Press release
Healthcare BPO Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Healthcare BPO
What Is the Expected CAGR for the Healthcare BPO Market Through 2025?
The growth of the healthcare BPO market has been significant in the past few years. It is projected to increase from $336.81 billion in 2024 to $372.11 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.5%. The expansion during the historical period is due to factors like concerns over data security, the globalization of healthcare services, overall growth in the healthcare industry, cost constraints in healthcare, and regulatory shifts in the healthcare sector.
What's the Projected Size of the Global Healthcare BPO Market by 2029?
The healthcare BPO market is anticipated to witness swift expansion in the upcoming years. It is projected to rise to $651.73 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 15.0%. The growth throughout the projection period could be credited to factors like remote patient supervision, need for data analytics, integration of AI and automation, advancement of revenue cycle administration, and backup for precision medicine. Key trends during the forecast period encompass improvements in patient experience, the application of telemedicine and remote healthcare, data security and regulatory compliance, administering population health, and management of the revenue cycle.
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Top Growth Drivers in the Healthcare BPO Industry: What's Accelerating the Market?
The explosive growth of healthcare BPO market is significantly fueled by the increase in clinical process outsourcing. This kind of outsourcing refers to the administrative tasks in the healthcare sector demanding or benefiting from clinical acumen. The surge in the outsourcing of clinical trials is attributed to the rising number of drugs entering clinical stages and companies trimming down their workforce and relying on CROs to manage their portfolios. For example, according to ClinicalTrials.gov, an online resource run by the US National Library of Medicine that offers details on clinical trials for the year 2022, a whopping 437,515 clinical trials were registered by December 2023, and of those, 56,561 were successfully completed. As we ventured into 2023, by December 20, there was a marked rise in the registration and completion rates, with the number of registered clinical trials hitting 476,626 and completed ones totaling 61,504. Thus, the swift growth in clinical process outsourcing is projected to propel the healthcare BPO market in the coming years.
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What Trends Will Shape the Healthcare BPO Market Through 2029 and Beyond?
Leading businesses in the healthcare BPO market are innovating new cloud-based approaches to enhance their market profitability. The incorporation of cloud-based solutions in healthcare BPO enhances data and application administration by leveraging internet-based cloud computing platforms. For instance, in March 2023, Fujitsu Limited, an ICT corporation based in Japan, introduced a novel cloud-based platform meant to transform personalized healthcare and accelerate the development of drugs. This cloud-focused system is designed to collect health data from electronic medical records and wearable devices, among other sources. The compiled data is anticipated to improve healthcare practices, hone clinical research techniques, and streamline the process of drug development. Fujitsu envisages that this pioneering platform will aid in creating a new health and medical community dedicated to advancing individual wellness.
What Are the Main Segments in the Healthcare BPO Market?
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
Subsegments:
1) By Revenue Cycle Management (RCM): Medical Billing, Accounts Receivable Management, Claims Processing, Coding Services, Denial Management
2) By Patient Enrollment And Strategic Planning: Patient Registration Services, Eligibility Verification, Enrollment Services For Health Plans, market Research And Strategic Consulting
3) By Patient Care: Telehealth Services, Care Management, Patient Support Services, Medical Transcription, Patient Engagement Solutions
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Which Top Companies are Driving Growth in the Healthcare BPO Market?
Major companies operating in the healthcare BPO market include accenture*, Cognizant Technology Solutions, Infosys BPM, WNS Global Services, EXL Service, Tata Consultancy Services, Conduent Inc., HCL Technologies, Genpact, Omega Healthcare, Sutherland Global Services, GeBBS Healthcare Solutions, R1 RCM Inc., IBM Corporation, Allscripts Healthcare Solutions, NTT Data Services, UnitedHealth Group (Optum), TriZetto Healthcare Products, CitiusTech, MedData, Vee Technologies, Capgemini, HGS Healthcare, Flatworld Solutions, Invensis Technologies, Wipro, Tech Mahindra
Which Regions Will Dominate the Healthcare BPO Market Through 2029?
North America was the largest region in the healthcare BPO market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare BPO market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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