Healthcare BPO market at a CAGR of 10.01% during the forecast period of 2024–2032

Market Research Future (MRFR) has published a cooked research report on the “global healthcare BPO market” that contains the information from 2019 to 2032.

The global healthcare BPO market is projected to register a CAGR of 10.01% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global healthcare BPO market are Cognizant (US), Infosys Limited (India), NTT DATA, Inc (Japan), Accenture (Ireland), GeBBS (US), Parexel International (US), Veradigm LLC (US), Oracle Corporation (US), IBM (US), and IQVIA Holding, Inc (US).

Market Highlights

The global healthcare BPO market is accounted to register a CAGR of 10.01% during the forecast period and is estimated to reach USD 0.28 billion by 2032.

Outsourcing in the healthcare sector is driven by cost reductions, increased efficiency, and a focus on core operations. The rise of health insurance exchanges in the U.S. has increased pressure on payer margins, boosting the demand for outsourcing to manage costs. Healthcare spending continues to grow, and offshore outsourcing is expected to play a key role in mitigating this trend. The benefits of outsourcing include lower operational costs, improved return on investment, and enhanced productivity. Globalization and favorable trade practices further support the market growth, with developing countries like China and India offering cost-effective BPO services. Key BPO services such as claims management, patient care, and revenue cycle management are gaining popularity due to their wide applications in healthcare. However, challenges such as hidden costs, data privacy risks, and communication barriers may hinder growth. Despite these challenges, increasing healthcare revenue and demand for better management services in developing regions present significant opportunities for the healthcare BPO market. Additionally, the growing volume of healthcare data and the proliferation of service delivery platforms are expected to fuel market expansion.

Access full report @ https://www.marketresearchfuture.com/reports/healthcare-bpo-market-1335

Segment Analysis

The global healthcare BPO market has a segment service provider.  

Based on service, the healthcare BPO market is bifurcated into payer services, provider services and pharmaceutical services. The payer services categories include claims management, integrated front-end services & back-office operations, member management, product development and business acquisition services, provider management services, care management, billing and accounts management services, and others. Further, the claims management segmented into claims adjudication services, claims settlement services, information management services, claims repricing, claims investigation services, claims indexing services, and fraud detection and management. Furthermore, the provider services segmented is divided into revenue cycle management, patient enrollment, patient care, and others, and patient care is also bifurcated into medical transcription and device monitoring. Moreover, pharmaceutical services segment is segmented into research & development, manufacturing, non-clinical services, and others, and bifurcated into supply chain management & logistics and sales and marketing services

The growth of healthcare business process outsourcing (BPO) services is driven by the increased use of electronic health records (EHRs) and the rising prevalence of chronic illnesses like cardiovascular diseases, which lead to more hospital admissions and claims. Healthcare BPO services focus on reducing administrative costs, improving patient satisfaction, and simplifying insurance processes. Revenue cycle management (RCM) services, in particular, are growing rapidly due to government initiatives supporting EHR adoption and the need to address billing errors. Many hospitals outsource rejection management to specialists to handle reimbursement processes more effectively. Partnerships, such as Waystar’s acquisition of Patientco, are also driving growth by offering more user-friendly solutions for managing medical billing.

Regional Analysis

The global healthcare BPO market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America further includes US, Canada, and Mexico. Europe includes countries namely Germany, France, UK, Italy, Spain, and the Rest of Europe. The Global healthcare BPO market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Moreover, the Rest of the World comprises of Middle East & Africa, and South America.

The North American healthcare BPO market holds the largest share, driven by advanced technology, high healthcare expenditure, and the presence of leading players in the industry. The region’s health-conscious population contributes to rising healthcare spending, which, in turn, increases the demand for healthcare BPO services. Outsourcing in North America offers significant cost savings, with companies able to reduce costs by 30%-60%, further stimulating market growth. Additionally, the region benefits from strong government support for the development of the healthcare sector, enhancing the demand for healthcare BPO services and fueling its growth. 

In Europe, the healthcare BPO market is the second largest, with well-established technology, significant healthcare spending, and the presence of key market players. The growing health consciousness of the population continues to increase healthcare expenditures, driving the need for efficient healthcare management solutions. Outsourcing provides substantial cost-saving opportunities, with companies reducing operational expenses by 30%-60%. Additionally, government initiatives supporting healthcare development and research have accelerated the demand for BPO services in Europe, further contributing to the region's market growth.

Asia-Pacific is the fastest-growing region in the global healthcare BPO market. The rapid transformation of the healthcare sector, coupled with enormous opportunities for market development, is propelling growth in this region. Rising demand for healthcare services, especially in developing countries, and the ongoing improvements in healthcare infrastructure and technology are key drivers of market expansion. As healthcare organizations evolve, the adoption of BPO services is increasing, offering greater efficiency and specialized support, positioning Asia-Pacific as a dynamic market for healthcare BPO services.

The Rest of the World holds the smallest share in the global healthcare BPO market, largely due to slower development in many regions, especially in Africa. However, there is growth in the Middle East and Africa, where increasing healthcare expenditures, population growth, and improvements in healthcare infrastructure are driving the demand for BPO services. The Middle East, in particular, is a major contributor to market expansion due to its well-developed technology and significant healthcare spending. Additionally, Sub-Saharan Africa's improving economic performance and rising demand for healthcare resources are contributing to market growth, driven by technology advancements and the need for better management solutions in the region.

Key Findings of the Study

• 
  

  The global healthcare BPO market is expected to reach USD 33.99 billion by 2032, at a CAGR of 10.01% during the forecast period.

  
  


• 
  

  The Europe region held the second largest market share of the global market in 2023 owing to the well-established technology, significant healthcare spending, and the presence of key market players.

  
  


• 
  

  Based on service provider, the payer services segment held the largest market with a market share of 42.52% in 2023 and pharmaceutical services is the fastest-growing segment during the forecast period.

  
  


• 
  

  Cognizant (US), Infosys Limited (India), NTT DATA, Inc (Japan), Accenture (Ireland), GeBBS (US), Parexel International (US), Veradigm LLC (US), Oracle Corporation (US), IBM (US), and IQVIA Holding, Inc (US) are the key players in the market.