Global Healthcare BPO Market Projected To Reach USD 873.8 Billion By 2032 Driven By Demand For Cost-Effective, Patient-Centric Solutions | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Accelerating at a CAGR of 9.71%, the Healthcare BPO market Growth is Fueled by Advancements in AI, Data Analytics, and the Rising Adoption of Revenue Cycle Management and Patient Care Outsourcing.

Austin, Nov. 05, 2024 (GLOBE NEWSWIRE) --“According to SNS Insider, The Healthcare BPO Market Size was valued at USD 380.8 billion in 2023 and is expected to reach USD 873.8 billion by 2032, growing at a CAGR of 9.71% over the forecast period 2024-2032.”

The significant growth in this sector can be attributed to the increasing demand for cost-effective healthcare solutions, the rising emphasis on enhancing patient care, and the adoption of advanced technologies in healthcare administration.

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Top Healthcare BPO Market Companies

• Accenture
• Cognizant
• IBM Corporation
• Infosys BPM
• NTT Data Corporation
• Tata Consultancy Services (TCS)
• Wipro
• R1 RCM
• Firstsource Solutions
• GeBBS Healthcare Solutions
• Omega Healthcare
• IQVIA
• Genpact
• Sutherland Global
• Mphasis
• Sykes Enterprises
• Parexel International
• Lonza
• UnitedHealth Group
• Xerox Corporation
• WNS (Holdings) Limited
• Other Players

Healthcare BPO Market Growth & Trends

The Healthcare BPO market is in a growth phase due to the increased pressure on healthcare providers and payers to reduce their operational costs and improve service delivery. With the increase in chronic diseases and the aging population, the need for healthcare services is rising. This creates a demand for organizations to implement effective outsourcing solutions in order to manage their workload efficiently. Complex service delivery is compelling healthcare service providers and payers towards BPO services to straighten out their operations in this regard.

Technologies like artificial intelligence and advanced data analytics are transforming processes involved in healthcare, thereby creating improved service quality and improving operational efficiency. Specialized services, such as claim management, revenue cycle management, and patient care management services are the primary drivers of further market growth. The growth in the outsourcing of non-core functions is going to continue into the years ahead and shall support the growth of the Healthcare BPO market for sustained periods. It thus shows that a massive change is being experienced by the delivery and management of healthcare services, where the importance of BPO would be further enhanced in the changed landscape of healthcare.

Healthcare BPO Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 380.8 Billion
Market Size by 2032	US$ 873.8 Billion
CAGR	CAGR of 9.71% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Regional Analysis/Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)

Segment Analysis

By Payer Service:

The Claims Management segment dominated the Healthcare BPO market and held an approximate market share of 30% in 2023. Its significance lies in enhancing accuracy, reducing errors, and addressing fraud detection, which is critical for efficient claims processing. As healthcare organizations face increasing volumes of claims, the need for streamlined claims management becomes paramount. Conversely, the Analytics & Fraud Management segment is the fastest-growing, projected to grow at a CAGR of 12% from 2024 to 2032. This growth is driven by the escalating utilization of data analytics for fraud prevention and cost optimization, enabling organizations to refine their decision-making processes.

By Provider Service:

The Revenue Cycle Management (RCM) segment held the largest market share at approximately 35% in 2023. RCM plays a vital role in maximizing reimbursements and minimizing denials, directly influencing providers' financial stability. Meanwhile, the Patient Care segment is experiencing rapid growth, with a projected CAGR of 11% from 2024 to 2032. This surge is attributed to the increasing focus on enhancing patient experiences and outcomes, leading to a higher demand for outsourced services like telehealth and remote monitoring.

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Healthcare BPO Market Key Segmentation

By Payer Service

• Claims Management
• Integrated Front-end Services & Back-office Operations
• Member Management
• Billing & Accounts Management
• Analytics & Fraud Management
• HR

By Provider Service.

• Revenue Cycle Management
• Patient Care
• Patient Enrolment

Regional Analysis

Dominating Region: North America

In 2023, North America held the largest share of the Healthcare BPO market. This dominance is driven by the concentration of healthcare organizations and the stringent regulatory environment. The widespread adoption of electronic health records (EHRs) and the need for specialized support services further propel demand. Major companies such as Accenture and Cognizant have established strong presences in this region, providing a range of BPO services tailored to the needs of payers and providers.

Fastest-Growing Region: Asia-Pacific

The Asia-Pacific region is forecasted to exhibit significant growth in the Healthcare BPO market, attributed to rising healthcare expenditure, increasing outsourcing trends, and technological advancements. Countries like India and the Philippines are emerging as key players due to their large skilled workforce and cost-effective service offerings. Companies like Wipro and Infosys are actively expanding their BPO services in this region to capitalize on the growing demand.

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Recent Developments in the Healthcare BPO Market

• October 2023: Accenture announced the acquisition of Health Unlimited to enhance its capabilities in behavioral science, customer strategy, and CRM activation, aiming to maximize generative AI potential in healthcare.
• March 2024: Cognizant partnered with Microsoft to integrate advanced AI into healthcare administration, improving productivity and efficiency for payers and providers while prioritizing timely responses and elevating patient care.
• April 2023: Cognizant signed a deal with Horizon Healthcare Services to manage claims processing, provider configuration, and enrollment services, enhancing operational efficiency for Horizon.

Conclusion

The Healthcare BPO market is poised for significant growth, driven by the increasing need for cost-effective and efficient healthcare service delivery. As healthcare providers and payers navigate the complexities of modern healthcare systems, outsourcing non-core functions has become an essential strategy for enhancing operational efficiency. With advancements in technology, particularly in AI and analytics, healthcare organizations are empowered to deliver improved services while focusing on patient-centric care.

As the market evolves, stakeholders are encouraged to explore innovative solutions and partnerships to stay competitive in this dynamic landscape. The future of healthcare BPO promises enhanced efficiency, improved patient outcomes, and a transformative impact on the global healthcare ecosystem.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Adoption Rates, 2023

5.2 User Demographics, By User Type and Roles, 2023

5.3 Feature Analysis, by Feature Type

5.4 Cost Analysis, by Software

5.5 Integration Capabilities

5.6 Regulatory Compliance, by Region

6. Competitive Landscape

7. Healthcare BPO Market Segmentation, by Payer Service

8. Healthcare BPO Market Segmentation, by Provider Service

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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