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New York, May 09, 2023 (GLOBE NEWSWIRE) — The Healthcare BPO market valuation is to reach USD 908 billion by 2032 from USD 362 billion in 2022, growing at a CAGR of 9.9% during the forecast period from 2023 to 2032.
In recent years, the biotechnology, biopharmaceutical and pharmaceutical industries have been revolutionized by the expansion of outsourced biopharma services (BPOs). These services are now considered essential for launching drugs into the market. The BPOs are estimated to be expanding at a rate twice that of the Bio/Pharma industries. The market is anticipated to be further driven by rising healthcare expenses and the increasing reliance on technology in the IT sector.
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- By Provider Service, the revenue cycle management segment has generated the highest revenue share during the forecast period (2023-2032).
- By payer service, the claim management service segment has dominated the market and is growing at the fastest CAGR from 2023 to 2032.
- By Pharmaceutical Services, the research & development segment anticipated growth during the forecast period.
- In 2022, North America dominated the market with the highest revenue share of 47%.
- Europe held a 25% revenue share in 2022.
- Asia-Pacific will grow at the Fastest CAGR from 2023-2032.
Moreover, outsourcing healthcare services is expected to fuel the growth of the target market. Conversely, numerous hidden costs associated with outsourcing may hinder the growth of the target market.
Factors Affecting the Growth of the Global Healthcare BPO Market
There are several factors that can affect the growth of the global healthcare BPO market. Some of these factors include:
- Increasing Demand for Cost-Effective Quality Care: Global healthcare BPO services are gaining popularity as they enable healthcare organizations to provide cost-effective quality care, as well as access to the latest medical technologies and knowledge. This is encouraging healthcare organizations to outsource their non-core activities to healthcare BPOs, thus driving the growth of the market.
- Rapid Adoption of Automation and Artificial Intelligence: The rapid adoption of automation and artificial intelligence (AI) in healthcare BPO services enables healthcare organizations to improve operational efficiency and reduce costs. This is further contributing to the growth of the global healthcare BPO market.
- Growing Need for Regulatory Compliance: Healthcare organizations are increasingly focusing on regulatory compliance and are outsourcing activities such as medical coding, billing, and claims processing to healthcare BPOs to ensure compliance with the various regulations. This is expected to drive the growth of the global healthcare BPO market.
- Rise in Prevalence of Chronic Diseases: The rising prevalence of chronic diseases increases the demand for timely and accurate diagnosis and treatment. This is driving the demand for healthcare BPO services, which is further expected to drive the growth of the global healthcare BPO market.
- Growing Focus on Patient-Centric Care: Healthcare organizations increasingly focus on patient-centric care by providing personalized services and treatments. This is driving the demand for healthcare BPO services, which is expected to drive the growth of the global healthcare BPO market.
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Top Trends in Global Healthcare BPO Market
The increasing adoption of cloud-based solutions is another key trend in the healthcare BPO market. Cloud-based solutions help healthcare organizations store and share data securely, as well as reduce costs associated with implementing and maintaining on-premise solutions. Increasing demand for remote nursing services is another major trend in the healthcare BPO market. Remote nursing services help healthcare organizations reduce labor costs and improve operational efficiency. It also helps healthcare organizations provide patients with quality care, even remotely.
North America is expected to dominate the global healthcare BPO market during the forecast period. The region has a strong technical infrastructure, robust healthcare IT infrastructure, and a large skilled labor pool. The U.S. is the major contributor to the regional market due to its well-developed healthcare infrastructure and large patient population. The Asia Pacific region is projected to witness a healthy growth rate during the forecast period. The increasing number of healthcare providers and the growing demand for advanced healthcare services drive regional market growth.
Furthermore, the increasing awareness about healthcare services and the growing government initiatives are further propelling the market growth in this region. The European region is expected to grow positively during the forecast period. The rising demand for cost-effective healthcare services and the growing need for quality healthcare services are major factors driving the market growth in the region. The Latin American, Middle Eastern, and African regions are expected to witness a moderate growth rate during the forecast period.
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Scope of the Report
|Market Value (2022)||USD 362 Billion|
|Market Size (2032)||USD 908 Billion|
|CAGR (from 2023 to 2032)||9.9%|
|North America Revenue Share||47%|
|Europe Revenue Share||25%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The healthcare BPO market is driven by several factors, including the need to reduce healthcare costs, the growing demand for better quality healthcare services, and the need for compliant healthcare services. Additionally, the rise in the adoption of mobile and cloud-based technologies is also driving the growth of the healthcare BPO market. The increasing demand for quality healthcare services and the need for cost-effective solutions are driving the growth of the healthcare BPO market.
