Industry Overview

The global healthcare BPO market size is projected to reach USD 755.76 billion by 2031, growing at a CAGR of 9.49 %. The need to contain rising healthcare expenses, the increased demand for specialized services like fraud detection and care management, as well as the requirement for structured processes and paperwork in the healthcare business, are all factors contributing to the market expansion. On the other side, some of the key elements anticipated to impede market expansion are worries about data security and privacy as well as the worry of losing visibility and control over company processes.

Source: AMR

The segment hospital BPO sector is rapidly expanding due to the outsourcing of clinical procedures as well as a decrease in errors in non-critical activities like accounting, financing, and customer services. The key forces for the development of the medical BPO sector are, in fact, the necessity for protection, the requirement to lower healthcare costs, and the threat of patent peaks for the pharmaceutical business. This puts more strain on those providing healthcare services.

Market Dynamics

The financial model for important suppliers to the nursing service activity has been strengthened by their greater contribution to improving patient care, population health, and aiding healthcare providers in cost-optimization. Additionally, information security would be at risk. Information security is a concern because contracting exposes a lot of sensitive information to any third party. Additionally, there are questions concerning the quality of the services given because it's possible that a service provider isn't really concerned or interested in offering alternatives or therapies to the parties involved as much as their primary business is. These substances are expected to act as growth inhibitors.

Companies take into account the environment in the medical BPO business. A variety of temporary tasks are typically transferred using outsourcing, which lowers operating costs. Among the key end customers are manufacturing, drug development, marketing, and statistics. In the hospital BPO sector, clinical coding and accounting, expenditure reports, and information processing procedures are becoming more and more in demand.

COVID Impact

Healthcare BPO services have been impacted by Covid-19 in addition to other businesses. One of the top industries, it anticipates improving both the quality of its services and the productivity of its workforce. It seeks to provide top-notch patient care, which will boost business revenue. Additionally, it is certain that patients will recommend or return to a healthcare facility, especially if they have a favourable experience there.

The Coronavirus emergency has antagonistically affected practically all areas universally, with disturbed supply chains, vast lockdown and associations investigating the chance of long haul and, surprisingly, super durable remote working. The majority of industries and businesses have been profoundly affected by Covid-19. The impact that Covid-19 has had on business in some ways is unprecedented. Additionally, it has compelled a number of businesses to scramble to adjust. Covid-19's impact on the healthcare BPO sector remains complex and multifaceted. Changes to accommodate its effects are still being implemented by several healthcare BPO services.

The healthcare BPO industry is extremely fortunate to operate digitally, allowing BPO firms to continue operating with minimal risks to employees' health and safety. In order to maintain their virtual peak performance, healthcare BPO services have undergone a number of technological and digital transformations. Covid-19 has a significant and far-reaching effect on the BPO sector. We'll go into more detail below about some of the most pressing changes.

Regional Trend

With 49.0% of the market, North America dominated, followed by Europe (30.6%) and the Rest of the World had the least of all the regions. As a result of Medicare Prescription Drug Coverage (Part D), which provides coverage for prescription drugs for all Medicare beneficiaries, pharmaceutical companies in the region, particularly the United States, are experiencing significant pressures related to drug prices. Furthermore, the patent lapse of a few blockbuster drugs is supposed to influence the income of enormous drug organizations in the US and Canada. Due to these considerations, a number of pharmaceutical companies are focusing on cost reduction through outsourcing, which is ultimately propelling North American market expansion. 

Source:AMR

The huge reception embraced by significant market members in the market as well as the critical information on the potential heading ns clinical IT arrangements is credited with the extension of both the market area. Because of an observable expense of medical services use, the presence of enormous organizations, as well as headways, this country came in second inside the clinical BPO industry. The medical BPO industry as a whole is expanding at the fastest rate in the world, offering significant growth potential.

Competitive Landscape

The key players have a strong foothold in the market and offer a wide range of services. Some of the key players in this market are Accenture (Ireland), Cognizant (US), Infosys BPM (India), IBM Corporation (US), IQVIA (US), TCS (India), Wipro (India), and WNS (Holdings) Ltd. (India) are some of the major players in this market. Other player active in the market are Access Healthcare, Akurate Management Solutions, Firstsource Solutions, GeBBS Healthcare Solutions, Genpact, HCL Technologies, Invensis Technologies, Lonza, Mphasis, NTT Data Corporation, Omega Healthcare, Parexel International, R1 RCM, Sutherland Global, Sykes Enterprises, UnitedHealth Group and Xerox Corporation.

By Provider Service

• Revenue Cycle Management    
• Patient Enrolments         
• Patient Care      
• Medical Transcription
• Medical Imaging
• Device Monitoring

By Payer Service

• Claims Management
• Claims Adjudication Services
• Claims Settlement Services
• Information Management Services
• Claims Repricing
• Claims Investigation Services
• Claims Indexing Services
• Fraud Detection & Management
• Product Development & Business Acquisition (PDBA)              
• Member Management         
• Provider Management         
• Care Management 
• Integrated Front-End Services and Back-office Operations    
• Billing and accounts management services  
• HR Services

By Life Science Service

• Manufacturing
• R&D
• Non-Clinical Services             
• Supply Chain Management & Logistics
• Sales and Marketing Services
• Forecasting
• Performance Reporting
• Analytics
• Research
• Marketing
• Other Non-Clinical Services

Global Healthcare BPO Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Healthcare BPO market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Global Healthcare BPO Market: Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?