Healthcare BPO Market Updated Insights: Trends, Drivers, and Growth Forecast Period
The global healthcare BPO market is projected to reach USD 468.5 billion by 2026 from USD 296.4 billion in 2021, at a CAGR of 9.6% during the forecast period. Healthcare BPO is a practice in which healthcare organizations outsource their business operations to third-party organizations. The need to reduce rising healthcare costs, increasing demand for niche services and need for structured processes and documentation are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs.
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Healthcare business process outsourcing (BPO) market is segmented on the basis of payer service, provider service and pharmaceutical service.
This study involved four major activities in estimating the size of the healthcare BPO market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research.
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
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.
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This research report categorizes the healthcare BPO market to forecast revenue and analyze trends in each of the following submarkets:
By Provider Service
- Revenue Cycle Management
- Patient Enrollment
- Patient Care
By Payer Service
- Claims 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
By Region
- Source Geography
- Destination Geography
Recent Developments
- UnitedHealth Group Inc. has acquired InstaMed, a healthcare payments platform, for an undisclosed sum.
- Cigna Corp. has acquired ScriptDrop, a medication delivery and adherence platform, for an undisclosed sum.
- Optum Inc. has acquired Change Healthcare, a healthcare technology company, for $13 billion.
- Anthem Inc. has acquired Evolent Health, a population health management company, for $4.7 billion.
- Humana Inc. has acquired Genoa Healthcare, a behavioral health pharmacy services provider, for $1 billion.
- Aetna Inc. has acquired Healthagen, a population health management company, for an undisclosed sum.
- Cerner Corp. has acquired NantHealth, a healthcare technology company, for an undisclosed sum.
- Allscripts Healthcare Solutions Inc. has acquired McKesson Corporation’s US Hospital and Health Systems business for an undisclosed sum.
- Cognizant Technology Solutions Corp. has acquired TriZetto, a healthcare information technology provider, for $2.7 billion.
- HCL Technologies Ltd. has acquired Medix, a healthcare BPO provider, for $85 million.
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