The latest research study “Healthcare BPO Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global healthcare BPO market reached a value of US$ 25.72 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 44.59 Billion by 2027, exhibiting a CAGR of 9.10% during 2022-2027.
What is Healthcare BPO Industry?
Healthcare business processing outsourcing (BPO) refers to the business activities or procedures adopted by healthcare organizations to delegate to third-party vendors for providing support to medical institutions, staff, and organizations. This helps in analyzing patient data and enrollment, processing claims, performing strategic planning, and managing accounts, business acquisition and billings. In recent years, healthcare BPO has gained traction as it aids healthcare institutions in minimizing errors and unauthorized data access while enhancing quality services to patients at minimal operational costs.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Healthcare BPO Market Trends and Drivers:
One of the primary factors driving the market is the expanding healthcare sector and the increasing number of individuals diagnosed with numerous cardiovascular diseases. Other than this, healthcare firms have been facing pressure to create a well-coordinated and well-connected environment due to the economic instability caused by the coronavirus disease (COVID-19) pandemic.
Due to this, key players are heavily investing in the deployment of BPO services across hospitals and clinics. Healthcare BPOs help healthcare firms with non-core functionalities, including claims and revenue cycle management. Besides this, healthcare organizations are opting for healthcare BPOs as they help reduce costs on resource management, labor, and space, thus strengthening the market growth. In line with this, there has been rising awareness among the masses regarding numerous healthcare plans and telehealth services that are available in the market.
Furthermore, the technological advancements and the integration of cloud-based BPO solutions in clinics and hospitals to implement global service delivery models at economical rates are positively influencing market growth. Moreover, various favorable initiatives undertaken by the government bodies of numerous nations to adopt BPO strategies for filling, examining coding errors, claiming, verifying insurance plans, and ensuring data security are driving the market growth.
Other growth-inducing factors include the widespread adoption of electronic health records (EHR) and electronic medical records (EMR) for recording patient health information and significant collaborations among key players.
|Healthcare BPO Market Report Scope|
|Market size value in 2021||US$ 25.72 Billion|
|Market forecast in 2027||US$ 44.59 Billion|
|Growth Rate||CAGR of 9.10% from 2022 to 2027|
|Base year for estimation||2021|
Global Healthcare BPO Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Accenture plc, Cognizant, GeBBS Healthcare Solutions, Genpact, International Business Machines Corporation, IQVIA, NTT Data Corporation, Omega Healthcare, Parexel International Corporation, Tata Consultancy Services, WNS (Holdings) Limited and Xerox Corporation.
The report has segmented the market on the basis of region, payer service, provider service and pharmaceutical service.
Breakup by Payer Service:
- Human Resource Management
- Claims Management
- Customer Relationship Management
- Operational and Administrative Management
- Care Management
- Provider Management
Breakup by Provider Service:
- Patient Enrollment and Strategic Planning
- Patient Care Service
- Revenue Cycle Management
Market Breakup by Pharmaceutical Service:
- Manufacturing Services
- Research and Development Services
- Non-clinical Services
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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