Debt Purchase Service Market worth USD 7,579.7 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Debt Purchase Service Market by Type (Early Out Debt and Bad Debt), by Application (Healthcare, Student Loans, Financial Services, Government, Retail, Telecom & Utility, Mortgage, and Others) and by Region (North America, Europe, Asia Pacific, and Others) – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global Debt Purchase Service market size is expected to grow at a CAGR of 6.7% from 2023 to 2033.

Debt purchase service includes outsourcing services to both national and international clients. It is much easier to keep track of debtors and their corresponding creditors with the help of such services and technologies. Technology is being used to establish specific collecting tactics in order to maximize recoveries in a timely, efficient, and ethical manner. End-to-end encryption is used to protect each client's and customer's privacy.

Factors such as rising demand for loans in various verticals and government guidelines for debt collection pave the way for various creditors to higher debt purchase service providers to boost the market growth. However, the data security and privacy concern are the restraining factor for the market growth. In contrast, introducing new technologies and techniques in the debt purchase service market and adopting strategic alliances by several market players will create a lucrative growth opportunity for the debt purchase service market over the forecast period.

The government guidelines for debt collection pave the way for various creditors to higher debt purchase service providers. As a result, creditors or financial institutions can circumvent lengthy traditional debt collection practices and have no legal issues to manage by themselves, this will encourage the growth of debt purchase service providers in the market. For instance, according to the Fair Debt Collection Practices Act- abusive debt collection practices by debt collectors are prohibited, and legal actions will be taken against those who have prohibited the law. The FDCPA governs the activities of debt collectors. It also requires that debt collectors provide consumers, within five days after initially contacting them, with “validation notices” setting forth some basic information about their debts and their rights during the debt collection process. This law enables creditors to enhance the debt collection process and hire debt purchase service providers to manage their loan settlements and collections, with fair communication between debtors and buyers.

Global Debt Purchase Service Market Segmentation

The overall debt purchase service market has been segmented into type, application, and region.

• By Type (Early Out Debt and Bad Debt)
• By Application (Healthcare, Student Loans, Financial Services, Government, Retail, Telecom & Utility, Mortgage, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Healthcare segment is projected to witness the highest CAGR during the forecast period

Healthcare segment is expected to grow at the highest CAGR during the forecast period. Healthcare costs are rising globally, which has led to an increase in medical debt. Healthcare debt is typically sold to debt purchasers at a discount, creating opportunities for debt purchasers to acquire portfolios at a lower cost. The global population is ageing, which has led to an increase in healthcare spending. As a result, healthcare debt is becoming more prevalent and allows debt purchasers to acquire portfolios. Regulatory changes in the healthcare industry are creating new opportunities for debt purchasers. For instance, the Affordable Care Act in the United States has increased the number of insured individuals, but it has also led to a rise in out-of-pocket healthcare costs and medical debt.

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Asia Pacific accounts for the highest CAGR during the forecast period

The consumer debt in Asia Pacific has been growing rapidly in recent years, driven by rising incomes, urbanization, and credit availability. This trend is expected to create opportunities for debt purchasers in the region. Several governments in Asia Pacific, such as China and India, have introduced initiatives to tackle the issue of non-performing loans and to promote the development of the debt-purchasing industry. Further, the region has experienced strong economic growth in recent years, which has led to an increase in the ability of consumers to repay their debts. This, in turn, has led to an increase in the availability of debt portfolios for debt purchasers. Many global debt purchasing companies have been expanding their operations in Asia Pacific, which has increased the level of investment in the region.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the debt purchase service market. It also consists of the profiles of leading companies such as PRA Group, Inc., Cerved, Encore Capital Group, Hoist Finance AB, KRUK S.A., B2Holding, Arrow Global Group, iQeram Axactor Group, and Link Financial Outsourcing Limited. The key players' growing research and development activities for developing innovative solutions are expected to drive market growth.

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