PUBLISHER: The Business Research Company | PRODUCT CODE: 1249285
PUBLISHER: The Business Research Company | PRODUCT CODE: 1249285
“Healthcare BPO Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare bpo market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare bpo? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The healthcare bpo market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companies Mentioned: Accenture; Cognizant; Tata Consultancy Services; Genpact; HCL Business Services
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Major players in the healthcare BPO market are: Accenture, Cognizant, Tata Consultancy Services, Genpact, HCL Business Services, IQVIA, IBM Corporation, GeBBS Healthcare Solutions, Xerox Corporation, NTT Data Corporation, Infosys BPM, Firstsource Solutions, Omega Healthcare, Invensis and Wipro.
The global healthcare bpo market grew from $276.59 billion in 2022 to $309.6 billion in 2023 at a compound annual growth rate (CAGR) of 11.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The healthcare bpo market is expected to grow to $490.84 billion in 2027 at a CAGR of 12.2%.
The healthcare BPO market includes revenues earned by entities by providing services such as claims processing, data processing services, access to industry experts. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Healthcare BPO refers to the activities where the healthcare organization contracts its certain business functions to an external service provider. Healthcare BPO include the practice of healthcare organizations outsourcing non-core business activities to outside vendors.
North America was the largest region in the healthcare BPO market in 2022. 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 and Africa.
The main services provided by healthcare BPO are revenue cycle management, patient enrollment and strategic planning and patient care. Revenue cycle management (RCM) is the financial process that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance using medical billing software. The various payer services include human resource management, claims management, customer relationship management (CRM), operational/administrative management, care management, provider management, and other payer services that are used by pharmaceutical companies for research and development, manufacturing, and non-clinical service.
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 a number of drugs entering clinical phases and the companies that are slashing their workforce look for CROs to help them manage their portfolios. For instance, in April 2021, Parexel (an American healthcare outsourcing provider) and Veeva Systems (a cloud-computing company focusing on pharmaceutical and life sciences industry applications) announced a strategic partnership to accelerate clinical trials by advancing technology and processes. Based on feedback from sponsors, sites, and patients, the companies will collaborate to improve Veeva's cloud technology and Parexel's clinical trial delivery processes. Hence, the rapid increase of clinical process outsourcing is expected to drive the healthcare BPO market in the upcoming years.
Technology advancements are shaping the healthcare BPO market. The key players in the healthcare BPO market are focusing on innovating the outsourced services and expanding their scope of application to gain their market position. For instance, in May 2020, IQVIA, an American health information technology company, launched HCP/HCO Engagement Management. It is a completely orchestrated healthcare professional/organization (HCP/HCO) solution that lets users plan, manage, contract, and pay HCP/HCOs anywhere in the world. HCP/O Engagement Management is a transformative technology that integrates with customers' existing IT ecosystems and adapts to how they do business.
In January 2022, Betaine BV, affiliated with Baring Private Equity Asia (BPEA), a Hong Kong-based Asian private equity firm acquired Hinduja Global Solutions (HGS) Limited for $1,200 million enterprise value. Through this acquisition, HGS will strategically invest in building its technology capabilities to support the company's future growth. Hinduja Global Solutions (HGS) Limited is an Indian company that specializes in business process management (BPM) and customer experience optimization in healthcare.
The countries covered in the healthcare BPO market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The healthcare BPO market research report is one of a series of new reports from The Business Research Company that provides healthcare BPO market statistics, including healthcare BPO industry global market size, regional shares, competitors with a healthcare BPO market share, detailed healthcare BPO market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare BPO industry. This healthcare bpo market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.