Healthcare Business Process Outsourcing (BPO) Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What Growth Opportunities are Expected to Drive the Healthcare Business Process Outsourcing (BPO) Market’s CAGR Through 2034?
The business process outsourcing (BPO) market in the healthcare sector has seen a swift expansion in its size in the past few years. The forecasted growth is from $321.15 billion in 2024 to $356.65 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.1%. The historical growth can be traced back to cost-effectiveness and operational streamlining, increasing needs for specialized services, concerns related to data security and patient privacy, the transition towards value-based healthcare models, and effects of globalization in the medical field.
The market size of the healthcare business process outsourcing (BPO) is predicted to experience significant growth in the upcoming years, reaching $554.8 billion by 2029, advancing at an 11.7% compound annual growth rate (CAGR). This anticipated growth during the forecast period can be credited to the introduction of improved patient-oriented solutions, multinational expansion and polyglot services, increase in demand for remote services post-COVID-19, the emergence of value-based care models, and an increased emphasis on data security. Upcoming trends for the forecast period encompass a focus on customer experience and patient involvement, strategic alliances and cooperation, the globalization of healthcare services, the implications of the COVID-19 pandemic, and the transition towards value-based care models.
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the healthcare business process outsourcing (bpo) Market?
The upsurge in the development of new medications is anticipated to fuel the expansion of the healthcare business process outsourcing (BPO) market. Drug development entails the discovery, research, testing, and marketing of new medicinal products for treating, preventing, or managing health conditions. Healthcare BPO companies play a vital role by assisting pharmaceutical organizations in handling the intricate tasks of drug development, regulatory adherence, and market reach, thereby making the drug development procedures more efficient and effective. For example, in 2022, the Government of Canada reported on its official website that more than 9,000 new medicines were in different phases of clinical development, an increase from almost 8,500 the previous year. Therefore, the surge in drug development is leading to the growth of the healthcare BPO market. The growth of healthcare BPO market is being propelled by the mounting concerns over data breaches. A data breach refers to the unauthorized access, sharing, acquisition, or revelation of confidential or sensitive information. To ensure the integrity and privacy of patient data, Healthcare BPO providers have adopted stringent data handling procedures and security measures. As per the Office for National Statistics, a UK-based government body, in September 2022, the average worldwide cost per compromised record in a data breach was $164, signifying a 1.9% increase from $161 in 2021. Thus, the rise in data threats is accelerating the expansion of the healthcare business process outsourcing market.
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What Are the Leading Industry Players Dominating the Healthcare Business Process Outsourcing (BPO) Market?
Major companies operating in the healthcare business process outsourcing (bpo) market report are:
• UnitedHealth Group Incorporated_x000D_
• Accenture PLC_x000D_
• International Business Machines Corporation (IBM)_x000D_
• Tata Consultancy Services Limited_x000D_
• Cognizant Technology Solutions Corporation_x000D_
What Are the Latest Trends Leading to Disruption in the Healthcare Business Process Outsourcing (BPO) Market?
Major healthcare BPO market players are incorporating AI platforms like the AGS AI Platform to enhance the efficiency and output of their revenue cycle management (RCM) processes. The AGS AI Platform is an AI-enabled solution aimed at enhancing healthcare institutions’ RCM processes. In September 2022, for example, AGS Health LLC – an analytics-fueled, tech-enabled US organization – introduced its AI platform for a comprehensive RCM process named the AGS AI Platform. This platform is engineered to streamline RCM systems within healthcare entities and elevates their efficacy. The platform capitalizes on multiple AI systems, such as machine learning, natural language processing, and predictive analytics, to automate duties, detect patterns and trends, and provide recommendations. Furthermore, this platform can contribute to bettering patient experience by curtailing wait times, ensuring easier payment, and promoting profitability.
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What Are the Major Categories and Their Growth Dynamics in the Healthcare Business Process Outsourcing (BPO) Market?
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
Subsegments:
1) By Provider Outsourcing Services: Medical Billing And Coding, Revenue Cycle Management, Patient Scheduling And Registration, Telehealth Services
2) By Payer Outsourcing Services: Claims Processing, Member Enrollment And Eligibility Verification, Fraud Detection And Prevention, Customer Support Services
3) By Operational Outsourcing Services: Human Resources Outsourcing, Procurement And Supply Chain Management, Facility Management Services, Administrative Support Services
4) By Information Technology Infrastructure Management Services: IT Help Desk Support, Cloud Services Management, Network Management, Data Security And Compliance Services
Which Regions Are Significant to the Growth of the Healthcare Business Process Outsourcing (BPO) Market?
North America was the largest region in the healthcare business process outsourcing (BPO) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare business process outsourcing (bpo) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Are the Core Features That Define the Healthcare Business Process Outsourcing (BPO) Market?
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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