Healthcare BPO Market to Grow at 9.6% CAGR During 2021 - 2026- Leading Key Players are Cognizant (US), Xerox Corporation (US), NTT Data Corporation (Japan), IQVIA (US)

According to the new market research report "Healthcare BPO Market by Outsourcing Models, Provider (Patient Care, RCM), Payer (Claims Management, Billing & Accounts), Life Science (R&D, Manufacturing, Sales & Marketing (Analytics, Research)), & Region (Source, Destination) - Global Forecasts to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 468.5 billion by 2026 from an estimated USD 296.4 billion in 2021, at a CAGR of 9.6%.

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Growth in this market is primarily driven by the need to reduce rising healthcare costs and the implementation of the Patient Protection and Affordable Care Act (PPACA) are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs.

North American healthcare BPO market to register the largest and highest growth from 2021 to 2026

North America dominated the market, with a share of 48.6% in 2020, and is expected to register the highest CAGR of 10.6% during the forecast period. The large share of the North American market can be attributed to the increased pressure to reduce healthcare costs and improve services and changing government regulations in the healthcare industry. Growing need for costs curtailment and process efficiencies among pharmaceutical companies is further expected to boost the market growth in coming years.

COVID-19 Impact on the Healthcare BPO Market

The COVID-19 pandemic has considerably affected the world's economy, as a result of which, the pressure on healthcare facilities for creating a well-coordinated and well-connected environment with other healthcare units is rising. Healthcare organizations are thus inclining towards outsourcing their non-core functionalities such as claims management and revenue cycle management among others, with an aim to offer improved patient outcomes by focusing on the organization's core competencies. COVID-19 has had a complicated as well as multi-faceted impact on the healthcare BPO industry.

However, the industry has turned out to be fortunate enough to function digitally, allowing BPO companies to continue to work with minimal health and safety risks for employees. The COVID-19 pandemic is, thus, expected to act as a catalyst for the rapid transformation of traditional BPOs. Moreover, the bio/pharmaceutical outsourcing industry has seen an increase in R&D demand because of the COVID-19 pandemic. This increase in demand, as well as other impacts from the pandemic, has caused some CROs to shift focus and adjust their operations. Implementing digital innovations, technologies, and platforms has helped most of the healthcare BPO service providers to continue their operations with efficiency and accuracy even in times of crisis.

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Recent Developments
• In May 2021, NTT DATA signed a multi-year agreement with ScoreData to deploy the latter's nudge engines along with NTT DATA's Artificial Intelligence (AI) solutions that predict risk for early onset of chronic diseases for health insurance and provider communities

• In April 2021, Xerox Corporation acquired Groupe CT, an independent document management provider in Eastern Canada, to accelerate a digital transformation roadmap by combining its document management services expertise and leadership with Xerox's portfolio of workplace solutions to expand its reach in the North American market

• In March 2021, Firstsource Solutions selected IntelliH as its technology partner to deliver turn-key remote patient monitoring solutions to health plans and provider organizations in the US

• In May 2020, IQVIA launched HCP/HCO Engagement Management, an end-to-end, orchestrated healthcare professional/organization (HCP/HCO) solution that enables the planning, management, contracting, and payment of HCP/HCOs globally

• In March 2020, Wipro partnered with PLEXIS Healthcare Systems, which accelerated digital transformation for healthcare payers by enabling a streamlined, efficient, accurate, and integrated plan administration solution to support healthcare payers and plan sponsors worldwide

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