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Healthcare BPO Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region| By Business Research Company
Healthcare BPO
The Business Research Company offers in-depth market insights through Healthcare BPO Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The healthcare bpo market size has grown rapidly in recent years. It will grow from $308.43 billion in 2023 to $344.4 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to data security concerns, globalization of healthcare services, healthcare industry growth, cost pressures in healthcare, regulatory changes in healthcare.
The healthcare bpo market size is expected to see rapid growth in the next few years. It will grow to $560.2 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to remote patient monitoring, demand for data analytics, AI and automation integration, evolving revenue cycle management, precision medicine support. Major trends in the forecast period include patient experience enhancement, telemedicine and remote healthcare, data security and compliance, population health management, revenue cycle management.
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Market Segmentation:
The healthcare BPO market covered in this report is segmented -
1) By Provider Service: Revenue Cycle Management, Patient Enrollment And Strategic Planning, Patient Care
2) By Payer Service: Human Resource Management, Claims Management, Customer Relationship Management (CRM), Operational/Administrative Management, Care Management, Provider Management, Other Payer Services
3) By Pharmaceutical Service: Research And Development, Manufacturing, Non-clinical Service
Major Driver - The Impact Of Clinical Trials Outsourcing On Healthcare BPO
The rapid increase of clinical process outsourcing is significantly driving the growth of the healthcare BPO market. Clinical process outsourcing is administrative work in the healthcare industry that requires or benefits from clinical expertise. The increase in the increase of clinical trials outsourcing is due to the rise in several drugs entering clinical phases and the companies that are slashing their workforce look for CROs to help them manage their portfolios. For instance, in December 2023, according to ClinicalTrials.gov, a US-based web-based resource maintained by the US National Library of Medicine, providing information on clinical trials in the year 2022, a total of 437,515 clinical trials were registered, and among them, 56,561 were successfully completed. Moving into 2023, as of December 20, there has been an increase in both registration and completion figures. Specifically, 476,626 clinical trials have been registered, with 61,504 trials already completed. Hence, the rapid increase of clinical process outsourcing is expected to drive the healthcare BPO market in the upcoming years.
Competitive Landscape:
Major companies operating in the healthcare bpo market report are Google LLC, General Electric Company, SAP SE, THALES Group Inc., Harris Corporation, Hexagon AB (publ), Trimble Inc., Fugro N.V., Maxar Technologies Ltd., Environmental Systems Research Institute Inc. (ESRI), Bentley Systems Incorporated, Alteryx Inc., MDA Ltd., TomTom International BV, Skydweller Aero Inc., PASCO scientific, CartoDB S.L., SkyMap Global Inc., Descartes Labs Inc., Orbital Insight Inc., Mandalay Technology Inc., Intermap Technologies Corporation, MapLarge Corporation, Orbica Ltd., Geosite Corporation, Advanced Risk Analytics Private Limited, Geoviet Consulting Inc., GIS Co. Ltd., MapPoint Asia Pacific Pte. Ltd., TravelMap SAS
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Top Trend - Healthcare BPO Market Thrives With Cutting-Edge Innovations
Major companies operating in the healthcare BPO market are developing innovating solutions such as, AI and RPA platform, to increase their profitability in the market. An AI and RPA platform is a unified software solution that combines the capabilities of Artificial Intelligence (AI) and Robotic Process Automation (RPA) to automate various tasks within an organization.. For instance, in July 2021, Access Healthcare, a US-based Business Process Outsourcing (BPO) services provider launched echo. Echo, an AI and RPA platform automating processes throughout the revenue cycle. The Echo suite offers a range of tools for automating eligibility checks, data input, coding, payment tracking, AR management, denial handling, and appeals. Echo utilizes machine learning and AI to accelerate productivity by automating processes, outperforming other revenue cycle platforms in ROI speed, quality, and outcomes.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Healthcare BPO Market Characteristics
3. Healthcare BPO Market Trends And Strategies
4. Healthcare BPO Market - Macro Economic Scenario
5. Healthcare BPO Market Size And Growth
…..
27. Healthcare BPO Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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