Healthcare BPO Market Size is Projected To Reach USD 346500 Million By 2029 At A CAGR of 8.6% - Valuates Reports

The global Healthcare BPO market was valued at US$ 211220 million in 2022 and is anticipated to reach US$ 346500 million by 2029, witnessing a CAGR of 8.6% during the forecast period 2023-2029.

Major Factors Driving The Growth Of The Healthcare BPO Market Are:

The growing outsourcing in the pharmaceutical and biopharmaceutical industries, the need to contain rising healthcare costs, rising demand for niche services (such as care management and fraud detection services), and the need for structured processes and documentation in the healthcare industry are all contributing to the healthcare BPO market growth.

The rise of nearshore outsourcing destinations and access to technology is also a major driving factor for the healthcare BPO market. Companies have started outsourcing their business processes to BPO service providers in the same region since nearshore gives them the advantage of cultural, time zone, and language similarities, which helps them produce better-quality services.

Increased government support through investments and the provision of higher-quality treatment techniques are likely to boost the healthcare BPO market's growth prospects. In addition, the availability of qualified operators in customer care services has a substantial impact on the global healthcare BPO market demand.

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TRENDS INFLUENCING THE GROWTH OF THE HEALTHCARE BPO MARKET

Increasing nearshore outsourcing is expected to drive the growth of healthcare BPO. Companies have started outsourcing their business processes to BPO service providers in the same region since nearshoring gives them the advantage of cultural, time zone, and linguistic similarities, which helps them produce better-quality services. Companies have also begun to focus on protecting their outsourced operations and limiting socio-economic risks through similar currency and regulatory regimes, which might help accelerate the growth of nearshore outsourcing destinations and technology access.

Increasing pressure to reduce the rising healthcare costs is expected to further augment the Healthcare BPO market. Outsourcing allows organizations to save money on resource management, labor, and space, all of which are key considerations. The emergence of health insurance exchanges (online marketplaces for purchasing health insurance from competing providers) in the United States is putting pressure on healthcare payers' margins. This allows consumers to acquire coverage from competing private healthcare providers, which is expected to accelerate the adoption of outsourcing as a cost-cutting strategy. As a result, rising healthcare costs are likely to promote offshore outsourcing and, as a result, the global healthcare BPO industry.

Cloud-based BPO has transformed business outsourcing operations, assisting healthcare firms in lowering costs, developing global delivery models, and ensuring safe data access. Cloud-based BPO services are expected to become more popular in the future, and in turn, are expected to provide lucrative growth opportunities for the healthcare BPO market players during the forecast period.

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Healthcare BPO Market Share Analysis:

Based on region, North America is expected to be the most lucrative during the forecast period. The growth of the healthcare BPO market in North America is being driven by factors such as rising demand to decrease costs and improve services, as well as changing regulatory restrictions.

Based on application, the research and development segment is expected to be the most lucrative during the forecast period. Increasing research and development activities with the growing prevalence of introducing quality drugs or vaccines are propelling the demand of this segment.

BY REGION
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Healthcare BPO Market By Company
• Quintiles
• HCL
• Cognizant
• Covance
• Inventiv
• Catalent
• Parexel
• Lonza
• Boehringer Ingelheim
• Charles Rivers
• Genpact
• Sutherland
• PremierBPO
• Firstsource
• PPD
• GeBBS Healthcare
• Indian Healthcare BPO

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