer specialized HR management services tailored to the requirements of the healthcare sector. Consolidating HR functions onto cloud-based platforms allows payers to focus on their core business while ensuring compliance and optimizing HR costs. Key Market Takeaways: The global healthcare payer services market is anticipated to witness a CAGR of 9.4% during the forecast period 2024-2031, owing to rising healthcare costs, complex regulations and the need for optimization of payer operations. On the basis of service, the BPO services segment is expected to hold a dominant position, accounting for over 30% share of the market by 2031, owing to the strong outsourcing trend among healthcare payers to reduce costs and focus on their core competencies. On the basis of application, the claims management services segment is expected to hold a dominant position over the forecast period, as claims processing remains a major administrative function and a major cost center for healthcare payers. On the basis of region, North America is expected to hold a dominant position over the forecast period, due to the presence of major payer services providers and the considerable size of the healthcare market in the US. Key players operating in the healthcare payer services market include Cognizant, EXL, HGS Ltd. (Hinduja Global Solutions Limited), Accenture, and Concentrix. These players are focusing on partnerships, mergers and acquisitions to expand their service offerings and geographic footprint. Request For Customization: https://www.coherentmarketinsights.com/insight/request-customization/7178 Recent Developments: In September 2023, Genpact expanded its collaboration with Amazon Web Services (AWS) to enhance financial crime risk operations using generative AI and large language models. This collaboration is expected to offer a competitive edge over competitors. In April 2023, Cognizant, a provider of IT services, announced extension of long-standing partnership with Microsoft in healthcare. Under this partnership, healthcare payers and providers will have quick access to cutting-edge technological solutions, simplified claims processing, and improved interoperability, all of which are likely to help them improve business processes and provide better patient and member experiences. Detailed Segmentation: By Service Type: Business Process OutsourcingInformation Technology OutsourcingKnowledge Process Outsourcing By Application: Claims Management ServicesIntegrated Front Office Service and Back Office OperationsMember Management ServicesProvider Management ServicesBilling and Accounts Management ServicesAnalytics and Fraud Management ServicesHR ServicesPayment Management ServicesAudit and Analysis Systems By End User: Private PayersPublic Payers By Region: North America: U.S.Canada Latin America: BrazilArgentinaMexicoRest of Latin America Europe: GermanyU.K.SpainFranceItalyRussiaRest of Europe Asia Pacific: ChinaIndiaJapanAustraliaSouth KoreaASEANRest of Asia Pacific Middle East: GCC CountriesIsraelRest of Middle East Africa: South AfricaNorth AfricaCentral Africa Have a Look at Trending Research Reports on Healthcare IT Domain: Healthcare Consulting Services Market is estimated to be valued at USD 30.53 Bn in 2024 and is expected to reach USD 57.49 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031. Patient Access Solution Market is estimated to be valued at USD 2.18 Bn in 2024 and is expected to reach USD 3.79 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031. Electronic Clinical Outcome Assessment (eCOA) Market is estimated to be valued at USD 1.74 Bn in 2024 and is expected to reach USD 4.59 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.9% from 2024 to 2031. Health Coach Market is estimated to be valued at USD 17.56 Bn in 2024 and is expected to reach USD 28.12 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7% from 2024 to 2031. Author Bio: Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. About Us: Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients. Follow Us: LinkedIn | Twitter Mr. Shah Senior Client Partner - Business Development Coherent Market Insights Phone: US: +1-650-918-5898 UK: +44-020-8133-4027 AUS: +61-2-4786-0457 India: +91-848-285-0837 Email: [email protected] Website: https://www.coherentmarketinsights.com Market News and Data brought to you by Benzinga APIs

Diagnostic Imaging Services Market to hit $787.55 billion, Globally, by 2031 at 5.7% CAGR, says Coherent Market Insights

Burlingame, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The global Diagnostic Imaging Services Market is on a robust growth trajectory, with projections estimating it to reach USD 533.99 billion by 2024. The market is expected to maintain an exceptional Compound Annual Growth Rate (CAGR) of 5.7% from 2024 to 2031, ultimately surging to USD 787.55 billion by 2031, as highlighted in a new report published by Coherent Market Insights. Diagnostic imaging services include procedures such as X-rays, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), and fluoroscopy. These techniques help in visualization and characterization of internal body parts to aid in the diagnosis of medical conditions. Request Sample Report: https://www.coherentmarketinsights.com/insight/request-sample/6900 Market Dynamics: The diagnostic imaging services market is primarily driven by the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Likewise, cardiovascular diseases are the leading cause of deaths worldwide, accounting for over 17.9 million deaths in 2019. Additionally, technical advancements in diagnostic imaging modalities coupled with their wide applications in the detection and diagnosis of diseases is also boosting market growth. For instance, advanced modalities such as PET/CT, CT, MRI, and echocardiography are widely used in disease diagnosis and monitoring treatment response. Diagnostic Imaging Services Market Report Coverage Report CoverageDetailsMarket Revenue in 2024$533.99 billionEstimated Value by 2031$787.55 billionGrowth RatePoised to grow at a CAGR of 5.7%Historical Data2019-2023Forecast Period2024-2031Forecast UnitsValue (USD Million/Billion)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredBy Type, By Application, By End User:Geographies