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Healthcare BPO Market is Projected to Reach USD 488 Billion at 10.2% CAGR by 2027 | Market Research Future (MRFR)

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Healthcare BPO Market is Projected to Reach USD 488 Billion at 10.2% CAGR by 2027 | Market Research Future (MRFR)

April 22
23:52 2022
Healthcare BPO Market is Projected to Reach USD 488 Billion at 10.2% CAGR by 2027 | Market Research Future (MRFR)
Healthcare BPO Market
Healthcare BPO Market Analysis By Payer Service (Claims Management Services, Member Management Services, Provider Management Services, Care Management, Product Development and Business Acquisition Services, Billing and Accounts Management Services, HR Services and Integrated Front-End Services and Back-Office Operations) and Provider Service (Revenue Cycle Management, Patient Care and Patient Enrollment) – Forecast till 2027

Healthcare BPO Market Overview

Healthcare Business Process Outsourcing or BPO refers to the process in which healthcare providers outsource their non-core functions to third party service providers. The healthcare company does not perform certain kinds of work and instead hires a third party firm to perform such work on its behalf.

The healthcare BPO market is expected to reach USD 488.2 billion by 2027and projected to grow at 10.20% CAGR during the forecast period, says Market Research Future (MRFR).

Rising adoption of outsourcing by the pharma and biopharma companies, increase in clinical process outsourcing, rise of niche services for non-critical tasks such as financing, accounting and customer service and fewer errors by BPO service providers are the main factors driving the growth of this market. Increasing preference of healthcare firms to outsource many of their processes to local BPOs in other to take advantage of similar time zone, language and culture is also an important growth driver.

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Lack of significant cost savings tend to discourage healthcare companies from outsourcing their non-core functions. BPO services costing 15-30% more than in-house processes, improper financial planning for hiring BPO services and unforseen expenses commonly prevent cost savings. This is a major restraining factor on the growth of this market.

Market Segmentation

On the basis of provider service, the global healthcare BPO market is divided into revenue cycle management, patient care, patient enrolment and strategic planning. Revenue cycle management held the largest share in 2021 and is estimated to remain the largest segment in the forecast period. Increasing government initiatives to adopt RCM solutions, increasing demand for RCM providers in view of rising billing errors and outsourcing of tasks such as verifying and determining health insurance claims are the main reasons for high growth of RCM segment.

On the basis of payer service, the global healthcare BPO Market is divided into claims management, member management, provider management, bill and accounting management, HR services and front-end and back-end operations. Claims management held the largest share in 2021 and is estimated to remain the largest in the forecast period.

On the basis of pharmaceutical service, the global healthcare BPO Market is divided into research and development, manufacturing and non-clinical services. Non-clinical services segment is subdivided into supply chain management, marketing and sales and others. R&D segment is expected to register the highest growth rate in the forecast period.

Regional Segmentation

On the basis of regions, the global healthcare BPO market is divided into North America , Europe, Asia Pacific, Middle East and Africa and South America.

North America is the largest market and is likely to dominate in the forecast period. Reasons attributed are high government investments in healthcare BPO, presence of global BPO service providers in the region and high public and private healthcare expenditure.

Healthcare BPO Market Key Players

Top key players in the market are NTT Data, Inc. (Japan), Capgemini (France), Parexel (U.S.), Conduent Inc. (U.S.), Hinduja Global Solutions (India), Concentrix (U.S.), Truven Health (U.S.), Cognizant (U.S.), Infosys (India), GEBBS (U.S.), IBM (U.S.), IQVIA (U.S.), United Health Group (U.S.), Genpact (U.S.), Accenture (Republic of Ireland), EXLService Holdings In. (the U.S.).

Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/healthcare-bpo-market-1335

Industry News

In March 2021, IntelliH and FirstSource Solutions collaborated to provide turn-key remote monitoring solutions to healthcare providers

In May 2021, NTT DATA and ScoreData entered into a contract to develop a system for predicting onset of chronic diseases for the benefit of health insurance providers

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

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