The global healthcare BPO market is expected to grow at a compound annual growth rate of 9.6% over the forecast period from 2021 to 2026. The growth of the market is driven by the increasing need for cost optimization and improved efficiency in the healthcare sector. Moreover, the growing demand for outsourcing of non-core operations, such as data management, claims processing, and customer service, is also driving the growth of the market.
The increasing prevalence of chronic diseases, such as diabetes, cancer, and heart disease, is expected to drive the demand for healthcare services, thereby driving the healthcare BPO market. In addition, the increasing adoption of technology, such as AI and machine learning, in healthcare services is expected to further drive the market growth.
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The healthcare BPO market is segmented based on service type, end-use, and region. Based on service type, the market is segmented into medical billing and coding, data management, claims processing, customer service, and others. By end-use, the market is segmented into hospitals, insurance companies, and others.
Geographically, the healthcare BPO market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to be the largest region in the healthcare BPO market due to the presence of well-established healthcare infrastructure and the presence of a large number of vendors in the region.
North American healthcare BPO market to register the largest and highest growth.
North America dominated the healthcare BPO market, with a share of 48.6%, and is expected to register the highest CAGR of 10.6% during the forecast period. The large share of the North American market can be attributed to the increased pressure to reduce healthcare costs and improve services and changing government regulations in the healthcare industry. Growing need for costs curtailment and process efficiencies among pharmaceutical companies is further expected to boost the market growth in coming years.
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Key Market Players
Some of the prominent players operating in the Healthcare BPO market are Accenture (Ireland), Cognizant (US), Tata Consultancy Services (India), Xerox Corporation (US), WNS (Holdings) Limited (India), NTT Data Corporation (Japan), IQVIA (US), Mphasis (India), Genpact (US), Wipro (India), Infosys BPM (India), Firstsource Solutions (India), IBM Corporation (US), HCL Technologies (India), Sutherland Global (US), GeBBS Healthcare Solutions (US), Lonza (Switzerland), Omega Healthcare (India), R1 RCM (US), Invensis Technologies (India), UnitedHealth Group (US), Sykes Enterprises (US), Parexel International (US), Access Healthcare (US), and Akurate Management Solutions (US), among others
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