The healthcare business process outsourcing (bpo) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Healthcare Business Process Outsourcing (BPO) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The healthcare business process outsourcing (bpo) market size has grown rapidly in recent years. It will grow from $288.95 billion in 2023 to $321.15 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to cost efficiency and operational optimization, rising demand for specialized services, data security and patient privacy concerns, shift towards value-based care models, impact of globalization in healthcare..
The healthcare business process outsourcing (bpo) market size is expected to see rapid growth in the next few years. It will grow to $492.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to enhanced patient-centric solutions, global expansion and multilingual services, post-pandemic remote service demand, evolution of value-based care models, heightened focus on data security. Major trends in the forecast period include focus on customer experience and patient engagement, strategic partnerships and collaborations, globalization of healthcare services, covid-19 pandemic impact, shift towards value-based care models..
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Scope Of Healthcare Business Process Outsourcing (BPO) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Healthcare Business Process Outsourcing (BPO) Market Overview
Market Drivers –
The increasing number of drug developments is expected to propel the growth of the healthcare business process outsourcing (BPO) market going forward. Drug development refers to the process by which new medications or drugs are discovered, researched, tested, and brought to market for the treatment, prevention, or management of medical conditions. Healthcare business process outsourcing (BPO) firms play a critical role in helping pharmaceutical companies manage the complexities of drug development, regulatory compliance, and market access, ultimately contributing to more efficient and effective drug development processes. For instance, in February 2022, according to the World Health Organization’s International Clinical Trials Registry Platform (ICTRP), the number of clinical trials registered with WHO was 60,543 in 2019, rising to 65,409 in 2020. Furthermore, according to ClinicalTrials.gov, a platform for registering clinical trials, the total number of clinical trials reported until 2020 was 325,771 in March 2021, rising to 362,501 in 2021. Therefore, the increasing number of drug developments is driving the growth of the healthcare business process outsourcing (BPO) market.
Market Trends –
Major companies operating in the healthcare business process outsourcing (BPO) market are introducing artificial intelligence platforms such as the AGS AI Platform to improve the efficiency and effectiveness of their revenue cycle management (RCM) processes. AGS AI Platform is an artificial intelligence (AI)-powered solution that helps healthcare organizations improve their revenue cycle management (RCM) processes. For instance, in September 2022, AGS Health LLC, a US-based analytics-driven, technology-enabled organization, launched an artificial intelligence (AI) platform for end-to-end revenue cycle management (RCM) called the AGS AI Platform, which is designed to help healthcare organizations improve the efficiency and effectiveness of their RCM processes. The AGS AI Platform uses various AI technologies, including machine learning, natural language processing, and predictive analytics, to automate tasks, identify patterns and trends, and make recommendations. Moreover, this platform can help improve the patient experience by reducing wait times, making it easier to get paid, and enhancing profitability.
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
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Regional Insights –
North America was the largest region in the healthcare business process outsourcing (BPO) market in 2023. 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
Key Companies –
Major companies operating in the healthcare business process outsourcing (bpo) market report are UnitedHealth Group Incorporated, Accenture plc, International Business Machines Corporation (IBM), Tata Consultancy Services Limited, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., Quintiles IMS Holdings Inc., HCL Technologies Limited, Infosys Limited, Wipro Limited, DSM Pharma, Sutherland Global Services Inc., Xerox Holdings Corporation, Genpact Limited, Access Healthcare Services Pvt. Ltd., Parexel International Corporation, R1 RCM Inc., NTT Data Corporation, EXLService Holdings Inc., Sykes Enterprises Incorporated, WNS Limited, Firstsource Solutions Limited, Invensis Technologies Pvt. Ltd., Omega Healthcare Investors Inc., Hinduja Global Solutions Limited, Mphasis Limited, GeBBS Healthcare Solutions Inc., Akurate Management Solutions Pvt Ltd., Gevity Consulting Inc., Octopus Tech Solutions Pvt Ltd.
Table of Contents
1. Executive Summary
2. Healthcare Business Process Outsourcing (BPO) Market Report Structure
3. Healthcare Business Process Outsourcing (BPO) Market Trends And Strategies
4. Healthcare Business Process Outsourcing (BPO) Market – Macro Economic Scenario
5. Healthcare Business Process Outsourcing (BPO) Market Size And Growth
…..
27. Healthcare Business Process Outsourcing (BPO) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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