Global Healthcare BPO Market Size Overview
The global healthcare BPO market is projected to reach USD 468.5 billion by 2026 from USD 296.4 billion in 2021, at a CAGR of 9.6% during the forecast period. Healthcare BPO is a practice in which healthcare organizations outsource their business operations to third-party organizations. The need to reduce rising healthcare costs, increasing demand for niche services and need for structured processes and documentation are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs.
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Key Market Players
Some of the prominent players operating in the Healthcare BPO market are Accenture (Ireland), Cognizant (US), Tata Consultancy Services (India), Xerox Corporation (US), WNS (Holdings) Limited (India), NTT Data Corporation (Japan), IQVIA (US), Mphasis (India), Genpact (US), Wipro (India), Infosys BPM (India), Firstsource Solutions (India), IBM Corporation (US), HCL Technologies (India), Sutherland Global (US), GeBBS Healthcare Solutions (US), Lonza (Switzerland), Omega Healthcare (India), R1 RCM (US), Invensis Technologies (India), UnitedHealth Group (US), Sykes Enterprises (US), Parexel International (US), Access Healthcare (US), and Akurate Management Solutions (US), among others.
Accenture was the largest player in the healthcare BPO market. Being a pioneer in the healthcare BPO, Accenture has successfully established a brand of its own. The company was founded in 1989 and is headquartered in Dublin, Ireland. The company mainly offers management consulting, technology, and outsourcing services.
Cognizant was the second-leading player in the healthcare BPO market. It is a publicly held company, was founded in 1994 and is headquartered in New Jersey, US. The company offers IT consulting, enterprise information management (EIM), and business process outsourcing services across the globe.
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Tata Consultancy Services (TCS) was the third-largest player in the healthcare BPO market. TCS, a pioneer in offering innovative, best-in-class consulting and IT solutions and services, such as assurance services, digital enterprise, engineering and industrial services, business services, application services, managed infrastructure services, financial services, logistics, and managed services.
Healthcare BPO Market Dynamics
Drivers: pressure to reduce the rising healthcare costs
Restraints: Hidden outsourcing costs
Opportunities: Growing adoption of artificial intelligence-based tools for drug discovery
Challenges: Data security concerns
North America, as a source geography, holds the largest share of the healthcare BPO market.
North America held the largest share of this market, accounting for 49.0%, followed by Europe (30.6%) and the rest of the world (20.3%). Pharmaceutical companies in the region, particularly in the United States, are facing significant price pressures as a result of the Medicare Prescription Drug Coverage (Part D), which covers all Medicare beneficiaries for prescription drugs. Additionally, the patent expiration of several blockbuster drugs is expected to affect the revenue of large pharmaceutical companies in the US and Canada.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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