Healthcare

Healthcare BPO Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Healthcare BPO Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Healthcare BPO Global Market Report 2024, The healthcare bpo market size has grown rapidly in recent years. It will grow from $308.43 billion in 2023 to $344.4 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to data security concerns, globalization of healthcare services, healthcare industry growth, cost pressures in healthcare, regulatory changes in healthcare.

The healthcare bpo market size is expected to see rapid growth in the next few years. It will grow to $560.2 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to remote patient monitoring, demand for data analytics, AI and automation integration, evolving revenue cycle management, precision medicine support. Major trends in the forecast period include patient experience enhancement, telemedicine and remote healthcare, data security and compliance, population health management, revenue cycle management.

The rapid increase of clinical process outsourcing is significantly driving the growth of the healthcare BPO market. Clinical process outsourcing is administrative work in the healthcare industry that requires or benefits from clinical expertise. The increase in the increase of clinical trials outsourcing is due to the rise in several drugs entering clinical phases and the companies that are slashing their workforce look for CROs to help them manage their portfolios. For instance, in December 2023, according to ClinicalTrials.gov, a US-based web-based resource maintained by the US National Library of Medicine, providing information on clinical trials in the year 2022, a total of 437,515 clinical trials were registered, and among them, 56,561 were successfully completed. Moving into 2023, as of December 20, there has been an increase in both registration and completion figures. Specifically, 476,626 clinical trials have been registered, with 61,504 trials already completed. Hence, the rapid increase of clinical process outsourcing is expected to drive the healthcare BPO market in the upcoming years.

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The healthcare BPO market covered in this report is segmented –

1) By Provider Service: Revenue Cycle Management, Patient Enrollment And Strategic Planning, Patient Care

2) By Payer Service: Human Resource Management, Claims Management, Customer Relationship Management (CRM), Operational/Administrative Management, Care Management, Provider Management, Other Payer Services

3) By Pharmaceutical Service: Research And Development, Manufacturing, Non-clinical Service

Major companies operating in the healthcare BPO market are developing innovating solutions such as, AI and RPA platform, to increase their profitability in the market. An AI and RPA platform is a unified software solution that combines the capabilities of Artificial Intelligence (AI) and Robotic Process Automation (RPA) to automate various tasks within an organization.. For instance, in July 2021, Access Healthcare, a US-based Business Process Outsourcing (BPO) services provider launched echo. Echo, an AI and RPA platform automating processes throughout the revenue cycle. The Echo suite offers a range of tools for automating eligibility checks, data input, coding, payment tracking, AR management, denial handling, and appeals. Echo utilizes machine learning and AI to accelerate productivity by automating processes, outperforming other revenue cycle platforms in ROI speed, quality, and outcomes.

The healthcare bpo market report table of contents includes: