Healthcare BPO Market worth USD 468.5 billion by 2026 : Analysis Of Worldwide Industry Trends And Opportunities

 Healthcare business process outsourcing allows healthcare facilities to contract their non-core activities to an external party and focus on their core competencies. Growth of this market is attributed to the growing outsourcing in the pharma and biopharma industries, need to curtail the escalating healthcare costs, rising demand for niche services (including care management and fraud detection services), and the need for structured processes and documentation in the healthcare industry.

What the Market Looks Like?

[309 Pages Report] The global healthcare BPO market is projected to reach USD 468.5 billion by 2026 from USD 296.4 billion in 2021, at a CAGR of 9.6% during the forecast period. North America dominated the healthcare BPO market, with a share of 49.0% in 2021, followed by Europe (30.6%) and the RoW (20.3%)

Cost savings form an important consideration in outsourcing, as by doing so, companies can reduce costs on resource management, labor, and space. There is pressure on the margins of healthcare payers due to the rise of health insurance exchanges (online marketplaces to obtain health insurance from competing providers) in the US. This enables consumers to obtain coverage from competing private healthcare providers and is likely to accelerate the adoption of outsourcing to rationalize costs.

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COVID-19 Impact on the Healthcare BPO Market

The COVID-19 pandemic has had a significant impact on the world’s population and economy. As a result of the pandemic, healthcare facilities are facing immense pressure to create a well-coordinated environment where all clinical functions are connected internally and where the organization operates in coordination with other healthcare units. This is compelling healthcare organizations to outsource their non-core functions, including revenue cycle management, claims management, and patient engagement, among other functions, to third parties and focus on their core competencies for better patient outcomes. The impact of COVID-19 on the healthcare BPO industry is complicated as well as multi-faceted.

What are Key Trends in the Market?

The growth of the High Content Screening Market is primarily influenced by the following factors:

1. Shift to ICD-10 coding standards and upcoming ICD-11 standards
2. Pressure to reduce the rising healthcare costs
3. Loss of revenue due to billing errors
4. Demand for niche services
5. Need for structured processes and documentation
6. Lack of in-house expertise in end-use industries

Artificial intelligence and machine learning, in particular, make the drug discovery process more efficient and substantially improve success rates at the early stages of drug development. This will help healthcare BPO service providers to bring about major breakthroughs, as artificial intelligence also plays an important role in the discovery of drugs for chronic diseases such as cancer. Owing to its capabilities, AI significantly reduces the time taken to bring a cancer-combatting drug to the market, which will lead to significant growth in the healthcare BPO services market.

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Global Healthcare BPO Market | Increasing Consolidation in the Healthcare Industry

 According to the new market research report “Healthcare BPO Market by Outsourcing Approaches, Pharmaceutical (R&D, Manufacturing, Sales and Marketing Services (Performance Reporting, Forecasting)), Provider (Patient Care, RCM), Payer (Claims Repricing), Models (Multisourcing) – Global Forecasts”, , published by MarketsandMarkets™,Healthcare BPO market is estimated to grow at a CAGR of 10.2% from 2017 to 2022 to reach $312.43 billion by 2022 from $191.68 billion in 2017.

Browse in-depth TOC on “Healthcare BPO Market”
156 – Table
34 – Figures
201 – Pages

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Based on provider services, the Healthcare BPO market is segmented into revenue cycle management, patient enrolment & strategic planning, and patient care. The revenue cycle management segment is expected to grow at the highest CAGR during the forecast period. Growth in the revenue cycle management market can largely be attributed to factors such as decreasing reimbursements in the healthcare industry, reductions in the overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by the Healthcare IT industry.

Based on payer services, the Healthcare BPO market is segmented into claims management, integrated front-end services and back-office operations, member management, product development & business acquisition, provider management, care management, billing & accounts management services, and HR services. The product development & business acquisition services segment is expected to grow at the highest CAGR during the forecast period.

On the basis of pharmaceutical services, is segmented into manufacturing services, R&D services, and non-clinical services. The non-clinical services segment is expected to account for the highest CAGR during the forecast period. Factors like pricing pressure and the requirement of large field forces have further contributed towards the emergence of contract sales organizations in the pharmaceutical industry.

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North America to account for the largest market size during the forecast period :

India possesses lucrative growth potential for the healthcare BPO market, by destination geography during the forecast period. Factors like a mature pharmaceutical and medical education system, large English-speaking population, low-cost base, large talent pool, and diverse set of business process outsourcing (BPO) providers, including local and multinational BPO companies, are driving the market in India.

Key Market Players :

The key players in the healthcare BPO market are Cognizant (US), Accenture (Ireland), Xerox (US), Genpact (Bermuda), TCS (India), and Infosys (India). These players focused on inorganic strategies such as acquisitions, agreements, and collaborations as well as organic strategies such as product launches and expansions to sustain their growth in the market.