Healthcare BPO Market Overview
The global healthcare BPO market is growing at a rapid pace. Factors that are propelling the growth of the market include the burgeoning healthcare sector and increasing insurance claims. Moreover, factors such as the advancements healthcare IT, new business models & processes, and the increasing use of digital technologies in healthcare are escalating the healthcare BPO market on the global platform
Acknowledging the huge expansion that the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the booming global Healthcare BPO Market is poised to touch a valuation of USD 488,202.72 Million by 2027, registering approximately 10.20% CAGR throughout the forecast period.
Challenges faced by providers of healthcare services especially regarding the administrative element of the industry have created reasonable demand for the growth of the market. The delivery of customized solutions by healthcare BPOs have enhanced their demand in the past few years. Improved resource allocation, along with the boost in financial performance are expected to complement the expansion of the market, especially over the forecast period.
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Healthcare BPO Market Segmentation
The segmentation of the healthcare BPO market globally is divided in to the segments of region and services. The market segmentation on the basis of services into payer services, pharmaceutical services, and provider services. The region based segmentation of the market comprises of Americas which includes US & Canada), Europe consisting of Germany & France, the Asia Pacific including China & India and Middle East & Africa.
Healthcare BPO Market Regional Analysis
The North American region, heading with the constant advancements in healthcare technology accounts for the leading market in the global healthcare BPO market. Factors such as the concentration of major market players and an increase in the number of outsourcing of services in the hospitals, healthcare organizations, and healthcare insurance companies have boosted the growth of the regional market.
Also, the mandatory implementation of ICD-10 codes accounts for a major driving force fuelling the growth in the regional market. The healthcare BPO market in North America is expected to create a substantial revenue pocket growing at a phenomenal CAGR over the forecast period.
The healthcare BPO market in the European region accounts for the second-largest market, globally. Factors fostering the regional market include the increasing number of people seeking insurance, consolidation of the healthcare system, the pressure to cut healthcare costs, and pharmaceutical companies facing patent cliffs.
Moreover, factors such as the constant improvements in the regulatory scenario, the pressure to reduce healthcare costs, and rising uptake of healthcare IT, big data, and cloud computing are propelling the growth in the regional market. The European healthcare BPO market is expected to grow at a considerable CAGR throughout the forecast period.
The Asia Pacific healthcare BPO market has emerged a promising market, globally. Especially India, among other rapidly developing APAC countries has emerged as a lucrative market. Although in an embryonic stage, the Indian healthcare BPO market is already considered as a strong market.
Healthcare BPO Market Players
- Accenture Plc. (U.S.),
- Cognizant Technology Solutions Corporation (U.S.)
- Infosys BPO Ltd. (India)
- Allscripts Healthcare Solutions (U.S)
- IBM Corporation (U.S)
- Wipro (U.S), Tata Consultancy Services Ltd. (India)
- WNS (India) among others
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