USD 334.15 billion
Healthcare BPO Market Size, Share, Growth Analysis, By Payer Service(Claims Management Services [Claims Adjudication Services, Claims Settlement Services, Information Management Services, Claims Repricing), By Provider service(Revenue Cycle Management, Patient Enrolment, Patient Care (Medical Transcription, Device Monitoring), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2075 |
Region:
Global |
Published Date: September, 2024
Pages:
242
|Tables:
95
|Figures:
78
Healthcare BPO Market Insights
Global Healthcare BPO Market size was valued at USD 395.10 billion in 2022 and is poised to grow from 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).
Healthcare BPO market is driven by the growing need for effective healthcare processes, growing demand for economical healthcare solutions, and improvements in technologies like AI-enabled analytics and robotic process automation. Nonetheless, the market is also witnessing a few hindrances, including concerns with data security like sensitive data handling, and issues with quality control concerning variability in service quality. Yet, the market is anticipated to grow considerably backed by opportunities like the growth of telehealth services, the growing adoption of digital health applications, and emphasis on cost-efficiency.
US Healthcare BPO Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
RCM
Fastest Growth
RCM
Growth Rate
9.49% CAGR
Global Healthcare BPO Market ($ Bn)
Country Share for North America Region (%)
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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 Market Analysis by Payer Service
Based on payer service, the healthcare BPO market is categorized into claims management services, product development & business acquisition (PDBA), member management, provider management, care management, integrated front-end services and back-office operations, billing and accounts management services, HR services. The claims management services segment held a notable share of the market in 2023 and is expected to lead over the forecast period as well owing to the growing claims volume, rising complexity in claims processing, and cost-efficiency. Healthcare generates huge quantities of insurance claims regularly, which increases the need for effective processing to confirm timely compensations. The complex nature of claims, including diverse regulations and multiple stakeholders need expertise, which increases the demand for companies to outsource, thus impacting the segment growth.
On the other hand, the billing and accounts management services segment is projected to grow considerably over the forecast period owing to complicated billing procedures, cost reduction, and emphasis on patient care. The intricacy of medical billing like compliance with regulations and coding accuracy is increasing the need to outsource specialized services. Outsourcing accounts and billings may considerably reduce operational costs by reducing errors and decreasing overhead, resulting in denials of claims. By outsourcing billing services, medical providers can assign more resources to clinical services and patient care, improving the overall quality service.
Healthcare BPO Market Analysis by Provider Service
Based on provider service, the market is segmented into revenue cycle management, patient enrolment, patient care. The Revenue Cycle Management segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to the increasing complexity of billing, cost-effectiveness, and emphasis on core activities. The complex nature of coding and billing coupled with fluctuating documentation needs increases the need for expertise like RCM outsourcing. Outsourcing revenue cycle management helps to decrease operational costs by curtailing denials and errors, which may majorly affect revenue. Also, CM outsourcing helps medical providers to emphasize clinical services and patient care.
On the other hand, the patient enrolment segment will hold a notable market share in the forthcoming years owing to its importance in care access, intricate eligibility confirmation, and enhanced patient experience. Efficient enrolment confirms that patients have better access to medical services and facilities, increasing its importance as a primary aspect of patient care. The process mostly comprises navigating intricate insurance plans and eligibility standards that need expert knowledge that forces companies to outsource. Simplified patient enrolment also confirms improved patient retention and satisfaction by lowering waiting time and admin pressure.
Global Healthcare BPO Market By Type
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Healthcare BPO Market Regional Insights
North America dominated the market in 2023 and is expected to lead over the forecast period owing to the well-developed healthcare infrastructure, regulatory expertise, and technological improvements. North America holds high-tech and developed healthcare infrastructure with increased demand for effective facilities that raises the need for outsourcing. The growing intricacy of healthcare regulations like HIPAA increases the need for proficiency, which can be offered by BPO providers in the region. Also, in terms of adopting improved technologies, North America leads among others, which allows modernized BPO services for improved operational efficiency and service delivery. The leading players profiled in the region include Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., International Busines Machines Corporation, GeBBS Healthcare Solutions, UnitedHealth Group, and more.
Asia-Pacific is the fastest-growing region in the global healthcare BPO market due to the cost-effectiveness offered by BPO services, the developing healthcare infrastructure, and the availability of professional workforce. Low labor costs in several nations of Asia-Pacific are increasing the affordability of outsourcing for healthcare organizations who are aiming to curtail operational expenditure. Moreover, rising investments in healthcare technology and systems are improving services competencies and encouraging BPO providers in the region. The availability of professional workforce in healthcare and IT services is aiding the progress of BPO offerings customized to the healthcare industry. These drivers are considerably impacting the market growth in the region.
