Healthcare BPO (Business Process Outsourcing) is a rapidly growing industry that is transforming the way healthcare providers operate. This type of outsourcing enables healthcare providers to streamline their operations and reduce costs while still providing quality patient care. Healthcare BPO services include medical billing, medical coding, claims processing, medical transcription, laboratory management, clinical data management, and patient record management.
global Healthcare BPO 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 increasing demand for cost-effective healthcare services, rising awareness about the benefits of BPO services, and the growing adoption of digital healthcare solutions are some of the major drivers of the market. Additionally, the emergence of cloud computing and big data analytics are expected to further fuel the market growth.
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The demand for healthcare BPO services is increasing due to the growing need for cost-effective healthcare services. Healthcare providers are increasingly looking for ways to reduce costs while still providing quality care. BPO services enable healthcare providers to outsource their non-core activities such as billing, coding, and claims processing to third-party service providers. This enables them to focus on their core activities while reducing their cost of operations.
The growing adoption of digital healthcare solutions is also driving the demand for healthcare BPO services. Digital health solutions such as electronic health records (EHRs) and telemedicine are becoming increasingly popular among healthcare providers due to their ability to streamline operations and reduce costs. Healthcare BPO services enable healthcare providers to outsource their non-core activities such as data management, medical transcription, and laboratory management to third-party service providers. This allows them to focus on their core activities while still providing quality care.
Key Market Players
The healthcare BPO market is highly competitive and is dominated by a few large players. 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). These companies offer various services such as medical coding, medical billing, claims processing, medical transcription, laboratory management, clinical data management, and patient record management.
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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%, 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.
The healthcare BPO market is expected to grow significantly over the forecast period due to the increasing demand for cost-effective healthcare services, the growing adoption of digital healthcare solutions, and the emergence of cloud computing and big data analytics. Healthcare providers are increasingly relying on BPO services to reduce costs while still providing quality care. This is expected to drive the market growth over the forecast period.
Key questions answered in this report
- COVID 19 impact analysis on global Healthcare BPO industry.
- What are the current market trends and dynamics in the Healthcare BPO market and valuable opportunities for emerging players?
- What is driving Healthcare BPO market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger market share and why?
- Are low and middle-income economies investing in the Healthcare BPO market?
- Key growth pockets on the basis of regions, types, applications, and end-users
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East Africa?
Unique data points of this report
- Statistics on Healthcare BPO and spending worldwide.
- Recent trends across different regions in terms of adoption of Healthcare BPO across industries
- Notable developments going on in the industry.
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2021 (actual) and 2027 (forecast)
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