(PRWEB) June 09, 2014
The global payer payroll market is forecasted to grow at CAGR of 5.8% for the time period 2013-2018. In 2013, it accounted for $750.2 million and it is expected to grow to $996.3 million by 2018. The most essential factors for driving the healthcare industry globally are overall reduction in healthcare costs, and integration of healthcare systems for easy flow of information. Moreover, incentives given by government of different countries for the support of healthcare IT is also enabling the growth in this market.
Browse through the market data tables, figures and detailed ToC on the “Payer Payroll Market”.
North American Payer Payroll Market
The North American payer payroll market is expected to grow at a CAGR of 6.2% from $442.0 million in 2013 to $596.5 million in 2018. The demand for payer payroll systems is anticipated to increase in the future because of increased funding provided by the U.S. federal government to support the meaningful use of EHR, overall reduction of healthcare costs brought about by the deployment of healthcare IT, and high return on investments for healthcare providers. The overall need of integration of healthcare systems is also increasing which could further help the growth of this market. However,high price of healthcare IT solutions, high maintenance & service expenses, and a highly fragmented end user market are some of the factors that may restrict the growth of this market to a certain extent.
European Payer Payroll Market
The European region is the second largest market for the payer payroll market projected to grow at a CAGR of 5.3% from $174.8 million in 2013 to $226.2 million in 2018. Germany had the highest share of 25.15% in the European payer payroll market in 2013. Investments by healthcare stakeholders, reduction of the overall healthcare costs, and the overall rise in the number of healthcare manufacturers entering the healthcare IT domain are helping the rise of this market. Germany and France markets are expected to grow at a high growth rate of 5.5% each by 2018. However, low adoption of healthcare IT systems due to its high costs, shortage of healthcare IT professionals, and fragmented end user market are a few factors that may hinder the growth of this market.
Asian Payer Payroll Market
Japan in the Asian payer payroll market had the highest share of 35.2% in the year 2013. The Asian payer payroll market is projected to grow at a CAGR of 6.2% from $93.8 million in 2013 to $126.7 million in 2018. The demand for payer payroll systems is anticipated to increase in the future due to increasing need of integration of various verticals from the entire healthcare system- presence of healthcare equipment manufacturers in this market, the need of curtailing the healthcare costs, and increasing government incentives for healthcare IT in the Asian regions. However, high costs of maintenance, high service expenditure, interoperability issues, and high costs of healthcare IT solutions are some of the factors that may hinder the growth of the payer payroll market in Asia.
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