London, March 15, 2024 (GLOBE NEWSWIRE) -- Global healthcare BPO market is poised for exponential growth in the upcoming years. As suggested by a new report by Fairfield Market Research, the market growth forecast for healthcare BPO industry anticipates a surge from approximately US$235.5 Bn attained in 2023 to a staggering US$430.5 Bn by the end of 2030. The market growth forecast marks a robust CAGR of 9% over the forecast period.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$235.5 Bn | |
| Estimated Market Size in 2030 | US$430.5 Bn | |
| CAGR | 9% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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With the healthcare BPO market projected to witness substantial growth fueled by expanding outsourcing trends, increasing burden of chronic illnesses, and surging demand for cost reduction, stakeholders are presented with unprecedented opportunities to transform the healthcare landscape through innovative solutions and technological advancements.
The market is propelled by the expanding trend of outsourcing, where medical professionals, organisations, and institutions seek assistance with various administrative and clinical tasks. Notably, Access Healthcare has revolutionised healthcare outsourcing through automation, AI, and big data, enhancing clinical, administrative, and financial outcomes for healthcare organisations worldwide.
The rising burden of chronic diseases, and the expanding elderly population present significant growth opportunities for players in the healthcare BPO industry. Healthcare BPO companies are expected to see substantial growth as they cater to the increasing demand for managing patient and claim records efficiently, particularly amidst the aging population's vulnerability to various illnesses.
The company’s analyst says, “With the growing demand for cost reduction in healthcare, outsourcing emerges as a strategic solution for cutting operational expenses. The proliferation of health insurance exchanges in the US has intensified pressure on healthcare payers, driving the adoption of outsourcing as a cost-saving measure and fueling the growth of the global healthcare BPO market”.
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Key Research Insights
- As of 2021, the claims processing category captured the largest market share in global health outsourcing.
- The provider outsourcing services segment held the market lead in 2022.
- In 2022, billing planning boasted the largest number of clients.
- The payer outsourcing services category is anticipated to witness the most rapid market expansion.
- Provider outsourcing services lead, whereas North America, and Asia Pacific are at the helm.
Insights into Segmentation Analysis
Provider Outsourcing Services Retain Dominance
In 2022, the provider outsourcing services segment emerged as the frontrunner in the healthcare BPO market, offering billing monitoring and revenue cycle management (RCM) solutions.
Billing planning, with its wide client base, is poised to maintain dominance, fueled by factors such as declining medical expenses and government initiatives to streamline billing and coding systems.
Payer outsourcing services are projected to witness rapid growth, providing essential aid measures, and contributing to advancements in medical quality within the clinical setting.
Claims processing, a critical component of global health outsourcing, continues to hold the largest market share, driving efficient grievance handling and cost-cutting initiatives while ensuring customer satisfaction.
Key Report Highlights
- Outsourcing medical claims administration reduces administrative burdens and increases revenue by enhancing accuracy in billing and claims management processes. The trend will persist, driving market expansion as healthcare organisations worldwide seek to streamline their claims management processes.
- AI, and ML are revolutionising drug discovery processes, particularly in developing medications for chronic illnesses like cancers. Healthcare BPO service providers leveraging AI-powered drug discovery tools are poised for significant growth as these technologies shorten drug development timelines and enhance success rates.
Insights into Regional Analysis
North America Leads the Way
North America spearheads the healthcare BPO market, with the US commanding the largest market share, driven by the expansive healthcare system encompassing pharmacies, pharmaceutical firms, and medical equipment manufacturers.
Government efforts, such as the Department of Health and Human Services' allocation of USD 55 million for virtual treatment in February 2022, are anticipated to further propel market expansion, enhancing healthcare access and quality for underserved populations.
The competitive landscape in North America is marked by consolidation, with major players dominating market share, signaling potential for further integration in the years ahead.
Asia Pacific Gears up
- Asia Pacific is poised for significant growth in the healthcare BPO market, buoyed by rising awareness of healthcare IT outsourcing and the presence of prominent industry players.
- Factors such as patent cliffs, the adoption of ICD-10 codes, and the push for healthcare cost reduction contribute to market expansion in the region.
- China and India, as key players in the region, actively foster market growth through healthcare system and information technology infrastructure development, further fueling regional market value.
Key Companies in Global Healthcare BPO
- IBM Corporation
- Tata Consultancy Services
- Cognizant
- Accenture
- Infosys BPM
- HCL Technologies
- Xerox Corporation
- Wipro
- Invensis Technologies
- Firstsource Solutions
- WNX Limited
- R1 RCM
- GeBBS Healthcare
- NTT Data Corporation
- United Health Group
- Omega Healthcare
Global Healthcare BPO Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Service Type Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/healthcare-bpo-market
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