Healthcare BPO Market Set For Rapid Growth, To Reap Bulk Revenues And The Factors For The Same Discussed

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The rising cost of medical care and regulatory compliance are some of the major challenges faced by the healthcare BPO industry.

The healthcare BPO market is projected to experience significant growth as organizations look to outsource key services to reduce costs and increase efficiency. Healthcare BPO is a form of business process outsourcing (BPO) that involves providing medical services to healthcare organizations. This includes services such as claims processing, medical billing, coding, and healthcare information management, among others.

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According to the new market research report "Healthcare BPO Market by Outsourcing Models, Provider (Patient Care, RCM), Payer (Claims Management, Billing Accounts), Life Science (RD, Manufacturing, Sales Marketing (Analytics, Research)), Region (Source, Destination) – Global Forecasts to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 468.5 billion by 2026 from an estimated USD 296.4 billion in 2021, at a CAGR of 9.6%.

The healthcare BPO market is expected to witness a surge in demand over the coming years as healthcare organizations look to reduce costs and improve efficiency. This is due to the growing need for cost-effective healthcare solutions and the rising number of patients in the healthcare sector. Additionally, the growing prevalence of chronic diseases and the need for more complex healthcare services are also expected to drive the growth of the healthcare BPO market.

The healthcare BPO market is segmented into healthcare data analytics, healthcare payers, healthcare providers, and pharmaceuticals. Healthcare data analytics is expected to be the largest sub-segment of the healthcare BPO market, due to the increasing demand for data-driven insights to improve patient outcomes and reduce costs. The healthcare payers segment is expected to witness significant growth as organizations look to outsource services such as claims processing and medical billing.

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Key Market Players

The healthcare BPO market is highly competitive and is dominated by a few key players. Some of the prominent players operating in the Healthcare BPO market are Accenture (Ireland), Cognizant (US), Tata Consultancy Services (India), Xerox Corporation (US), WNS (Holdings) Limited (India), NTT Data Corporation (Japan), IQVIA (US), Mphasis (India), Genpact (US), Wipro (India), Infosys BPM (India), Firstsource Solutions (India), IBM Corporation (US), HCL Technologies (India), Sutherland Global (US), GeBBS Healthcare Solutions (US), Lonza (Switzerland), Omega Healthcare (India), R1 RCM (US), Invensis Technologies (India), UnitedHealth Group (US), Sykes Enterprises (US), Parexel International (US), Access Healthcare (US), and Akurate Management Solutions (US), among others

North American healthcare BPO market to register the largest and highest growth from 2021 to 2026

North America dominated the market, with a share of 48.6% in 2020, and is expected to register the highest CAGR of 10.6% during the forecast period. The large share of the North American market can be attributed to the increased pressure to reduce healthcare costs and improve services and changing government regulations in the healthcare industry. Growing need for costs curtailment and process efficiencies among pharmaceutical companies is further expected to boost the market growth in coming years.

Overall, the healthcare BPO market is expected to experience significant growth over the coming years. This is due to the increasing demand for cost-effective healthcare solutions, the growing prevalence of chronic diseases, and the need for more complex healthcare services. Additionally, the growing number of patients in the healthcare sector and the increasing focus on data-driven insights to improve patient outcomes will also contribute to the growth of the healthcare BPO market.

Reasons to Purchase Global Healthcare BPO Market Report:

  1. Current and future of Global Healthcare BPO market outlook in the developed and emerging markets.

2.This report segments the global Healthcare BPO market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.

  1. The report helps stakeholders understand the pulse of the Healthcare BPO market and provides them with information on key market drivers, restraints, challenges, and opportunities.
  2. Analysis of various perspectives of the market with the help of Porter's five forces analysis.
  3. The segment that is expected to dominate the Global Healthcare BPO market.
  4. Regions that are expected to witness the fastest growth during the forecast period.
  5. Identify the latest developments, Global Healthcare BPO market shares, and strategies employed by the major market players.

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