On the other hand, it is anticipated that challenges to market expansion will include high costs connected with research and development capabilities, a lack of adequate infrastructure, high costs associated with sports medicine, and a lack of awareness in developing nations. The market is expected to face challenges from a lack of advantageous reimbursement scenarios, limited technological penetration in emerging economies, the risk associated with implant devices, and inadequate infrastructure in low- and middle-income nations.
The adoption of advanced technologies such as artificial intelligence, robotics, and big data analytics are further contributing to the growth of the healthcare BPO market. The growing demand for healthcare BPO services is creating an opportunity for companies in the healthcare BPO market to develop innovative and cost-effective solutions. Companies in the healthcare BPO market also focus on providing better customer service and improving the quality of healthcare services.
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Report Segmentation of the Global Healthcare BPO Market
Provider Type Insight
The global healthcare BPO market is segmented based on services such as Revenue Cycle Management, Patient enrollments, Patient Care, and other services. The comprehensive system, known as revenue cycle management, is a tool used to track economic interactions between medical institutions and their customers, from the initial consultation to the resolution of any remaining debt. RCM encompasses all administrative and financial tasks related to delivering and paying for healthcare services. The growing demand for RCM products in hospitals is projected to grow a segment expansion in the coming years, with billing planning projected to maintain the largest customer base in 2022. RCM gives several benefits to the provider, such as handling administrative tasks, billing and receivables, and complex accounting. This advanced system also enables the ease of integrating payment information with aggregate records, insurer names, patient personal information, health findings, and medical classifications. Due to its significant use in the healthcare industry, the demand for RCM solutions is expected to continue to increase.
By Payer Service Insight
The market is segmented as per payer services such as claims management, product development business acquisition (PDBA), member management, provider management, care management, integrated front-end services, back-office operations, billing and accounts management services, and HR services. The claims processing segment is expected to hold the largest market share of the global healthcare outsourcing industry by 2022 and is projected to maintain this position during the forecast period (2023-2032). Claim processing is a strategy that handles claims while creating initiatives to reduce costs and prevent fraud while maintaining customer requirements. The rise in clinical complexities and medical advancements has improved the quality of healthcare delivery, which is expected to propel market growth further. This market is anticipated to witness a positive outcome.
By Pharmaceutical Services Insight
The global healthcare BPO market by pharmaceutical segmented into pharmaceutical services, including manufacturing, research and development, and non-clinical services. The Research and development services segment held the major share in pharmaceutical services analysis, including drug discovery, drug development, and clinical trials. Additionally, with the increasing use of technology in the healthcare sector, hospitals and other healthcare organizations are looking to invest in the latest technology to streamline processes and reduce costs.
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By Provider Service
- Revenue Cycle Management
- Patient Enrolments
- Patient Care
By Payer Service
- Claims 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
By Pharmaceutical Service
- Manufacturing Services
- Research and Development Services
- Non-Clinical Services
- The US
- Costa Rica
- Rest of Latin America
- The Czech Republic
- Rest of Eastern Europe
- The UK
- Rest of Western Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The competitive landscape of the market has also been examined in this report. Some of the major players include
- Accenture plc Company Profile
- Akurate Management Solutions
- Access Healthcare
- Firstsource Solutions
- Genpact Ltd. Company Profile
- GeBBS Healthcare Solutions
- HCL Technologies
- NTT Data Corporation
- Sykes Enterprises
- IBM Corporation
- Infosys BPM
- Invensis Technologies
- Lonza Group AG Company Profile
- Omega Healthcare
- Parexel International
- R1 RCM
- Sutherland Global
- WNS (Holdings) Limited
- Xerox Corporation
- Tata Consultancy Services
- UnitedHealth Group
Recent Development of the Global Healthcare BPO Market
- In May 2021, NTT DATA and Score Data agreed to work together to implement Score Data’s nudging algorithms using NTT DATA’s machine learning solutions.
- In March 2020, Wipro partnered with PLEXIS Medical Systems. In Mar 2018, Conduent partnered with Provided Many Benefits Extra, and Cognizant Information Systems purchased Brighter Health Services.
- In June 2018, North Healthcare and Accenture merged to optimize sustainable procurement control and save costs.
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Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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Savory & Partners: Digital Nomad Visas Sparking a Migration Boom
DUBAI, UAE, Dec. 9, 2023 /PRNewswire/ — The simplicity and lax requirements of digital nomad visas have made them easily accessible, and countries like Portugal and Spain, which have excellent infrastructure, great internet connection, and an outstanding standard of living, draw in more digital nomads by the day, according to experts at Dubai-headquartered citizenship and residency by investment advisors Savory and Partners.
A recent research quoted by the company estimates that there are 16.9 million digital nomads roaming the globe. This is a whopping 162% increase from 2019, just four years earlier.
As soon as Portugal introduced its digital nomad visa in October of 2022, the applications started pouring in. While the government hasn’t announced the number of applications it has received, Portugal’s Labour Minister did announce that the country approved 550 applications within the first six months.
