The size of the U.S. healthcare BPO market is predicted to grow at a CAGR of 8.11% from 2022 to 2027.
Growing incidences of COVID-19 cases worldwide, there is a furious demand for the healthcare BPO market. Launch of applications in android and IoS with the IT sector's help is ascribed to bolster the demand of the market to the extent. Also, the rising economy from the past few years is thriving the growth rate of the market. Increased use of smartphones and tablets is accelerating the demand for the healthcare BPO market in the US. Improvement of healthcare infrastructure in urban areas is also a factor propelling the demand of the market. Increasing incidences of chronic diseases such as cancer and cardiovascular disease elevate the market demand eventually. Government initiative steps in providing reimbursement policies to the common people are factors driving the demand of the market.
However, the high cost of maintenance is slowly degrading the demand of the market. Less availability of skilled people in monitoring technical issues is also hampering the growth rate of the market. Rise in the cost of the healthcare products is also diminishing the demand for the healthcare BPO market in the US. Stringent rules and regulations is also one more factor hindering the growth rate of the market. Privacy concerns are additionally impeding the growth rate of the market. Rising cyber threats is a big challenge for the market players in this industry.
Impact of COVID-19 on the U.S. Healthcare BPO market
COVID-19 pandemic surged the demand for the healthcare BPO market in many ways. Many companies came forward to invest in Healthcare BPO and aimed to earn profits. The US is one of the largest countries in maintaining healthcare BPO from the past few years, and it has increased its shares in April-June 2020 due to the spread of coronavirus. Lockdown restrictions and prior not to get affected by the virus are the main reasons for the market to grow in this period. Companies are buying healthcare BPO and offering many options for the customers to grab their attention. One of the leading companies in healthcare BPO named Emids technologies was acquired by PE firms worth USD 225 million. This acquisition strengthened the position of the company’s portfolio. Growing prevalence for telemedicine during the COVID-19 outbreak is lucratively boosting up the demand for the healthcare BPO market.
The U.S. is holding the largest shares of the healthcare BPO market in North America and one of a promising country at a global level as well. Growing expenditure on healthcare with the rising disposable income in urban areas is fuelling the market's demand. According to the US federal government reports, the amount spent on healthcare in 2018 is around USD 3.65 trillion. This means, on average, an individual spent USD 11,212 on healthcare. As per a recent survey, the National Health Expenditure growth raises by 4.4% comparatively from 2017. According to their projections, the spending would reach USD 6 trillion by 2027, growing at an average of 5.5%. With the increasing cost of healthcare in visiting physicians, many people are choosing online healthcare centers. This is highly pushing the growth rate of this market. Emerging healthcare companies with BPO and allowing low-cost healthcare services is likely to bolster the market's growth rate. Creating awareness through digital advertisements is ascribed to level up the demand of the market. Some more factors propelling the healthcare BPO market's demand are providing excellent medical facilities, an increasing number of pharmaceutical companies, and escalating expenditure on healthcare.
Companies that are playing a promising role in the United States Healthcare BPO market 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.).
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1200
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org