Global Healthcare BPO Market By Region
- Largest
- Fastest
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Healthcare BPO Market Dynamics
Healthcare BPO Market Driver
Growing Demand for Expert Services
- The demand for expert services, including medical billing, coding, and huge clinical data management is significantly increasing on the global scale. This is notably driving the need for companies to outsource healthcare services. Several healthcare providers are also inclining towards optimized models that increase the demand for improved data management and reporting competencies offered by BPO.
Growing Trend of Healthcare Consumerism
- As individuals and patients are gaining awareness on the benefits of varied healthcare services and technologies, healthcare companies should essentially, implement BPO services to cater to their demands and expectations. This includes adopting and using BPO services to enhance service delivery and communication. Also, the growing competitive scenario motivates providers to modernize and improve consumer experiences via outsourced services.
Restraints
Integration Challenges to Restrain Market Growth
- Integrating BPO services with the current healthcare infrastructure could be difficult, especially if the healthcare systems are not compatible or are outdated. Hence, interoperability issues may notably hinder the market growth. healthcare companies may also witness internal resistance to implementing these solutions, mainly if the workers fear disturbances or job losses.
Issues with Workforce Management
- The BPO sector mostly experiences high employee turnover, which may increase the cost of training and impact service consistency. Hence, high turnover rates may limit the growth of the healthcare BPO market. Seeking professional workforce in specialized domains like medical coding may be difficult, restricting the capacity of BPO providers to cater to the growing demands.
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Healthcare BPO Market Competitive Landscape
The global healthcare BPO market is a majorly progressing sector driven by many prominent competitors, offering exhaustive solutions in diverse services. Leading companies with specialized services are Accenture PLC, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., and Genpact Limited. To support a broader range of services in the healthcare sector, these technology giants are emphasizing on offering using improved technologies like ML and AI to improve operational efficiency and increase service delivery. This highly competitive landscape highlights constantly evolving market, impacted by growing consumer expectations.
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)
Healthcare BPO Market Recent Developments
- In August 2024, Accenture acquired consus.health, a prominent healthcare management consultancy in Germany. This acquisition will help Accenture to add consus.health’s industry consulting skills and strategy to its competencies in managing services and digital transformation. This will enable Accenture to expand its services to aid medical experts and healthcare settings in Switzerland, Austria, and Germany to enhance their quality care.
- In June 2024, Cognizant introduced its primary set of healthcare LLM (large language model) solutions on generative AI of Google Cloud technology, comprising its Gemini models and Vertex AI solution as a part of its partnership. This will redesign administrative processes and enhance experiences.
- In September 2024, EQT acquires the prominent healthcare technology solutions provider, GeBBS Healthcare Solutions. EQT will help GeBBS’s upcoming phase of growth and modernization, highlighting EQT’s exhaustive experience in medical technology domain, committed digital value-creation group, and global ecology of industrial professionals.
Healthcare BPO Key Market Trends
- Growth of Digital Transformation: The recent COVID-19 pandemic has accelerated the use of telehealth, resulting in the emergence of BPO services associated with remote patient monitoring and virtual consultations. Several healthcare companies are inclining towards cloud-based infrastructure for efficient data management that allows them to access multiple services and simplified collaboration. This trend is projected to fuel market growth.
- Compliance and Data Security: Data breaches are increasing on the global scale and hence, BPO providers are actively investing in strong security measures to defend confidential and sensitive patient data and ensure adherence to HIPAA-like regulations. Hence, staying updated with the ever-changing healthcare guidelines is fueling the demand for expert BPO services, thus increasing its significance and adoption.
Healthcare BPO Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to global healthcare BPO market analysis, the increasing demand for reduce healthcare costs, increasing adoption of AI, rising governments initiatives are the factors that drive the global market. Hidden outsourcing costs is the factor that restrain the market. US country is expected to held largest revenue share during the forecast period. In addition, need for mobile health and technological advancements in healthcare is also boost the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 395.10 billion |
| Market size value in 2031 | USD 901.58 billion |
| Growth Rate | 9.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Healthcare BPO Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare BPO Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare BPO Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare BPO Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare BPO Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare BPO Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare BPO Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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