The healthcare BPO services market size is projected to reach US$ 812.31 billion by 2031 from US$ 329.63 billion in 2023. The market is expected to register a CAGR of 11.9% during 2023–2031. Growing outsourcing of teleradiology services through BPO for improving small and medium hospitals in remote areas are likely to remain key trends in the market.
Healthcare BPO Services Market Analysis
For healthcare organizations BPOs are a popular solution as it helps them increase profits while reducing expenses. Specialized suppliers can offer services that save money while increasing accuracy and efficiency. Increasing pressure on healthcare payers to reduce costs while maintaining the accuracy and efficiency of their operations has driven the growth of the healthcare BPO services market. Healthcare organizations use outsourcing as a cost-effective approach to improve resource management and reduce costs. Clinical process outsourcing entails administrative tasks that require clinical knowledge. With the rising number of drugs undergoing clinical trials there is a growing need for clinical trial outsourcing thereby driving the market growth. However, the complex regulations and hidden costs associated with outsourcing are expected to hinder market growth.
Healthcare BPO Services Market Overview
By outsourcing healthcare operations, organizations can save up to 33% during clinical trial budget reviews by optimizing resource allocation and identifying cost-effective strategies, thereby reducing review time by 22-30% and enabling faster initiation and implementation of studies. Increasing complexity in healthcare, driven by regulatory changes, technological advances, and evolving patient needs, is expected to drive market growth. In addition, the increasing trend towards outsourcing clinical processes is a key driver. Outsourcing helps improve the speed and efficiency of the healthcare claims management process, thereby driving market growth.
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Healthcare BPO Services Market: Strategic Insights
Market Size Value in US$ 35,818.9 Million in 2017 Market Size Value by US$ 68,198.3 Million by 2025 Growth rate CAGR of 8.6% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Healthcare BPO Services Market: Strategic Insights
| Market Size Value in | US$ 35,818.9 Million in 2017 |
| Market Size Value by | US$ 68,198.3 Million by 2025 |
| Growth rate | CAGR of 8.6% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Healthcare BPO Services Market Drivers and Opportunities
Rising Consolidation in the Healthcare BPO Industry to Favor Market
The healthcare BPO services industry is highly fragmented, with several small and medium-sized service providers, and global players competing in the market. increasing demand from multinational clients and SMEs for more sophisticated, value-added services across their entire value chain is expected to drive market growth. BPOs with global capabilities requires expansion of the service base and offering with the ability to simultaneously manage multiple complex services across numerous geographies. Over the past few years, majority of the prime players are forming alliances across the healthcare BPO industry for strengthening service offerings and yeild major share in the global healthcare BPO services market. This has led to the generation of enormous capacities for the smaller companies to grow in nature and thus acts as a major driving factor for the market growth.
Growing Services Leading with Automation and Analytics
Business process outsourcing (BPO) is majorly used as one of the strategies that various organizations and industries implements in order to cut down the healthcare processing costs. BPO industry has a prerequisite to keep up with the rapidly changing healthcare landscape. BPO partners are helping the payer organizations to better meet the changing scenario of healthcare industry in terms of leading with automation and data analytics is one of the most lucrative opportunities that can help the BPO companies to sustain in the highly competitive healthcare BPO market. With the right toolset and innovation, such as automation data and applied analytics will dramatically improve outcomes, for more forward-thinking strategies that can be adopted by the BPO services companies to compete in the global maket thereby providing growth opportunities.
Healthcare BPO Services Market Report Segmentation Analysis
Key segments that contributed to the derivation of the healthcare BPO services market analysis are payer service, provider service, and pharmaceutical service.
- Based on payer service, the healthcare BPO services market is segmented into claims administration, billing, member management, provider management, fraud management, and others. The claims administration segment held the largest market share in 2023 and the same is expected to register highest CAGR during the forecast period.
- By provider service, the market is segmented into medical billing, medical coding, finance & accounts, and others. The medical billing segment held the largest share of the market in 2023 and is anticipated to register highest CAGR during 2021–2031.
- Based on pharmaceutical service, the healthcare BPO services market is segmented into research & development, manufacturing, sales & marketing, supply chain & logistics, and others. The manufacturing segment held the largest market share in 2023 and the same is expected to register highest CAGR during the forecast period.
Healthcare BPO Services Market Share Analysis by Geography
The geographic scope of the healthcare BPO services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the healthcare BPO services market. The growth of the healthcare BPO services market in North America is due to the growing healthcare sector in the region, increasing need for reducing healthcare cost, stringent healthcare regulations, growing partnerships of healthcare with BPOs, high percentage of claim records. Furthermore, growing competitiveness in the healthcare industry and rising pressure for developing cost effective procedures is providing growth opportunities for the healthcare BPO in the North America region. The US held the largest market share in 2023. The pharmaceutical companies in the US outsource activities like manufacturing, sales, marketing, and many more activities to the BPOs. As per the Pharmaceutical Research and Manufacturers Association (PhRMA), the US pharmaceutical companies carry out half of the world's R&D in pharmaceuticals and also possesses the intellectual property rights for most of the new medicines produced.
Healthcare BPO Services Market Report Scope
Healthcare BPO Services Market News and Recent Developments
The healthcare BPO services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the healthcare BPO services market are listed below:
- Performant Healthcare Solutions, (Performant, the Company), a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, announced a new strategic engagement with Priority Health to provide a customized, end-to-end solution focused on all aspects of payment integrity. (Performant Healthcare Solutions, Press Release, October 2022)
- The Competition Commission of India (CCI) approves Acquisition of the worldwide healthcare BPO services of Hinduja Global Solutions Limited, by Betaine B.V. The proposed combination pertains to the proposed acquisition of worldwide healthcare business process outsourcing (BPO) services of Hinduja Global Solutions Limited (HGS), along with certain assets, contracts and employees by Betaine B.V. (Betaine). (Press Information Bureau, Press Release, October 2021)
Healthcare BPO Services Market Report Coverage and Deliverables
The “Healthcare BPO Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Healthcare BPO services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Healthcare BPO services market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Healthcare BPO services market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the healthcare BPO services market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Payer Service ; Provider Service ; Pharmaceutical Service and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The North America region dominated the healthcare BPO services market in 2023.
The constant changes in government regulations for pharmaceutical industries, mounting pressure on healthcare providers to reduce healthcare costs, rising consolidation in the healthcare BPO industry are the driving factors impacting the healthcare BPO services market.
Growing outsourcing of teleradiology services through BPO for improving small and medium hospitals in remote areas is likely to act as future trends for the healthcare BPO services market.
Accenture and IBM are the leading players operating in the healthcare BPO services market.
US$ 812.31 billion would be the estimated value of the healthcare BPO services market by 2031.
11.9% is the CAGR of the healthcare BPO services market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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