The size of the North America Healthcare Business Process Outsourcing (BPO) Market was estimated at USD 112.98 Billion in 2022 and is poised to worth USD 173.67 Billion by 2027, growing at a CAGR of 8.98% during the forecast period.
Factors such as internal trained professionals for particular procedures, cost-effective availability of workspace, and less knowledge of organizations are some of the factors propelling the demand of the North American market.
The other major drivers for the North American Healthcare BPO market are the pressure to reduce the cost of the delivery of healthcare, the increasing number of people who are looking for insurance, the expiration of patent that the pharmaceutical companies are facing, the manufacturing costs are low in the countries that are developed, and process of making the healthcare systems stronger are escalating the market growth. Regular guidelines to be followed and the rising need to reduce the rapid increase of healthcare costs are also bolstering the market's demand.
Rising focuses on decreasing operational costs and availing expertise to ensure performance efficiency and improvement are anticipated to set up growth opportunities for the market. Shift to ICD-10 coding standards and upcoming ICD-11 are also opportunities to the North America Healthcare BPO market.
Fears of losing control over the outsourced process, lack of confidence in product quality, and danger to data security are factors that hamper the market growth. Healthcare organizations are restricted to take part fundamentally, means through which they buy and deliver their core service offering, which is slowly restricting the growth rate of the market. Lack of internal IT knowledge and unwillingness among the end-users to choose up new procedures hinders market growth during the period.
Continuous trends in healthcare BPO, the customers face the challenges of data security and reliability and increase in regulatory compliance are slightly to hinder the market's demand. Extracting data from the source, then re-format, and re-processing the data before uploading to achieve complex business challenges is certainly a big challenging factor for the market players. The dearth of a skilled workforce is another challenge for the Healthcare BPO industry.
This research report on the North American Healthcare BPO Market has been segmented and sub-segmented into the following categories:
By Provider Service:
By Payer Service:
By Pharmaceutical Service:
Regionally, the North American healthcare BPO market accounted for many of the overall healthcare BPO market. The region is a growing market for the payer, provider, and pharmaceutical services support regional market expansion. However, well-established healthcare infrastructure influences the market growth in the region, and the presence of a high-income population and trained professionals are accelerating the market growth. In the regional market, the United States healthcare BPO market dominated in 2020. The U.S. healthcare payer market has been greatly wedged by introducing the PPAC Act, which has expanded insurance access to more than 35 million U.S. citizens. The market growth is attributed to the rising geriatric population; the increasing number of patients with chronic diseases in the country is contributing to the regional market growth. Increasing expenditure by the healthcare IT industry can be attributed to the most significant market growth in the United States. When compared to other countries, the United States has the most prominent healthcare costs. The nation spent $3.3 trillion on healthcare over the years. In the United States, healthcare rates have risen dramatically in recent years. It used to be 5% GDP in 1960, but it had now been increased to 18% in 2016. According to the CMS, this development will continue and will exceed $5.7 trillion by 2027.
KEY MARKET PLAYERS:
The most promising companies in the North American Healthcare BPO Market are Infosys BPO Ltd, Cognizant Technology Solutions Corporation, Genpact Limited, Tata Consultancy Services Ltd., Accenture PLC, and Xerox Corporation.
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