USD 334.15 billion
Report ID:
SQMIG35D2075 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
95 |
Figures:
78
Healthcare BPO Market size was valued at USD 334.15 billion in 2019 and is poised to grow from USD 365.9 billion in 2023 to USD 755.76 billion by 2031, growing at a CAGR of 9.49% in the forecast period (2024-2031).
Healthcare BPO is a process that is delegated to an outside provider. The growth of the market is attributed to rising pressure to reduce increasing healthcare costs, increasing demand for niche services, and stringent regulations. Governments are making favourable changes to reduce the cost of healthcare and increase concentration in the healthcare industry. In addition, to protect the confidentiality of confidential patient information, detecting and managing network security fraud, and ensuring that critical mistakes are avoided are the main reasons that increase the outsourcing healthcare business processes within the hospitals and healthcare system. The invention of outsourcing business processes for healthcare has resulted in improved patients care and increased workflow efficiency.
In addition, increase in the number of people looking for healthcare insurance and the assurance of government support are the factors which contributes to the growth of the global market. Further, high costs of outsourcing and fear of losing visibility and control over the business process are the factors which hamper the market growth.
US Healthcare BPO Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 334.15 billion
Largest Segment
RCM
Fastest Growth
RCM
Growth Rate
9.49% CAGR
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The global healthcare BPO market is segmented into payer service, provider service, and pharmaceutical service. Based on payer service, the global market is segmented into claims management, integrated front-end services and back-office operations, member management, provider management, care management, product development and business acquisition, IL.billing and accounts management services, human resource services. Based on provider, the global market is segmented into revenue cycle management, patient care, patient enrolment and strategic planning. Based on pharmaceutical service, the global market is segmented into manufacturing services, research and development services, and non-clinical services. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Healthcare BPO Market Analysis by Payer Service
Claims management is expected to dominate the market during the forecast period. The growth of this segment is attributed to rising adoption of insurance, changing healthcare regulations regarding health insurance and medical claims, scarcity of expertise.
Healthcare BPO Market Analysis by Provider Service
The revenue cycle management segment is expected to dominate the global market during the forecast period. RCM is a technologically advanced system that handles administrative functions through sophisticated billing, payment processing, and electronic health record systems. The article “Revenue Cycle Management in Healthcare”, published in July 2022, in many hospitals handle billing using ineffective manual system that causes billing issues by human error such as data entry blunders. Hence, the demand for revenue cycle management is increased. Key players are focusing on new product launches to strengthen their positions in the market which is ultimately contribute to the segment growth.
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North America is expected to dominate the global market during the forecast period. United States is expected to hold largest market revenue share of the North American region. Increasing awareness about outsourcing healthcare IT services and the strong presence of prominent market players are the factors that contribute to the regional market growth. Increasing governments initiatives further drives the market. For example, in Feb 2022, the Department of Health and Human Services awarded nearly USD 55 million to 29 HRSA-funded health centers to increase healthcare access. In addition, rising number of people seeking insurance, increasing pressure to reduce healthcare costs, pharmaceuticals companies facing patent cliffs and the mandatory implementation of ICD-10 codes are the major factors that help to drive the US BPO market which ultimately boost the growth of the North America BPO market.
Asia Pacific is expected to grow at the fastest rate during the forecast period due to mature pharmaceutical and medical education system, low-cost base, and large English-speaking population.
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Healthcare BPO Market Driver
Cost savings form an important consideration in outsourcing. In the US, there is the pressure on the margins of healthcare payers due to increasing health insurance exchanges. This enables consumers to obtain coverage from competing private healthcare providers and is likely to accelerate the adoption of outsourcing to rationalize costs.
Healthcare BPO Market Restraint
Improper planning and financial allotment for outsourcing activities often lead to negative impact on cost savings and the business value that can be derived from outsourcing. Companies planning finances while outsourcing their business fail to take into account unforeseen costs, such as those incurred while evaluating and selecting vendor, managing offshore contracts, process transition and enhancing security and severance pay for employee. In addition, customised services and solutions provided by vendors are likely to cost 15-30% more than standard service.
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The healthcare BPO market is moderately competitive and consist of several major players. The key players adopted the strategies such as mergers, partnerships, new product launches to strengthen their position in the global market. The increasing need for mobile health and advances in healthcare systems are also helping few others players to enter the market with substantial share.
Healthcare BPO Market Top Player's Company Profiles
Healthcare BPO Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to global healthcare BPO market analysis, the increasing demand for reduce healthcare costs, increasing adoption of AI, rising governments initiatives are the factors that drive the global market. Hidden outsourcing costs is the factor that restrain the market. US country is expected to held largest revenue share during the forecast period. In addition, need for mobile health and technological advancements in healthcare is also boost the market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 334.15 billion |
Market size value in 2031 | USD 755.76 billion |
Growth Rate | 9.49% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
Healthcare BPO Market Recent Developments
|
Customization scope | Free report customization with purchase. Customization includes:-
|
Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Healthcare BPO Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Healthcare BPO Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Healthcare BPO Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Healthcare BPO Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONHealthcare BPO Market size was valued at USD 334.15 billion in 2019 and is poised to grow from USD 365.9 billion in 2023 to USD 755.76 billion by 2031, growing at a CAGR of 9.49% in the forecast period (2024-2031).
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Product ID: SQMIG35D2075