The global healthcare BPO market is projected to reach USD 468. 5 billion by 2026 from USD 296. 4 billion in 2021, at a CAGR of 9. 6% during the forecast period. Healthcare BPO is a practice in which healthcare organizations outsource their business operations to third-party organizations.
New York, July 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Healthcare BPO Market by Outsourcing, & Region - Global Forecasts to 2026" - https://www.reportlinker.com/p03932647/?utm_source=GNW
The aim of healthcare business process outsourcing services is to reduce administration costs for healthcare providers and enhance patient satisfaction. The healthcare BPO sector handles a variety of activities ranging from data entry to medical claims processing services. The major factors driving the growth of this market include the need to curtail the escalating healthcare costs, rising demand for niche services, growing outsourcing in the life science industries, and lack of in-house expertise in the end-use industries. On the other hand, hidden costs associated with outsourcing services and concerns related to losing visibility and control over the business process are expected to hamper the market growth to a certain extent in the coming years.
Claims management services to hold the largest share of the payer services market
Based on type, the payer services market is segmented into claims management, integrated front-end services and back-office operations, member management, product development & business acquisition, provider management, care management, billing & accounts management services and HR services. The claims management segment is projected to grow at a CAGR of 10.8%, from USD 11.7 billion in 2021 to USD 19.5 billion by 2026. Claims processing is an integral part of the healthcare payer industry, and outsourcing of claims management provides the payer company with an opportunity to establish a long-term relationship with customers.
R&D services to be the fastest-growing segment in the life science services market
Based on type, the life science services market is segmented into manufacturing, R&D and non-clinical services. R&D services are expected to grow at a CAGR of 9.8% between 2021 to 2026. Rising R&D expenditure and the increasing need to reduce drug costs are a matter of concern for various pharmaceutical companies across the globe. Increasing competition, escalating cost of drug development, the complexity of discovery research, and the increasing need to speed up the rate of new product launches are some of the major factors driving the increased demand for R&D outsourcing.
The US to be the largest source geography for healthcare BPO services in North America
North America is expected to account for the largest share of 49.0% of the global healthcare BPO market in 2021, followed by Europe (30.6%) and the RoW (20.3%). Factors such as growing pressure to curb the increasing cost of care, demand for dedicated customer care professionals to create new insurance exchanges, manage workload of processing claims, account maintenance, and catering to the expanded customer base are some of the major factors driving the growth of healthcare BPO market in the US.
Breakdown of supply-side primary interviews: • By Company Type: Tier 1 – 42%, Tier 2 – 37%, and Tier 3 – 21% • By Designation: Director-level – 24%, C-level – 34%, and Others – 42% • By Region: North America - 32%, Europe – 30%, APAC –24%, Rest of the World –14%
Some of the prominent players operating in the healthcare BPO market are 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).
This report studies the Healthcare BPO market based on provider service, payer service, life science service and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth.
It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to two main geographies – source and destination.
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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