Healthcare BPO Market 2020 World Analysis and Forecast Till 2026

Top-down and bottom-up approaches were used to validate the size of the global Healthcare BPO market and estimate the size of various other dependent submarkets.

Major players in the market were identified through secondary research and their market revenues were determined through primary and secondary research.

Secondary research included the study of the annual and financial reports of top market players, whereas primary research included extensive interviews with key opinion leaders such as CEOs, directors, and marketing executives.Major Growth Drivers:In the current market scenario, there is a growing demand for healthcare BPO services.

The objective of this report is to define, describe, and forecast the market on the basis of outsourcing services including payer, provider, and pharmaceutical services and region.

It provides detailed information regarding the major factors influencing the growth of healthcare outsourcing market.Expected Revenue Growth:Healthcare BPO market is estimated to grow at a CAGR of 10.2% from 2017 to 2022 to reach $312.43 billion by 2022 from $191.68 billion in 2017.Accessories to Fuel the Growth of Healthcare BPO Market :Based on provider services, the Healthcare BPO market is segmented into revenue cycle management, patient enrolment & strategic planning, and patient care.

Growth in the revenue cycle management market can largely be attributed to factors such as decreasing reimbursements in the healthcare industry, reductions in the overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by the Healthcare IT industry.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=472Based on payer services, the Healthcare BPO market is segmented into claims management, integrated front-end services and back-office operations, member management, product development & business acquisition, provider management, care management, billing & accounts management services, and HR services.

1 November 2018, the global Healthcare BPO Market size is expected to witness high growth over the forecast period.

These factors are driving the adoption of BPO in the medical sector.High prevalence of various diseases has increased workload of medical institutions.

Through adoption of outsourcing solutions, these organizations are able to focus on their core activity to maintain quality of service.

Database management and analysis are the key activities requiring professionals with adequate interpretation skills.

Staff recruitment for such activities turns out to be a costly affair.

Hence, hospitals find it easy to partner up with service providers located at distant locations.However, risks associated with this business model are major restraints hampering overall growth of the healthcare BPO market.

Global Business Process Outsourcing MarketThe GMI Research foresees an expansion in the Business Process Outsourcing Market over the forecast period.

This is because of the enlargement in banking, retail, IT and telecom sector and the surging espousal of sophisticated technology which includes, artificial intelligence and cloud computing.Request a free sample of this reportBusiness Process Outsourcing Market DynamicsThe evolving need to enhance effectiveness while decreasing the functional cost and the surging emphasis to improve business legerity by enterprises are some of the major factors supplementing the growth of the global business process outsourcing market.

BPO proffers various advantages, such as reduced cost, enhanced effectiveness, raised profits, worldwide enlargement, and customer satisfaction which encourage the market share.

Further, the aggravating demand to attain enhanced results in noncore functions and emphasise on major functions will supplement the market growth.

Moreover, the ongoing technological innovation and rising application of robotic processes, cloud technology, Artificial Intelligence, machine learning, Business Process as a Service, and big data for simplifying various workflows in a mechanised manner will proffer huge opportunities for market growth.

However, the issues related with data safety, unseen costs, over reliability, communication gap resulting in delayed project completion will restrain the Business Process Outsourcing Market Size.Application Segment DriversOn the basis of application, the customer service segment is projected to expand at a faster rate over the forecast period.

According to the new market research report “Healthcare BPO Market by Outsourcing Models, Provider (Patient Care, RCM), Payer (Claims Management, Billing & Accounts), Life Science (R, Manufacturing, Sales & Marketing (Analytics, Research)), & Region (Source, Destination) – Global Forecasts to 2026″, published by MarketsandMarkets™, the global market is projected to reach USD 468.5 billion by 2026 from an estimated USD 296.4 billion in 2021, at a CAGR of 9.6%.Browse in-depth TOC on “Healthcare BPO Market”334 – Tables43 – Figures309 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=472Growth in this market is primarily driven by the need to reduce rising healthcare costs and the implementation of the Patient Protection and Affordable Care Act (PPACA) are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs.The major source geographies that primarily outsource most of their non-core activities to third parties include North America, Europe, and Rest of the World.The COVID-19 pandemic has had a significant impact on the world’s population and economy.

As a result of the pandemic, healthcare facilities are facing immense pressure to create a well-coordinated environment where all clinical functions are connected internally and where the organization operates in coordination with other healthcare units.

This is compelling healthcare organizations to outsource their non-core functions, including revenue cycle management, claims management, and patient engagement, among other functions, to third parties and focus on their core competencies for better patient outcomes.Revenue cycle management services to register the highest growth in the Healthcare BPO marketBased on type, the market is segmented into revenue cycle management, patient enrollment, and patient care.

The revenue cycle management services segment is expected to account for the largest share of 70.8% of the market in 2021.

The declining trend in reimbursements in the healthcare industry, reductions in overall healthcare costs, initiatives undertaken by governments for implementing revenue cycle management solutions and increasing expenditure by the healthcare IT industry are the key factors driving the growth of the revenue cycle management services market.Manufacturing services to account for the largest segment in the Healthcare BPO marketBased on type, the market is segmented into manufacturing, R, and non-clinical services.

The manufacturing services segment is expected to account for the largest share of 55.6% of the Healthcare BPO Market in 2021.

Market OverviewThe global Healthcare BPO Market report focuses on the volume, value, status, and size of the market at the global level, regional level, and company level.

From another perspective, the market has been studied based on historical data and future forecasts.

The global outlook has also been presented with the latest competitive trends and detailed regional analysis for the review period of 2021-2030, with the base year 2019.

The expansion and the reach of the market have also been pointed out in the report.Some of the players operating in the global healthcare BPO market are Accenture, Cognizant, Conduent, Inc., Firstsource, GeBBS Healthcare Solutions, Genpact, HCL Technologies Limited,Access Full Report Details and Order this Premium Report @  https://www.absolutemarketsinsights.com/reports/Healthcare-BPO-Market-2021---2029-886Market dynamicsThis report mentions the marketing channels- direct and indirect marketing- and the dynamics that are factoring the growth of the global Healthcare BPO Market.

Furthermore, the impact of the increasing population on the global market and the rise in technological advancements has also increased the varying trends of the global market.

The numerous government initiatives, regulations, and policies in various regions have also been highlighted in the market report.