According to the latest report by IMARC Group, titled "Healthcare BPO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global healthcare BPO market reached a value of US$ 25.72 Billion in 2021. Healthcare business process outsourcing (BPO) refers to the outsourced business process that is generally adopted by healthcare providers for providing support to staff, medical institutions, and organizations and executing medical-related operations. Its implementation aid healthcare providers focus on core business functions while treating patients efficiently. Besides this, it also ensures easy access and quality services from healthcare experts while reducing the chances of mistakes in providing patient’s medical reports. The demand for healthcare BPO is increasing across the globe due to the rising adoption of healthcare insurance services among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Healthcare BPO Market Trends:
The global market is primarily driven by significant growth in the healthcare industry. Along with this, the increasing prevalence of chronic diseases and the rising geriatric population across the globe, this is providing a boost to the demand for BPO across the sector. Moreover, continual technological advancements and the integration of cloud-based solutions with BPO services in order to provide global service delivery models in a cost-efficient manner are creating a positive market outlook. In line with this, the rapid outbreak of coronavirus disease (COVID-19), followed by the subsequent lockdown restrictions, has impelled leading players to heavily invest in the deployment of BPO services across hospitals and clinics. Other factors, including continual improvements in the information technology (IT) infrastructure, rapid digitization, the growing investments by private and public agencies for upgrading the overall healthcare infrastructure across geographically extended locations, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 44.59 Billion by 2027, exhibiting a CAGR of 9.10% during 2022-2027.
- On the basis of the payer service, the market has been segmented into human resource management, claims management, customer relationship management, operational and administrative management, care management, provider management and others.
- Based on the provider service, the market has been classified into patient enrollment and strategic planning, patient care service, and revenue cycle management.
- On the basis of the pharmaceutical service, the market has been segregated into manufacturing services, research and development services, and non-clinical services.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Accenture plc, Cognizant, GeBBS Healthcare Solutions, Genpact, International Business Machines Corporation, IQVIA, NTT Data Corporation, Omega Healthcare, Parexel International Corporation, Tata Consultancy Services, WNS (Holdings) Limited and Xerox Corporation.
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