(PRWEB) June 09, 2014
Payer healthcare IT refers to those who reimburses or finances the health services cost. The global payer healthcare IT was estimated to grow at a CAGR of 5.4% from 2013 to 2018, to reach $16238.44 million by 2018, from $12483.64 million in 2013. The payer healthcare IT market is segmented into workflow systems and administrative systems. Workflow systems are categorized into pharmacy analysis and audit, claim management, customer relationship management, and fraud detection. The administrative systems are categorized into billing, payroll, and general ledger system. In developed and developing countries, patients have been using health insurance systems (single payer system and multiplayer system) to access affordable care. The major change that has been brought about by the payer IT industry are the shorter planning cycles and better adaptability of new technologies in the healthcare IT solutions market. The global major players in the Payer IT market include Oracle (U.S.), Aspect Software (U.S.), Cerner Corporation (U.S.), and Avaya (U.S.).
Browse through the market data tables, figures and detailed ToC on the “Healthcare Payer IT Market.”
North American Healthcare Payer IT Market
The North American payer healthcare IT market in 2013 was valued $7355.48 million and is projected to be $9722.93 million by 2018, expected to grow at a CAGR of 5.7% from 2013 to 2018. North America occupied a share of 58.9% in the global Payer healthcare IT market, thus holding the largest share in the global payer IT market. In the U.S., estimates showed the existence of around 1,500 healthcare insurance companies, and the overall North American region is expected to grow more in numbers, owing to the need of healthcare IT advancement, which will change the functioning of the payer IT market. In this region, the payers spend 30% of their income in administrative cost due to manual process. Healthcare payers are under tremendous pressure for customization of services, which is the main reason for implementation of payer IT systems in the U.S. and Canada. Consequently, to remain in the competitive market, payer healthcare IT is expected to improve its operational performance by bringing new payer IT solutions. However, the U.S. Medicare is hampering the private plans as customers shift to government healthcare plans ultimately, thus reducing the opportunity for private healthcare payer plans. The major players dominating the North American Payer IT market include Oracle (U.S.), Aspect Software (U.S.), Cerner Corporation (U.S.), and Avaya (U.S.).
European Healthcare Payer IT Market
The European payer healthcare IT market was valued at $2908.69 million in 2013 and is projected to be $3686.13 million by 2018, expected to grow at a CAGR of 4.9% from 2013 to 2018. Europe is the second largest market in the global payer healthcare IT market, with a share of 23.3%. The growth of this segment in Europe is mainly due to the growing pressure on healthcare payers to cut cost and reduce time lags. The European market is emerging gradually, after the Eurozone debt crisis in 2008. Even after the financial crisis, Europe has been successful in implementing the payer IT solutions to meet the needs of the stakeholders in this region. The countries in this region are improving their purchasing power; also the market has succeeded in attracting foreign players to the European payer IT market. Moreover, due to the aging population, the number of younger tax payers declined, which led to less financial support by government. This provided the private healthcare Payer IT firms an opportunity to flourish in the European region. Oracle (U.S.), Aspect Software (U.S.), Cerner Corporation (U.S.), and Avaya (U.S.) are the prominent players in the European payer IT market.
Asian Healthcare Payer IT Market
The Asian payer healthcare IT market was valued at $1560.96 million in 2013 and is projected to reach 2065.85 million by 2018, expected to grow at a CAGR of 5.8% from 2013 to 2018. The Asian payer healthcare IT market is the fastest growing market, as compared to the other regions, and has achieved a share of 12.5% in the global market, owing to the penetration of healthcare insurance in Asian regions, such as India and China. Major drivers for the implementation of the payer IT system in healthcare are consumer demand for efficiency and improved quality, government initiatives, and pressure to reduce growing healthcare costs. Healthcare organizations in Asia-Pacific are actively moving towards advanced payer IT solutions to streamline the entire workflow system in large healthcare enterprises. Therefore, Asian players are emerging with new healthcare insurance policies. Medical tourism is also one of the factors contributing to the growth of the payer healthcare IT market in the Asian region. All these aspects are expected to bolster the payer healthcare IT market in Asia. Oracle (U.S.), Aspect Software (U.S.), Cerner Corporation (U.S.), and Avaya (U.S.) are the key players in the Asian region.
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