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Healthcare BPO Market Share Analysis, Leading Players, Growth, Trends, And Forecast To 2033
Healthcare BPO Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Major companies operating in the healthcare BPO market are developing new cloud-based solutions to increase their profitability in the market. Cloud-based solutions in healthcare BPO optimize data and application management by harnessing the capabilities of cloud computing platforms over the internet. For instance, in March 2023, Fujitsu Limited, a Japan based information and communications technology company launched a cutting-edge cloud-based platform to revolutionize personalized healthcare and advance drug development. This cloud-centric system aims to gather health information from electronic medical records, wearable gadgets, and various channels. The assimilated data is intended to enhance healthcare practices, refine clinical research methodologies, and optimize the drug development process. Fujitsu envisions that this innovative platform will contribute to the establishment of a fresh health and medical community focused on promoting the overall well-being of individuals.
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Major Key Players of the Market:
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
Healthcare BPO Market 2024 Key Insights:
• 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 Impact Of Clinical Trials Outsourcing On Healthcare BPO
• The Impact Of Cloud Innovation On Healthcare BPO Giants
• North America was the largest region in the healthcare BPO market in 2023
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