The Healthcare BPO Market was valued for $121.59 Billion in 2022 and is estimated to reach $282.28 Billion by 2032, exhibiting a CAGR of 8.7% from 2023 to 2032.
Healthcare BPO refers to the business activity or process that is outsourced and offers administrative or other assistance to medical organizations, personnel, and institutions. Healthcare BPO involves services such as coding, billing services, and transcription. It is an activity in which healthcare providers are getting their certain job functions done outside the company instead of having an in-house department for operations such as medical billing. In other word, healthcare providers hire a third-party firm to perform the job for them. The most common BPO services are medical billing and coding, claims processing, and data entry service.
The growth of the global healthcare BPO market is driven by surge in demand of structured processes and documentations, Increase in adoption of health insurance, and rise in prevalence of chronic diseases. Moreover, large healthcare IT firms all over the world Increasingly focus on providing cost-effective and accurate healthcare outsourcing services, which is expected to notably contribute toward the market growth.
The prime reason for outsourcing is to reduce operational cost. Companies can outsource the work to a service provider, decreasing or even reducing overhead expenses, rather than purchasing IT equipment and recruiting more personnel to do diverse jobs. Furthermore, the global healthcare BPO market growth is driven by factors such as improvements in healthcare infrastructure, various initiatives & funding from government & private bodies for large-scale healthcare BPO market projects and rise in adoption of the advanced infrastructure. Prominent players in the global healthcare BPO market ensure hustle-free business operations and cost-effective & accurate healthcare services, which drives the growth of the market.
The global healthcare BPO market is segmented into service type, end user, and region. On the basis of service type, the market is categorized into provider outsourcing services market, payer outsourcing services, operational outsourcing services, and IT infrastructure management services. Depending on end user, it is classified into healthcare providers, healthcare payers, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report Include Accenture, GeBBS Healthcare Solutions, Tata Consultancy Services Ltd., Cognizant, R1 RCM Inc, Genpact Ltd, Invensis Technologies Pvt Ltd, IQVIA, Wipro, and Infosys BPM Limited.
Healthcare BPO refers to the business activity or process that is outsourced and offers administrative or other assistance to medical organizations, personnel, and institutions. Healthcare BPO involves services such as coding, billing services, and transcription. It is an activity in which healthcare providers are getting their certain job functions done outside the company instead of having an in-house department for operations such as medical billing. In other word, healthcare providers hire a third-party firm to perform the job for them. The most common BPO services are medical billing and coding, claims processing, and data entry service.
The growth of the global healthcare BPO market is driven by surge in demand of structured processes and documentations, Increase in adoption of health insurance, and rise in prevalence of chronic diseases. Moreover, large healthcare IT firms all over the world Increasingly focus on providing cost-effective and accurate healthcare outsourcing services, which is expected to notably contribute toward the market growth.
The prime reason for outsourcing is to reduce operational cost. Companies can outsource the work to a service provider, decreasing or even reducing overhead expenses, rather than purchasing IT equipment and recruiting more personnel to do diverse jobs. Furthermore, the global healthcare BPO market growth is driven by factors such as improvements in healthcare infrastructure, various initiatives & funding from government & private bodies for large-scale healthcare BPO market projects and rise in adoption of the advanced infrastructure. Prominent players in the global healthcare BPO market ensure hustle-free business operations and cost-effective & accurate healthcare services, which drives the growth of the market.
The global healthcare BPO market is segmented into service type, end user, and region. On the basis of service type, the market is categorized into provider outsourcing services market, payer outsourcing services, operational outsourcing services, and IT infrastructure management services. Depending on end user, it is classified into healthcare providers, healthcare payers, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report Include Accenture, GeBBS Healthcare Solutions, Tata Consultancy Services Ltd., Cognizant, R1 RCM Inc, Genpact Ltd, Invensis Technologies Pvt Ltd, IQVIA, Wipro, and Infosys BPM Limited.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the healthcare bpo market: global opportunity analysis and industry forecast 2020-2027 market analysis from 2022 to 2032 to identify the prevailing healthcare bpo market: global opportunity analysis and industry forecast 2020-2027 market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the healthcare bpo market: global opportunity analysis and industry forecast 2020-2027 market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global healthcare bpo market: global opportunity analysis and industry forecast 2020-2027 market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Services Type
- Provider Outsourcing Services
- Service
- Medical Document Management Services
- Pharmacy Information Management Services
- Laboratory Information Management Services
- Revenue Cycle Management Services
- Others
- Payer Outsourcing Services
- Service
- Claims Management
- Customer Relationship Management Services
- Billing and Accounts Management Services
- Fraud Detection Services
- Others
- Operational Outsourcing Services
- Service
- Supply Chain Management Services
- Business Process Management Services
- Others
- IT Infrastructure Management Services
By End User
- Healthcare Providers
- Healthcare Payers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Accenture
- R1 RCM Inc.
