Healthcare BPO Market size to grow by USD 12.90 billion from 2022 to 2027, Market growth Driven by the presence of skilled professionals, Technavio

NEW YORK, Feb. 29, 2024 /PRNewswire/ -- The healthcare BPO market by solution (manufacturing, research and development, and non-clinical services), service (revenue cycle management, patient care services, and patient enrollment and strategic planning), and geography (North America, APAC, Europe, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the healthcare BPO market between 2023 and 2027 is USD 12.90 billion. Buy the full report here

What are the main growth drivers?

An essential driver boosting the Healthcare Business Process Outsourcing (BPO) Market growth is the abundance of adept professionals. Skilled experts proficient in Medical Coding, Revenue Cycle Management, Claims Processing, Patient Enrollment Services, Healthcare Customer Support, Telehealth Services, Radiology Services Outsourcing, Patient Care Coordination, Outpatient Services Outsourcing, Pharmacy Services Outsourcing, and other Healthcare BPO Solutions significantly contribute to the industry's expansion. Their expertise ensures streamlined operations, improved efficiency, and enhanced service delivery within this burgeoning sector.

• An influential trend driving the Healthcare Business Process Outsourcing (BPO) Market is the rise of cloud-computing services domains. 
• Data breaches are one of the significant challenges impeding the growth of the Healthcare Business Process Outsourcing (BPO) Market. Learn about additional key drivers, trends, and challenges available with Technavio. Read a Free Sample PDF Report Now

How is the Market Segmented?

The healthcare BPO market is segmented by solution (manufacturing, research and development, and non-clinical services), service (revenue cycle management, patient care services, and patient enrollment and strategic planning), and geography (North America, APAC, Europe, Middle East and Africa, and South America). 

The market share growth by the manufacturing segment will be significant during the forecast period. Product production, packaging, marking, quality control, and regulatory compliance are part of the outsourcing activities in that segment. As a result, healthcare companies such as Pfizer have the opportunity to optimize costs, improve operational efficiency, and leverage specialized expertise while focusing on their core competencies by outsourcing these manufacturing processes.

Which region majorly contributes to the Market?

North America is estimated to contribute 41% to the growth of the global market during the forecast period. View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Who are the key players?

Accenture Plc, Cognizant Technology Solutions Corp., DATAMARK Inc., Foundever Group, GeBBS Healthcare Solutions Inc., Genpact Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt Ltd., IQVIA Inc., Maxicus Inc., OMH HealthEdge Holdings LLC, Parexel International Corp., R1 RCM Inc., Sutherland Global Services Inc., Tata Consultancy Services Ltd., UnitedHealth Group Inc., Wipro Ltd., and WNS Holdings Ltd.

Analyst Review

In the healthcare organizations, the complexity of managing structured processes, documentation, and data security while controlling operational costs has led to the emergence of Healthcare Business Process Outsourcing (BPO) as a crucial strategy. Third-party organizations, often situated in low-cost countries, offer niche services to address rising healthcare costs, providing visibility and control over market dynamics.

The primary driver behind the adoption of outsourcing in the healthcare sector is the mounting pressure to reduce healthcare costs. By outsourcing various operations, healthcare payers aim to achieve significant cost savings and efficient resource management, particularly in labor and space utilization. However, the margins of healthcare payers are tightly intertwined with careful consideration of factors such as operational costs and the quality of services provided.

In the United States, healthcare organizations are increasingly turning to outsourcing, yet they face restraints such as hidden outsourcing costs and improper planning. Financial allocation must be carefully managed to avoid unforeseen costs, including legal expenses related to vendor evaluation and selection, contract termination, and severance pay.

Despite challenges, outsourcing presents an opportunity for healthcare organizations to leverage artificial intelligence-based tools in areas like drug discovery and clinical trials. AI-driven companies are transforming the landscape by enhancing efficiency and success rates, particularly in the early stages of drug development, including the creation of cancer-fighting drugs.

Pharmaceutical companies are tapping into the expertise of BPO service providers, particularly in the Clinical Research Organization (CRO) services market, to streamline processes and reduce costs. However, data security concerns loom large, with the risk of data breaches and medical identity theft posing significant challenges.

To mitigate risks, healthcare organizations must strengthen internal controls, ensuring top-level management support and adherence to policies and procedures. Personnel training is essential to uphold patient confidentiality and comply with regulations such as those outlined by the National Center for Biotechnology Information (NCBI).

Investing in cybersecurity products and services becomes paramount, given the potential costs of data breaches and the need for secure data transfer across communication platforms. Ultimately, healthcare BPO offers value for money through customized services while also providing standard services crucial to the industry's operation.

In navigating the healthcare BPO market, strategic vendor evaluation and selection, coupled with robust security measures and adherence to regulations, are essential for achieving success in this dynamic landscape. View the Free Sample Report

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ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio