Healthcare BPO Market Predicted to Garner $908 Billion by 2032 | CAGR of 9.9%; According to Market.us

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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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Key Takeaway: 

• 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.

Regional Analysis

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 Drivers

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.

Market Restraints

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.

Market Opportunities

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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Market Segmentation

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

By Geography

North America

• The US
• Canada
• Mexico

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Competitive Landscape

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
• Cognizant
• Genpact Ltd. Company Profile
• GeBBS Healthcare Solutions
• Wipro
• HCL Technologies
• IQVIA
• Mphasis
• 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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