- Genpact Ltd.
- IQVIA
- Tata Consultancy Services Ltd.
- Wipro
- GeBBS Healthcare Solutions
- Cognizant
- Invensis Technologies Pvt Ltd
- Infosys BPM Limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HEALTHCARE BPO MARKET, BY SERVICES TYPE
CHAPTER 5: HEALTHCARE BPO MARKET, BY END USER
CHAPTER 6: HEALTHCARE BPO MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Healthcare BPO Market: Global Opportunity Analysis and Industry Forecast 2020-2027 by Services Type,' The healthcare bpo market: global opportunity analysis and industry forecast 2020-2027 by services type was valued at $121.6 billion in 2022, and is estimated to reach $282.3 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.The Healthcare BPO Market is likely to experience a significant growth rate of 8.7% from 2023-2032 owing to increasing market demand for cost-effective medical services.
Healthcare BPO is an activity in which healthcare providers are getting their certain job functions done outside the company instead of having an in-house department for operations such as medical billing. In other word, healthcare providers hire a third-party firm to perform the job for them. The most common BPO services are medical billing and coding, claims processing, and data entry service. Some advantages of healthcare BPO are it helps healthcare providers to focus on their core competencies, lowers costs & increases efficiency of operations, improves patient experience by dedicating more time to patient care. Healthcare BPO market provides various services such as payer service, provider service, and pharmaceutical service.
Key factors driving the growth of the healthcare BPO market include the rise in the prevalence of cancer, the surge in the geriatric population and the growing adoption of healthcare BPO services to facilitate faster and cost-effective services. Moreover, the increasing incidence of chronic diseases, rise in demand for healthcare services and continuous developments in the field of healthcare BPO are expected to notably contribute toward the market growth.
Furthermore, the global healthcare BPO market growth is largely driven by factors such as an increase in advancements of the healthcare BPO sector which is expected to surely lead to the growth of the market. Prominent players in the global healthcare BPO market such as Accenture, Tata Consultancy Services Ltd, and Infosys have opted for various strategies such as service advancements, acquisition, and investments in R&D for advancement in healthcare BPO to strengthen their position in the market and sustain the competitive environment. A significant increase in awareness about the advantages of healthcare BPO services and increase in the usage of healthcare BPO services and a lack of in-house trained professionals for specific processes are some of the key factors driving the growth of the market. In addition, increase in government regulations to reduce the overall healthcare costs, pressure on healthcare providers to minimize costs, rise in penetration of big data & cloud computing, increase in awareness about healthcare IT solutions, increase in the number of key players, rapid development in the healthcare infrastructure, and introduction of the patient protection and affordable care act (PPAC Act) notably contribute toward the growth of the healthcare BPO market.
However, concern related to patient data safety and security hamper restricts the market growth. Conversely, the improvements in healthcare infrastructure and growing adoption of healthcare insurance has changed the market dynamics in the forecast period and is expected to provide lucrative opportunities for the growth of the market. Extensive R&D activities in the field of healthcare BPO along with significant development in artificial intelligence (AI) and big data are anticipated to open new avenues for the expansion of the market.
The global healthcare BPO market is segmented into service type, end user, and region. On the basis of service type, the market is categorized into provider outsourcing services market, payer outsourcing services, operational outsourcing services, and IT infrastructure management services. Depending on end user, it is classified into healthcare providers, healthcare payers, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the study include Accenture, GeBBS Healthcare Solutions, Tata Consultancy Services Ltd., Cognizant, R1 RCM Inc, Genpact Ltd, Invensis Technologies Pvt Ltd, IQVIA, Wipro, and Infosys BPM Limited. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch, partnership, product approval and product development to remain competitive and gain an advantage over the competitors in the market.
Key Market Insights (Updated)
- By service type, the provider outsourcing services healthcare BPO segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 8.4%. However, the operational outsourcing services healthcare BPO segment is estimated to be the fastest-growing segment with a CAGR of 9.4% during the forecast period.
- By end user, the healthcare providers segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 8.3%. However, the others segment is estimated to be the fastest-growing segment with a CAGR of 9.4% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2022, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 10% during the forecast period.
Companies Mentioned
- Accenture
- R1 RCM Inc.
- Genpact Ltd.
- IQVIA
- Tata Consultancy Services Ltd.
- Wipro
- GeBBS Healthcare Solutions
- Cognizant
- Invensis Technologies Pvt Ltd
- Infosys BPM Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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