Healthcare BPO services assist healthcare organizations by streamlining business operations and optimizing costs. Various healthcare BPO services such as revenue cycle management, patient care, and medical transcription are supplied through this market. These services help decrease healthcare expenditures and improve patient management.
The global Healthcare BPO Market is estimated to be valued at US$ 10.19 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Improving healthcare infrastructure in emerging nations is one of the major factors driving the growth of the global Healthcare BPO market. Advancements in connectivity and digital infrastructure in developing countries is helping increase the adoption of healthcare BPO services. Coupled with high patient volumes and influx of private hospitals and clinics, countries like China, Brazil and India are outsourcing various healthcare related non-core activities. This is increasing the demand for healthcare BPO services in these regions. With growing patient pool and efforts to reduce healthcare costs, emerging economies are expected to witness robust growth in healthcare BPO industry over the forecast period.
SWOT Analysis
Strength: Healthcare BPO providers offer diagnostic laboratories and healthcare institutions cost-effective and efficient outsourcing solutions. This helps them focus on core competencies.
Weakness: Maintaining compliance with stringent regulations and privacy laws. Loss of control over certain business operations.
Opportunity: Growing geriatric population and rise in chronic diseases is increasing demand for healthcare services. This is expected to drive the demand for Healthcare BPO services.
Threats: Cyber security threats and data breaches. Companies may move operations back in-house.
Key Takeaways
The global Healthcare BPO market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for Healthcare BPO is projected to reach $10.19 Billion by 2024, growing at a CAGR of 6.1% during the forecast period.
Regional analysis – North America is expected to dominate the global Healthcare BPO market during the forecast period. This is attributed to the presence of major Healthcare BPO players and rising healthcare expenditure in the region. Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to increasing medical tourism, growing geriatric population, and favorable government policies supporting the healthcare industry.
Key players – Key players operating in the Healthcare BPO market are Concentrix Corporation, Accenture, WNS (Holdings) Ltd., Genpact, ExlService Holdings, Inc., Cognizant, Invensis Technologies Pvt Ltd, and Infosys BPM Ltd. Companies are focusing on development of technologically advanced products to hold the largest share in the chromatography instruments market. They are also partnering with various diagnostic laboratories and hospitals to strengthen their presence and product offerings.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
