The global healthcare BPO market size was US$ 281.9 billion in 2021. The global healthcare BPO market size is forecast to reach US$ 627.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.3% during the forecast period from 2022 to 2030.
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Healthcare businesses choose and assign specific business-related processes to third-party suppliers via business process outsourcing (BPO). It helps with claim processing, patient data analysis, account management, strategic planning, business acquisition, and billings. In turn, these aids healthcare firms in reducing operating costs while improving productivity, eradicating errors, and preventing unauthorized data access. The various service categories that make up healthcare BPO, including front-end and back-end, are categorized.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
The increased development of the healthcare industry and the growing incidence of different cardiovascular illnesses, particularly among the rising elderly population drive the global market.
The rising consumer knowledge about the availability of various health insurance plans and telehealth services boosts the global market.
The rising technology advancements and incorporation of cloud-based BPO solutions in hospitals and clinics to establish cost-effective global service delivery models are forecast to offer lucrative opportunities for the global market.
The growing use of electronic health records (EHR) and electronic medical records (EMR) for capturing patient health information fuels global market growth.
The strict rules and the hidden price associated with outsourcing may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had hampered global market growth. As of April 2021, approximately 90% of the countries experienced one or more interruptions to crucial healthcare services, according to the WHO’s pulse study. Many of these nations also reported problems with health personnel and difficulties getting crucial tests and medications because of the supply chain crises.
Due to the impressive increase in dependence on outsourcing services during the pandemic, the business may, however, pick up steam in the near future. In order to solve major pain points, the healthcare sector is increasingly interested in alternative solutions like outsourcing, for example, as a result of the limited availability of labor.
Regional Analysis
North America garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the increased reimbursement framework, growing public and private healthcare expenditure, and a rising percentage of claim records.
The Asia Pacific region is forecast to have considerable growth during the forecast period. As a result of the advent of cutting-edge technologies such as AI in drug design and expansion. In addition, growing population and notable growth in skill development.
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Leading Competitors
The leading prominent companies profiled in the global healthcare BPO market are:
Accenture
Cognizant
Tata Consultancy Services
Xerox Corporation
WNS (Holdings) Limited
NTT Data Corporation
IQVIA
Mphasis
Genpact
Wipro
Infosys BPM
Firstsource Solutions
IBM Corporation
HCL Technologies
Sutherland Global
GeBBS Healthcare Solutions
Lonza
Omega Healthcare
R1 RCM
Invensis Technologies
UnitedHealth Group
Sykes Enterprises
Parexel International
Access Healthcare
Akurate Management Solutions (US)
Other Prominent Players
Scope of the Report
The global healthcare BPO market segmentation focuses on Provider, Payer, Life Science, and Region.
Segmentation based on Provider
Revenue Cycle Management
Patient Enrollment
Patient Care
o Medical Transcription
o Medical Imaging
o Device Monitoring
Segmentation based on Payer
Claims Management
o Claims Adjudication Services
o Claims Settlement Services
o Information Management Services
o Claims Repricing
o Claims Investigation Services
o Claims Indexing Services
o Fraud Detection & Management
Product Development & Business Acquisition (PDBA)
Member Management
Provider Management
Care Management
Integrated Front-End Services and Back-office Operations
Billing and accounts management services
HR Services
Segmentation based on Life Science
Vegetable Oils
Manufacturing
R&D
o Non-Clinical Services
o Supply Chain Management & Logistics
o Sales and Marketing Services
? Forecasting
? Performance Reporting
? Analytics
? Research
? Marketing
Other Non-Clinical Services
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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