Healthcare Business Process Outsourcing (BPO) Market Segments, Analysis, Size, Share And Outlook Report 2024 To 2033

The healthcare business process outsourcing (bpo) market size has grown rapidly in recent years. It will grow from $288.95 billion in 2023 to $321.15 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to cost efficiency and operational optimization, rising demand for specialized services, data security and patient privacy concerns, shift towards value-based care models, impact of globalization in healthcare..

The healthcare business process outsourcing (bpo) market size is expected to see rapid growth in the next few years. It will grow to $492.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to enhanced patient-centric solutions, global expansion and multilingual services, post-pandemic remote service demand, evolution of value-based care models, heightened focus on data security.. Major trends in the forecast period include focus on customer experience and patient engagement, strategic partnerships and collaborations, globalization of healthcare services, covid-19 pandemic impact, shift towards value-based care models..

Market Overview -
Healthcare business process outsourcing (BPO) refers to the practice of hiring an external service provider to handle non-clinical or non-core activities of a healthcare organization. It is used for a wide range of functions and activities within the healthcare industry to improve efficiency, reduce costs, enhance compliance, and allow healthcare organizations to focus on their core mission of providing patient care.

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Surge In Drug Development Fueling Growth In The Healthcare Business Process Outsourcing (BPO) Market
The increasing number of drug developments is expected to propel the growth of the healthcare business process outsourcing (BPO) market going forward. Drug development refers to the process by which new medications or drugs are discovered, researched, tested, and brought to market for the treatment, prevention, or management of medical conditions. Healthcare business process outsourcing (BPO) firms play a critical role in helping pharmaceutical companies manage the complexities of drug development, regulatory compliance, and market access, ultimately contributing to more efficient and effective drug development processes. For instance, in February 2022, according to the World Health Organization's International Clinical Trials Registry Platform (ICTRP), the number of clinical trials registered with WHO was 60,543 in 2019, rising to 65,409 in 2020. Furthermore, according to ClinicalTrials.gov, a platform for registering clinical trials, the total number of clinical trials reported until 2020 was 325,771 in March 2021, rising to 362,501 in 2021. Therefore, the increasing number of drug developments is driving the growth of the healthcare business process outsourcing (BPO) market.

Competitive Landscape -
Major companies operating in the healthcare business process outsourcing (bpo) market report are UnitedHealth Group Incorporated, International Business Machines Corporation (IBM), Tata Consultancy Services Limited, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., Quintiles IMS Holdings Inc., HCL Technologies Limited, Infosys Limited, Wipro Limited, DSM Pharma, Sutherland Global Services Inc., Xerox Holdings Corporation, Genpact Limited, Access Healthcare Services Pvt. Ltd., Parexel International Corporation, R1 RCM Inc., NTT Data Corporation, EXLService Holdings Inc., Sykes Enterprises Incorporated, WNS Limited, Firstsource Solutions Limited, Invensis Technologies Pvt. Ltd., Omega Healthcare Investors Inc., Hinduja Global Solutions Limited, Mphasis Limited, GeBBS Healthcare Solutions Inc., Akurate Management Solutions Pvt Ltd., Gevity Consulting Inc., Octopus Tech Solutions Pvt Ltd.

Innovative AI Solutions Revolutionize Revenue Cycle Management (RCM) In The Healthcare BPO
Major companies operating in the healthcare business process outsourcing (BPO) market are introducing artificial intelligence platforms such as the AGS AI Platform to improve the efficiency and effectiveness of their revenue cycle management (RCM) processes. AGS AI Platform is an artificial intelligence (AI)-powered solution that helps healthcare organizations improve their revenue cycle management (RCM) processes. For instance, in September 2022, AGS Health LLC, a US-based analytics-driven, technology-enabled organization, launched an artificial intelligence (AI) platform for end-to-end revenue cycle management (RCM) called the AGS AI Platform, which is designed to help healthcare organizations improve the efficiency and effectiveness of their RCM processes. The AGS AI Platform uses various AI technologies, including machine learning, natural language processing, and predictive analytics, to automate tasks, identify patterns and trends, and make recommendations. Moreover, this platform can help improve the patient experience by reducing wait times, making it easier to get paid, and enhancing profitability.

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Key Segments -

The healthcare business process outsourcing (bpo) market covered in this report is segmented -

1) By Service Type: Provider Outsourcing Services, Payer Outsourcing Services, Operational Outsourcing Services, Information Technology Infrastructure Management Services
2) By Provider Service: Revenue Cycle Management, Patient Enrollment, Patient Care
3) By Payer Service: Claims Management, Product Development And Business Acquisition, Member Management, Provider Management, Care Management, Integrated Front-End Services And Back-Office Operations, Billing And Accounts Management Services, Human Resources (HR) Services
4) By Solution: Manufacturing, Research And Development, Non-Clinical Services
5) By End User: Healthcare Providers, Healthcare Payers, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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