What Is The Current and Historic Market Size Analysis Of Healthcare BPO Market?
The healthcare bpo market has seen considerable growth due to a variety of factors.
• In the past few years, the healthcare BPO market has experienced rapid expansion. The market, which was valued at $336.81 billion in 2024, is projected to increase to $372.11 billion in 2025 with a compound annual growth rate (CAGR) of 10.5%.
This historic growth trend is largely attributable to issues around data security, the globalization of healthcare services, expansion of the healthcare industry, concerns about healthcare costs, and changes to healthcare regulations.
What Is The Projected Growth And Market Size For The Healthcare BPO
The healthcare bpo market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of healthcare BPO is predicted to experience a dramatic increase and is estimated to reach $651.73 billion by 2029, expanding at a compound annual growth rate (CAGR) of 15.0%.
This significant growth during the forecast period is the result of factors such as the advent of remote patient monitoring, demand for data analytics, integration of AI and automation, enhancement of revenue cycle management, and support for precision medicine. Furthermore, key trends likely to be prevalent during the forecast period include improvements in patient experience, telemedicine and remote healthcare, data safety and compliance, population health administration, and revenue cycle management.
What Are The Essential Drivers Behind The Growth Of The Healthcare BPO Market?
The escalating growth of the healthcare BPO market is largely attributed to the swift expansion of clinical process outsourcing. Such outsourcing involves administrative tasks in the healthcare sector which necessitate or are enhanced by clinical knowledge. The surge in clinical trials outsourcing is due to a greater number of drugs transitioning into the clinical stages and companies reducing their personnel flock to CROs for assistance in managing their portfolios. In December 2023, based on the information provided by ClinicalTrials.gov, a web resource managed by the US National Library of Medicine providing data on clinical trials for 2022, it was reported that 437,515 clinical trials were logged in. Out of these, 56,561 completed successfully. As 2023 progressed, as of December 20, there has been a substantial increase in both the numbers of trial registrations and completions. Specifically, 476,626 clinical trials were logged in, with 61,504 of them already completed. Therefore, the swift uptrend in clinical process outsourcing is predicted to encourage the growth of the healthcare BPO market in the forthcoming years.
What Are The Main Segments Of The Global Healthcare BPO Market?
The healthcare BPO market covered in this report is segmented –
1) By Provider Service: Revenue Cycle Management, Patient Enrollment And Strategic Planning, Patient Care
2) By Payer Service: Human Resource Management, Claims Management, Customer Relationship Management (CRM), Operational/Administrative Management, Care Management, Provider Management, Other Payer Services
3) By Pharmaceutical Service: Research And Development, Manufacturing, Non-clinical Service
Subsegments:
1) By Revenue Cycle Management (RCM): Medical Billing, Accounts Receivable Management, Claims Processing, Coding Services, Denial Management
2) By Patient Enrollment And Strategic Planning: Patient Registration Services, Eligibility Verification, Enrollment Services For Health Plans, market Research And Strategic Consulting
3) By Patient Care: Telehealth Services, Care Management, Patient Support Services, Medical Transcription, Patient Engagement Solutions
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What Emerging Trends Are Influencing The Growth Of The Healthcare BPO Market Landscape?
Leading organizations in the healthcare BPO market are innovating new cloud-based solutions to bolster their market profitability. Healthcare Business Process Outsourcing (BPO) amplifies data and application management efficiency by leveraging the potential of cloud computing platforms through the internet. For instance, Fujitsu Limited, an information and communication technology company based in Japan, initiated a state-of-the-art cloud-based platform in March 2023. This platform is aimed to transform personalized healthcare and expedite drug development. The system intends to consolidate health information from electronic medical records, wearable devices, and various other sources. The consolidated data will be used to improve healthcare practices, tweak clinical research procedures, and streamline the drug development process. Fujitsu foresees this pioneering platform fostering a new health and medical community that endorses the holistic wellness of individuals.
Who Are the Key Players in the Healthcare BPO Market?
Major companies operating in the healthcare BPO market include:
• Accenture
• Cognizant Technology Solutions
• Infosys BPM
• WNS Global Services
• EXL Service
• Tata Consultancy Services
• Conduent Inc.
• HCL Technologies
• Genpact
• Omega Healthcare
• Sutherland Global Services
• GeBBS Healthcare Solutions
• R1 RCM Inc.
• IBM Corporation
• Allscripts Healthcare Solutions
• NTT Data Services
• UnitedHealth Group (Optum)
• TriZetto Healthcare Products
• CitiusTech
• MedData
• Vee Technologies
• Capgemini
• HGS Healthcare
• Flatworld Solutions
• Invensis Technologies
• Wipro
• Tech Mahindra
What Is The Most Dominant Region In The Healthcare BPO Market?
North America was the largest region in the healthcare BPO market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare BPO market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
