Healthcare BPO Market to Surpass US$ 539.08 Billion by 2030, Says Coherent Market Insights (CMI)
Healthcare BPO enables medical institutions, staff, and organizations to offload non-core activities, allowing them to focus on delivering quality patient care.
/EIN News/ -- Burlingame, July 18, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global healthcare BPO market is estimated to be valued at US$ 298.15 billion in 2023 and is expected to exhibit a CAGR of 8.8% during the forecast period (2023-2030).
Analysts’ Views on Global Healthcare BPO Market
Healthcare business process outsourcing (BPO) industry is flourishing all over the world. These services comprise various support activities for medical institutions and their patients and staff. The healthcare BPO services include billing services, coding, and transcription among several others. These services are a great way for healthcare organizations for freeing up resources in order for them to focus on their main functions, and offer enhanced customer experiences to their clients.
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Key Trends and Analysis of the Global Healthcare BPO Market:
The leading trend of medical claim management is expected to propel growth of the global healthcare BPO market over the forecast period. Outsourcing of medical claims management reduces administrative burden of a company and increases their revenue through improved accuracy. Medical claim management process involves billing, processing of medical claims, filling and updating, related to the patient medicines, treatments, and diagnosis. Several hospitals and medical facilities around the world opt outsourcing such tasks to medical claim management companies. It offers various benefits including improved efficiency and speed.
Global Healthcare BPO Market – Drivers
Rise in adoption of outsourcing services to boost the market growth
The growing trend of outsourcing in the global healthcare BPO market is significantly impacting the market growth in lucrative way. Outsourcing of healthcare process of healthcare BPO deals involves outsourced business activity or process providing support to medical staff, institutions, and/or organizations. For instance, in August 2022, Access Healthcare enhanced healthcare outsourcing through automation, Big Data, and Ai. This highly advanced analytics and technology of Access aids in improving administrative, financial, and clinical outcomes in healthcare organizations. This factor is thus projected to fuel growth of the global healthcare BPO market over the forecast period.
Need for reducing increasing costs of healthcare to accelerate the market growth
Cost savings is a major factor in outsourcing, through which companies can cut down costs on labor, resource management, and space. With rise in health insurance exchanges in the U.S. market players are facing pressured margins. Due to this, customers can receive coverage from competing private healthcare organization. This in turn is likely to boost adoption of outsourcing for rationalizing costs. As a result, the global healthcare BPO market is anticipated to witness promising growth in the coming future.
Healthcare BPO Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 298.15 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 8.8% | 2030 Value Projection: | US$ 539.08 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Parexel International, IQVIA, IBM Corporation, Genpact Limited, Cognizant, Capgemini, Accenture, Sutherland Healthcare Solutions, GeBBs Healthcare Solutions, and UnitedHealth Group Incorporated, among others. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Healthcare BPO Market – Restrain
Complicated rules and regulations to limit the market growth
Several governments around the world are imposing complex regulations and rules around policy framework. For instance India has become a preferred outsourcing destination for healthcare BPO services in Asia Pacific. However, there are many concerns around policy framework in terms of data privacy laws, tax laws, clinical trial laws, and IP protection laws. For providing outsourcing to overseas vendors, the domestic vendors in the country have to follow with the international standards of privacy and security in order for reducing/preventing business losses. Such regulations are likely to hinder growth of the global healthcare BPO market over the forecast period.
Global Healthcare BPO Market – Opportunities
Increasing prevalence of chronic disease and rise in old age population is anticipated to create lucrative opportunities in the global healthcare BPO market during the forecast period. As old age populations is highly prone to different health conditions, the demand for healthcare BPO services is likely to grow substantially in the coming future. Increasing disease burden creates higher workload for the insurance companies as they have to deal with of high volume patient records, and claim records while ensuring faster turnaround time. As a result, these companies are opting for outsourcing services.
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Global Healthcare BPO Market - Key Developments
In October 2022, Performant Healthcare Solutions and Priority Health announced a new strategic engagement for providing an end-to-end, customized solutions that focuses on all aspects of payment integrity.
In September 2022, Surgical Solutions received a group-purchasing contract for outsourced surgical services from Conductive, one of the leading third-party spend improvement firm.
In February 2021, Annexus Health introduced Adparo, a suite of financial assistance cycle management outsourcing servies. With the launch of this novel offering, the company aims to cater varying needs of providers.
Key Market Takeaways:
Global healthcare BPO market is expected to exhibit a CAGR of 8.8% during the forecast period. The healthcare BPO market is growing rapidly in response to the rapidly increasing clinical process outsourcing. Implementation of Patient Protection and Affordable Care Act is compelling healthcare vendors to adopt outsourcing services, as they offer various benefits. As a result, the demand for healthcare BPO services is increasing all over the world.
On the basis of Payer Service, Human Resource Management Segment is expected to dominate the market during the forecast period and this is attributed to the rise in burden of chronic diseases and increasing number of patients across the world. This practices allows companies to hire third-party organization for handling its human resource operations as well as administrative tasks.
On the basis of Provider Service, Patient Enrolment and Strategic Planning Segment is expected to dominate the market during the forecast period and this is attributed to the rise in patient pool and prevalence of various diseases all over the world.
On the basis Pharmaceutical Service, Research and Development Segment is expected to dominate the market during the forecast period and this is attributed to the rise in investment in R&D activities.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in growth of pharmaceutical industry, increasing adoption of outsourcing services, high demand for healthcare IT services, and availability of well-established healthcare infrastructure in the region.
Competitive Landscape:
Key players operating in the global healthcare BPO market include UnitedHealth Group Incorporated, Parexel International, GeBBs Healthcare Solutions, IQVIA, Sutherland Healthcare Solutions, IBM Corporation, Accenture, Genpact Limited, Capgemini, and Cognizant among others.
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Detailed Segmentation:
Global Healthcare BPO Market, By Payer Service:
- Human Resource Management
- Claims Management
- Customer Relationship Management (CRM)
- Operational/Administrative Management
- Care Management
- Provider Management
- Other Payer Services
Global Healthcare BPO Market, By Provider Service:
- Patient Enrolment and Strategic Planning
- Patient Care Service
- Revenue Cycle Management
Global Healthcare BPO Market, By Pharmaceutical Service:
- Research and Development
- Manufacturing
- Non-clinical Services
- Supply Chain Management and Logistics
- Sales and Marketing Services
- Other Non-clinical Services
Global Healthcare BPO Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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