CoveredNorth America, Europe, Asia Pacific, and Rest of WorldGrowth Drivers* Rising Prevalence of Chronic Diseases * Rising Healthcare Expenditures and Availability of Favorable ReimbursementsRestraints & Challenges* Rising Healthcare Costs and Declining Reimbursement Rates * Stringent Regulations for Diagnostic Imaging Modalities Market Trends: The increasing adoption of Artificial Intelligence (AI) and cloud-based solutions in diagnostic imaging modalities is a key trend gaining significant traction in the market. AI can improve workflow efficiency and diagnostic accuracy by automating routine tasks such as prioritizing exams, detection of incidental findings and providing quantitative measurements. Moreover, cloud-based platforms enable remote access to imaging data and interpretation reports from anywhere, which is expected to lower operational costs and improve healthcare delivery in remote areas. Another major trend witnessed across developed nations is growing popularity of value-based reimbursement plans wherein payments are linked with improved patient outcomes instead of fee-for-service. This encourages radiology practices and hospitals to adopt advanced technologies and promote efficient use of diagnostic imaging resources. Immediate Delivery Available | Buy This Premium Research Report: https://www.coherentmarketinsights.com/insight/buy-now/6900 X-ray imaging continues to be the most widely used diagnostic imaging technique. It accounted for over 35% share of the global diagnostic imaging market in 2023. X-rays provide high resolution pictures of bones and internal organs located deep inside the body. Being non-invasive and relatively inexpensive, x-rays remain the preferred first line diagnostic tool for conditions such as fractures, lung/chest infections and abdominal abnormalities. However, with advancements in other modalities such as CT and MRI, x-ray's market share is anticipated to decline marginally over the forecast period. Ancestry testing which involves using diagnostic tools to determine genetic lineage and family history dominated the global diagnostic imaging services market in 2023. Continuous drops in whole genome sequencing costs and growing popularity of at-home health and ancestry kits are encouraging more people to undergo ancestry tests. According to industry estimates, over 30% of the global diagnostic imaging market revenues came from ancestry testing applications in 2023. Areas like disease risk assessment and diet & nutrition related applications are also gaining ground. Key Market Takeaways: The diagnostic imaging services market is anticipated to witness a CAGR of 5.7% during the forecast period 2024-2031, owing to rising elderly population coupled with growing incidence of chronic and lifestyle diseases. On the basis of type, X-ray segment is expected to hold a dominant position, accounting for over 30% market share owing to benefits like low radiation dose and cost. On the basis of application, ancestry testing segment is expected to hold a dominant position over the forecast period, supported by factors like reduced genome sequencing costs and tech driven direct-to-customer business models. By end user, the hospitals segment holds the largest share of the market, due to availability of advanced diagnostic facilities and trained healthcare professionals. Regionally, North America is expected to hold a dominant position over the forecast period, driven by factors like availability of advanced healthcare facilities, fast adoption of new diagnostic technologies and favorable reimbursement policies. Key players operating in the diagnostic imaging services market include RadNet Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, and AD Diagnostics, Inc. Strategic acquisitions and global expansion are key strategies adopted by the players to strengthen their market positions. Request For Customization: https://www.coherentmarketinsights.com/insight/request-customization/6900 Recent Developments: In April 2023, Digital Health Intelligence launched a dedicated new services focused on clinical imaging market opportunities. The new clinical imaging intelligence services enables clients to understand and target commercial opportunities across the National health Services clinical imaging landscape, including X-ray, Ultrasound, CT, MRI, fluoroscopy, mammography, and nuclear modalities. In January 2023, MedQuest Associates announced a partnership with Novant Health Enterprises to expand the company's diagnostics imaging in the US. Detailed Segmentation- By Type: X-rayCT scansMRI scansUltrasoundOthers By Application: CardiologyNeurologyOncologyOrthopedicsOthers By End User: HospitalsDiagnostic CentersOthers By Region: North America: U.S.Canada Latin America: BrazilArgentinaMexicoRest of Latin America Europe: GermanyU.K.SpainFranceItalyRussiaRest of Europe Asia Pacific: ChinaIndiaJapanAustraliaSouth KoreaASEANRest of Asia Pacific Middle East: GCC CountriesIsraelRest of Middle East Africa: South AfricaNorth AfricaCentral Africa Have a Look at Trending Research Reports on Clinical Diagnostic Domain: Central Lab Market is estimated to be valued at USD 3.40 Bn in 2024 and is expected to reach USD 5.31 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031. Troponin Market was valued at US$ 1.38 Bn in 2023 and is expected to reach US$ 3.55 Bn by 2031, growing at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031. Laboratory Proficiency Testing Market is expected to reach US$ 2.11 billion by 2030, from US$ 1.29 billion in 2023, exhibiting a CAGR of 7.3% during the forecast period. Sperm Count Test Market size is estimated to be valued at US$ 2,180.6 Mn in 2023 and is expected to reach US$ 3,393.9 Mn by 2030, exhibited at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2030. Author Bio: Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. About Us: Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients. Follow Us: LinkedIn | Twitter Mr. Shah Senior Client Partner - Business Development Coherent Market Insights Phone: US: +1-650-918-5898 UK: +44-020-8133-4027 AUS: +61-2-4786-0457 India: +91-848-285-0837 Email: [email protected] Website: https://www.coherentmarketinsights.com Market News and Data brought to you by Benzinga APIs