Healthcare BPO Market by Outsourcing Models, Provider (Patient Care, RCM), Payer (Claims Management, Billing & Accounts), Life Science (R&D, Manufacturing, Sales & Marketing (Analytics, Research)); and Geography: Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00027040 | Pages: 100 | Industry: Healthcare IT | Date: Oct 2022 | Type: Global

The market crossed the US$ 300.0 billion mark in 2022 and is expected to hit US$ 475.0 billion by 2030, recording a CAGR of 10% during the forecast period.

The Healthcare BPO market has been significantly growing with the increasing outsourcing in the life sciences and pharmaceutical industries.

Other factors, including need to reduce the rising healthcare costs, rising demand for niche services such as fraud detection and care management, and the need for structured processes and documentation in the healthcare industry, are driving the market’s growth during the forecast period. In 2021, the North America segment held the maximum market share, attributed to a large number of pharmaceutical companies.

Within the report, the market is segmented into provider, payer, life science, and geography.  Based on provider, the market is bifurcated into patient care and RCM. On the basis of payer, the market is bifurcated into claims management, billing & accounts. On the basis of life science, the market is segmented into research and development, manufacturing sales & marketing. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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The advent of artificial intelligence will provide future opportunity

Healthcare BPO stands for healthcare business process outsourcing. It is an activity during which healthcare providers get their jobs done outside the company instead of having in-house departments for operations, such as medical billing. In other words, healthcare providers hire third-party organizations to perform their duties. The most frequently used BPO services are medical billing and coding, claims processing, and data entry services.

Artificial intelligence and machine learning have made the drug delivery process more efficient. It will aid healthcare BPO service providers in bringing breakthroughs, as artificial intelligence also plays an important role in discovering drugs for chronic diseases such as cancer. Due to its capabilities, AI significantly reduces the time taken to bring a cancer-combatting drug to the market, leading to significant growth in the healthcare BPO services market. Moreover, several key players are increasingly focusing on partnering with established and emerging AI-driven companies to leverage the power of AI-based solutions for boosting their drug discovery programs. 

Pressure to reduce the rising healthcare costs is one of the major factors accelerating market growth.

Cost savings make a vital consideration in outsourcing, as organizations can decrease costs on resource organization, labor, and space. With the increase of health insurance exchanges (online marketplaces to obtain health insurance from competing providers) in the US there is pressure on the margins of healthcare systems due to rise. This enables consumers to obtain coverage from competing private healthcare providers and is likely to accelerate the adoption of outsourcing to rationalize costs.
As healthcare remains to take up a major part of the overall economy, structural changes such as the push toward paying for value, greater emphasis on care management are taking a stronger hold, pulling back against the rapid healthcare spending growth. However, medical costs have hovered around the same level—between 6% and 7% over the last five years, which can be expected to drive healthcare expenditure. Rising healthcare costs are thus expected to considerably boost offshore outsourcing and, in turn, the growth of the global healthcare BPO market.

Recent strategic developments in the Healthcare BPO market

The Healthcare BPO market has undergone several significant developments, and a few of these have been mentioned below:

  • In May 2021, NTT DATA signed a multi-year agreement with ScoreData to deploy the latter’s nudge engines along with NTT DATA’s Artificial Intelligence (AI) solutions that predict risk for early onset of chronic diseases for health insurance and provider communities.
  • In April 2021, Xerox Corporation acquired Groupe CT, an independent document management provider in Eastern Canada, to accelerate a digital transformation roadmap by combining its document management services expertise and leadership with Xerox’s portfolio of workplace solutions to expand its reach in the North American market.
  •  In March 2021, Firstsource Solutions selected IntelliH as its technology partner to deliver turn-key remote patient monitoring solutions to US health plans and provider organizations.
  • In May 2020, IQVIA launched HCP/HCO Engagement Management, an end-to-end, orchestrated healthcare professional/organization (HCP/HCO) solution that enables the planning, management, contracting, and payment of HCP/HCOs globally

Several players drive the Healthcare BPO market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Accenture, Global Growth, GeBBS Healthcare Solutions, Genpact, International Business Machines Corporation (IBM), Parexel International Corporation, IQVIA, Sutherland Global Services, UnitedHealth Group, and Cognizant Technology Solutions are among the prominent players operating in the market.

Target audience for the report:

  • Drug developing companies
  • Contract development and manufacturing organization,
  • Drug discovery-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Drug distributors and sales firms
  • End users of drug discovery
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Provider:
    • Patient Care
    • RCM
  • Payers:
    • Claims Management
    • Billing & Accounts
  • Life Science:
    • Research and Development
    • Manufacturing
    • Sales and Marketing
  • Region:
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
  • Accenture
  • Genpact
  • Global Growth
  • GeBBS Healthcare Solutions
  • International Business Machines Corporation (IBM)
  • Parexel International Corporation
  • Sutherland Global Services
  • UnitedHealth Group
  • Cognizant Technology Solutions

The List of Companies
- Accenture
- Genpact
- Global Growth
- GeBBS Healthcare Solutions
- International Business Machines Corporation (IBM)
- Parexel International Corporation
- Sutherland Global Services
- UnitedHealth Group
- Cognizant Technology Solutions

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