NEW YORK, Jan. 8, 2024 /PRNewswire/ — The healthcare BPO market by solution (manufacturing, research and development, and non-clinical services), service (revenue cycle management, patient care services, and patient enrollment and strategic planning), and geography (North America, APAC, Europe, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the healthcare BPO market between 2023 and 2027 is USD 12.90 billion.
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What are the main growth drivers in the Healthcare Business Process Outsourcing (BPO) Market?
An essential driver boosting the Healthcare Business Process Outsourcing (BPO) Market growth is the abundance of adept professionals. Skilled experts proficient in Medical Coding, Revenue Cycle Management, Claims Processing, Patient Enrollment Services, Healthcare Customer Support, Telehealth Services, Radiology Services Outsourcing, Patient Care Coordination, Outpatient Services Outsourcing, Pharmacy Services Outsourcing, and other Healthcare BPO Solutions significantly contribute to the industry’s expansion. Their expertise ensures streamlined operations, improved efficiency, and enhanced service delivery within this burgeoning sector.
What are the market trends in the Healthcare Business Process Outsourcing (BPO) Market?
An influential trend driving the Healthcare Business Process Outsourcing (BPO) Market is the rise of cloud-computing services domains. This trend significantly impacts Healthcare IT Outsourcing, Medical Billing, Insurance Verification, Compliance Services, Remote Patient Monitoring, Healthcare Back-Office Support, Healthcare Claims Adjudication, and Healthcare Consulting Services. The adoption of cloud-based solutions enhances scalability, accessibility, and data security, revolutionizing operational efficiency and facilitating seamless integration of diverse healthcare processes.
What are the challenges faced by the Healthcare Business Process Outsourcing (BPO) Market?
Data breaches are one of the significant challenges impeding the growth of the Healthcare Business Process Outsourcing (BPO) Market. Particularly in Healthcare Analytics, Electronic Health Records (EHR), Clinical Data Management, Pharmacy Benefit Management (PBM), Healthcare Document Management, Healthcare Finance and Accounting, Provider Credentialing, Health Information Management (HIM), Data Entry and Processing, Virtual Assistance in Healthcare, Medical Transcription Services, and Population Health Management. Safeguarding sensitive information is crucial to maintaining trust and ensuring the integrity of healthcare systems amidst evolving technological landscapes.
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How is the Healthcare Business Process Outsourcing (BPO) Market Segmented?
The healthcare BPO market is segmented by solution (manufacturing, research and development, and non-clinical services), service (revenue cycle management, patient care services, and patient enrollment and strategic planning), and geography (North America, APAC, Europe, Middle East and Africa, and South America).
Which segment significantly contributes to the Healthcare Business Process Outsourcing (BPO) Market?
The market share growth by the manufacturing segment will be significant during the forecast period. Product production, packaging, marking, quality control, and regulatory compliance are part of the outsourcing activities in that segment. As a result, healthcare companies such as Pfizer have the opportunity to optimize costs, improve operational efficiency, and leverage specialized expertise while focusing on their core competencies by outsourcing these manufacturing processes.
Which region majorly contributes to the Healthcare Business Process Outsourcing (BPO) Market?
North America is estimated to contribute 41% to the growth of the global market during the forecast period.
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Who are the key players in the Healthcare Business Process Outsourcing (BPO) Market?
Accenture Plc, Cognizant Technology Solutions Corp., DATAMARK Inc., Foundever Group, GeBBS Healthcare Solutions Inc., Genpact Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt Ltd., IQVIA Inc., Maxicus Inc., OMH HealthEdge Holdings LLC, Parexel International Corp., R1 RCM Inc., Sutherland Global Services Inc., Tata Consultancy Services Ltd., UnitedHealth Group Inc., Wipro Ltd., and WNS Holdings Ltd.
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Healthcare BPO Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.13% |
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Market growth 2023-2027 |
USD 12.90 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
8.73 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accenture Plc, Cognizant Technology Solutions Corp., DATAMARK Inc., Foundever Group, GeBBS Healthcare Solutions Inc., Genpact Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt Ltd., IQVIA Inc., Maxicus Inc., OMH HealthEdge Holdings LLC, Parexel International Corp., R1 RCM Inc., Sutherland Global Services Inc., Tata Consultancy Services Ltd., UnitedHealth Group Inc., Wipro Ltd., and WNS Holdings Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Solution
Market Segmentation by Service
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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