Two months after launching its visa in September of 2021, Greece received 2,918 applications, approving an astonishing 1,693 applicants. The government is yet to release any new statistics, but going off that outstanding start it is safe to assume it is still garnering massive attention.
Germany also boasts impressive numbers, having issued a total of 3,638 visas in just one year since the introduction of its visa in 2018.
According to Residency Malta, the government branch responsible for the digital nomad visa, it has issued 1,041 visas to date, with an average approval rate of 78%.
Croatia, one of the first countries to introduce a pure digital nomad visa in early 2021 as a response to the rise in remote workers, has approved 680 applications, while 672 are still pending approval.
Not just Europe
“It’s not just Europe but even Barbados’ digital nomad visa, dubbed the Welcome Stamp, has been doing outstandingly well, receiving a total of 3,511 applications between 2020 and 2022”, a digital nomad specialist at Savory & Partners reports.
While digital nomads typically use visa-free access or visas to stay in countries for a few months at a time before moving on to the next, digital nomad visas provide a sense of comfort and stability that aligns perfectly with their lifestyle, giving them ample time to enjoy the country they are in before moving on to the next.
The rapid growth in application numbers and the surging demand for digital nomad visas isn’t surprising. They are extremely simple to apply to, have fast processing times ranging from a few days to a couple of months, and they do not require any business establishment or investment.
Portugal’s digital nomad visa, for example, only requires applicants to prove a monthly income of €3,040 per month, while Spain’s visa has a lower threshold of just €2,160 per month.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
To know more about Savory & Partners, visit www.savoryandpartners.com.
For more information, please send an email to [email protected] can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
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Robotic Lawn Mower Market to Reach $2.4 Billion, by 2032 at 10.9% CAGR: Allied Market Research
The increasing demand for smart appliances for garden maintenance by global consumers, along with the development of IOT enabled features is fueling the growth of the robotic lawn mower market.
WILMINGTON, Del., Dec. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Robotic Lawn Mower Market by Range (Low-Range Robotic Lawn Mower, Medium-Range Robotic Lawn Mower, and High-Range Robotic Lawn Mower), End User (Residential User and Commercial User), and Distribution Channel (Retail and Online): Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global robotic lawn mower market size was valued at $838.5 million in 2022, and is projected to reach $2.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
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Prime determinants of growth
The robotic lawn mower market is driven by factors such as increase in demand for automation, rise in advancements for technology, and increase in popularity of online platforms. However, the rise in regular maintenance and repair costs restricts market growth. Moreover, the increase in demand for rental robotic lawn mowers offers new opportunities in the coming years.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Range, End User, Distribution Channel, and Region
Increase in demand for automation
Rise in advancements for technology
Reduction in the labor costs
Increase in demand for rental robotic lawn mowers
Growth in the adoption of internet of things
Declining Cost of Batteries/Fuel Cells
Less adoption in developing markets
Regular maintenance and repair costs
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The medium range robotic lawn mower segment to maintain its leadership status throughout the forecast period
Based on range, the medium range robotic lawn mower segment dominated the market in 2022 accounting for more than half of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, owing to the increase in residential and commercial spaces such as buildings, corporate spaces, sports centers, and public parks, which has fueled the requirement for medium range robotic lawn mowers.
The residential segment to maintain its leadership status throughout the forecast period
Based on end user, the residential segment dominated the market in 2022 accounting for less than three-fourths of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.7% from 2023 to 2032, owing to the increase in the demand for low and medium range robotic lawn mowers in the residential sector due to the increased requirement for lawn care and maintenance.
The retail segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the retail segment dominated the market in 2022 accounting for less than half of the market share and is expected to maintain its dominance during the forecast period. The increased demand for ecologically friendly and sustainable robotic lawn mowers, which is being driven by the rising awareness of environmental challenges, is one of the main factors boosting retail sales.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the market share and is expected to maintain its dominance during the forecast period. The growing popularity in artificial intelligence for performing day-to-day activities with higher efficiency is among the primary factors driving the Europe robotic lawn mower market.
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Leading Market Players: –
Robert Bosch GmbHHusqvarna ABHonda Motor Co., Ltd.Zucchetti Centro Sistemi S.p.A.Stiga C S.a.r.l.Andreas Holding AG & Co. KGPositec Tool CorporationWiper S.R.L.Suzhou Cleva Electric Appliance Co., Ltd.Stanley Black & Decker, Inc.The report provides a detailed analysis of these key players in the robotic lawn mower market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.USA/Canada (Toll Free):+1-800-792-5285UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: [email protected]: www.alliedmarketresearch.comAllied Market Research Blog:https://blog.alliedmarketresearch.com/consumer-goods
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