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Global Healthcare BPO Market Size, Share, Trends, COVID-19 impact & Growth Analysis Report – Segmented By Provider Service, Payer Service, Pharmaceutical Service & Region - Industry Forecasts (2022 to 2027)

Published: January, 2022
ID: 219
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Healthcare BPO Market Size (2022 to 2027)

As per our report, the size of the global healthcare BPO market is projected to grow USD 370.94 Billion by 2027 from USD 232.33 Billion in 2022. Analysts at Market Data Forecast predict that the Global Healthcare Business Process Outsourcing Market Will Accelerate at a CAGR of almost 9.81% from 2022 to 2027. Although healthcare represents only 5-10% of the total BPO deals in the market, which is relatively low compared to other industries, such as banking, financial services, and manufacturing, the growth potential is high due to the growing demand for quality care.

Healthcare Business process outsourcing can be defined as a strategy adopted by a healthcare company to grow its business by outsourcing the tasks to another third-party company for reducing costs, active processing, and transactions.

MARKET DRIVERS:

An increasing number of people seeking insurance, the pressure to cut healthcare delivery costs, consolidation of the health care system, pharmaceutical companies facing patent cliffs, and the mandatory implementation of ICD-10 codes are the major factors fuelling the global healthcare BPO market.

With the ever-growing demand for healthcare, the need for outsourcing the services is expected to provide niche opportunities for IT companies to poach upon.

Additionally, increasing incidences of cardiovascular diseases and emergency help services are significant factors driving the demand of the healthcare business process outsourcing (BPO) market. Rising awareness towards treatment procedures and services provided by hospitals worldwide is fuelling the market's need. Besides, the Healthcare BPO Market is accelerated by growing prevalence to increase the performance and efficiency of the operational systems in hospitals.

Furthermore, globally, the rising demand to minimize social-economic risks is likely to outshine the need for the healthcare BPO market. Increasing support from the government through investments and providing better quality treatment procedures is to surge growth opportunities for the healthcare BPO market. Furthermore, the availability of skilled operators in customer care services significantly influences the demand for the global healthcare BPO market.

MARKET RESTRAINTS:

The concerns in losing control over the outsourced process, doubts regarding service/product quality, and the threat to data security are factors limiting the growth of the global healthcare BPO market. Further, the cost of installing and maintaining the systems is very high comparatively, restricting the demand of the market. Rapid changes in economic strategies may also negatively impact the growth of the market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Provider Service, Payer Service, Pharmaceutical Service, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global healthcare BPO market has been segmented based on the provider service, payer service, pharmaceutical service, and region.

Healthcare BPO Market - By Provider Service:

  • Medical Billing
  • Medical Coding
  • Medical Transcription
  • Finance & Accounts

Based on provider service, the medical billing sub-segment is expected to represent the largest share of the provider services segment in the current market scenario, owing to an increase in the number of people insured. The rapid adoption of telehealth services is escalating the growth rate of this segment. The medical coding segment is next to the medical billing segment is holding the dominant shares of the market. Increasing incidences of chronic diseases are leveling up the demand of this segment. The medical transcription segment is expected to have the fastest growth rate in the foreseen years. Growing awareness over the use of the latest techniques in healthcare boosts the growth rate of the market. The finance & accounts segment is to have prominent growth opportunities in the forecast period.

Healthcare BPO Market – By Payer Service:

  • Claims Management
  • Integrated Front-end Services and Back-office Operations
  • Member Management
  • Provider Management
  • Billing and Accounts Management
  • Analytics and Fraud Management
  • HR Services

Based on payer service, the claims management segment is held with the largest shares due to the increasing number of patients adopting e-health services. Growing incidences of chronic diseases are expanding the growth rate of the market. Integrated front-end services and back-office operations segment is likely to have the highest CAGR in the near future, increasing prevalence to improve the quality of the healthcare services through online consultancy. Member management and provider management segments are to have a significant growth rate in the forecast period. Rising support from the government and increasing telemedicine investments by private organizations are promoting the demand of the market. Billing and accounts management is estimated to have an inclined growth rate in the coming years. The analytics and fraud management segment is to have the highest shares in the foreseen years, with the increasing cyber-attacks and growing concerns towards privacy policies are fuelling the growth rate of this segment. The HR services segment is projected to have a slow growth rate during the period.

Healthcare BPO Market – By Pharmaceutical Service:

  • Research and Development
  • Manufacturing
  • Non-clinical Services
    • Sales and Marketing services
    • Supply Chain Management
    • Other Non-Clinical Applications

Based on the pharmaceutical service, the segment of non-clinical 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.

The research and development segment is forecasted to be growing at a significant rate during the forecast period. Increasing research and development activities with the growing prevalence of introducing quality drugs or vaccines are propelling the demand of this segment. Increasing COVID 19 cases is also one of the factors for the segment to grow during this period. The manufacturing segment is positioned second in leading the highest shares of the market. Growing demand to propel the production rate is evaluating the demand of this segment.

Healthcare BPO Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Regionally, the North American region is dominating the global healthcare BPO market and is likely to maintain the trend owing to the growing demand for IT, big data, and cloud computing in healthcare, continually increasing pressure on healthcare firms to reduce costs and change in regulatory scenarios.

The European market is growing at a tremendous rate over the past decade. It has the same growth rate in foreseen years with the rise in the number of healthcare centers and increasing demand for analyzing finance and accounting services.

The Asia Pacific market is likely to witness significant growth during the forecast period due to increasing healthcare expenditure, the excellent workforce, and resources in developing countries like India and China.

The introduction of the PPAC Act has dramatically wedged the U.S. healthcare payer market. As the act expanded insurance access to more than 35 million U.S. citizens, the rise in claims processing has led to large-scale outsourcing of these services by payers.

The Middle East and Africa are inclined to have a slight variation in the review period's growth rate.

KEY MARKET PLAYERS:

Some of the notable companies playing a crucial role in the market of Healthcare BPO are Cognizant Technology Solutions Corporation (U.S.), Accenture PLC (U.S.), Genpact Limited, Tata Consultancy Services Ltd. (India), Infosys BPO Ltd. (India), and Xerox Corporation (U.S.).

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