Healthcare BPO Market is Projected to Expand at a Stellar 9.6% CAGR through 2031 | SkyQuest Technology
Healthcare BPO Market Set for Explosive Growth: Projected to Reach $901.58 Billion by 2031
Westford, USA, Oct. 21, 2024 (GLOBE NEWSWIRE) — Healthcare BPO Market size was valued at USD 433.03 billion in 2023 to USD 901.58 billion by 2031, growing at a CAGR of 9.60% during the forecast period (2024-2031). SkyQuest projects that the Healthcare BPO Market will attain a value of USD 901.58 billion by 2031, with a CAGR of 9.6% over the forecast period (2024-2031). Rising emphasis on healthcare cost reduction around the world is projected to favor healthcare BPO market growth. The increasing number of healthcare establishments opting for outsourced services and the growing complexity of healthcare operations are also projected to promote healthcare BPO demand in the future.
Browse in-depth TOC on “Healthcare BPO Market”
- Pages – 242
- Tables – 95
- Figures – 78
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Healthcare BPO Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 433.03 billion |
| Estimated Value by 2031 | $ 901.58 billion |
| Growth Rate | Poised to grow at a CAGR of 9.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Payer Service, Provider Service, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Use of automation and artificial intelligence |
| Key Market Drivers | Emphasis on healthcare cost reduction |
Healthcare BPO Market Segmental Analysis
Global Healthcare BPO Market is segmented by Payer Service, Provider Service, and region.
Based on Payer Service, the market is segmented into Claims Management Services, Integrated Front-end Service & Back-office Operations, Member Management, Product Development & Business Acquisition (PDBA), Provider Management, Care Management, Billing & Accounts Management Services, HR Service.
Based on Provider Service, the market is segmented into Revenue Cycle Management, Patient Enrolment, and Patient Care.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Healthcare BPO Services for Claims Management are Slated to Account for a Prominent Market Share
Rising rates of hospitalization and increasing healthcare insurance coverage for various indications have led to a substantial hike in insurance claims in the healthcare industry. Managing claims is a herculean task as it requires coordination with insurance companies and healthcare providers. The high amount of assistance required in claims management is what makes it the dominant use of healthcare BPO services.
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Patient Care Service Demand is Estimated to Increase at a Notable Pace Over the Coming Years
Growing demand for personalized patient care services around the world is projected to create new opportunities for healthcare BPO companies in the future. Rising adoption of patient-centric and value-based healthcare approach is also expected to bolster healthcare BPO market growth via this segment.
Presence of Key Healthcare BPO Providers and Strong Healthcare Infrastructure Helps North America’s Dominance
North America is known across the world for its robust healthcare infrastructure, and this coupled with presence of leading healthcare BPO providers helps in making it the largest market in the world. The United States and Canada are key countries in this region. The launch of new efforts to reduce healthcare costs and increasing popularity of healthcare outsourcing are helping the dominance of this region.
Healthcare BPO Market Insights:
Drivers
- Rising demand for healthcare cost reduction
- Adoption of remote healthcare and telemedicine
- Growing complexity of regulatory environment
Restraints
- Data privacy and security concerns
- Increased dependency on outsourcing partners
Healthcare BPO Market Top Player’s Company Profiles
- Accenture PLC (Ireland)
- Cognizant Technology Solutions Corporation (US)
- Tata Consulting Services Limited (India)
- WNS (Holdings) Limited (India)
- IQVIA Holdings Inc. (US)
- Mphasis (India)
- Genpact Limited (Bermuda)
- Wipro Limited (India)
- Infosys BPM (India)
- Firstsource (India)
- International Business Machines Corporation (US)
- GeBBS Healthcare Solutions (US)
- Capgemini SE (France)
- Omega Healthcare Management Services (India)
- R1 RCM (US)
- Invensis Technologies (India)
- UnitedHealth Group (US)
- HCL Technologies Limited (India)
- Access Healthcare (US)
- Sutherland Global (US)
- Akurate Management Solutions (India)
- AGS Health (India)
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Key Questions Answered in Healthcare BPO Market Report
- What drives the global healthcare BPO market growth?
- Who is the leading healthcare BPO provider in the world?
- Which region leads the demand for healthcare BPO in the world?
This report provides the following insights:
Analysis of key drivers (growing demand for healthcare cost reduction, rising use of telemedicine and remote healthcare), restraints (data privacy and security concerns, high dependency on outsourcing providers), and opportunities (use of automation and artificial intelligence to enhance operations), influencing the growth of Healthcare BPO market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Healthcare BPO market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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