The Healthcare BPO Market was valued at USD million in 2022 and is expected to reach USD million by 2029, increasing at a CAGR of 10% over the forecast period (2022-2029). Cost savings from a crucial consideration in outsourcing, as by doing so, companies can reduce costs on resource management, labor, and space. There’s pressure on the margins of healthcare payers because of the increase of insurance exchanges (online marketplaces to get insurance from competing providers) within the US. This permits consumers to urge coverage from competing private healthcare providers and is perhaps getting to accelerate the adoption of outsourcing to rationalize costs.
As healthcare continues to require a larger part of the general economy, structural changes—such because the push toward paying for value, greater emphasis on care management, and increased cost-sharing with consumers—are taking a stronger hold, pulling back against the rapid healthcare spending growth. However, medical costs have hovered around the same level—between 6% and seven over the last five years—which are often expected to drive healthcare expenditure. Rising healthcare costs are thus expected to considerably boost offshore outsourcing and, in turn, the expansion of the worldwide healthcare BPO market.
Improper planning and financial allotment for outsourcing activities often cause a negative impact on cost savings and therefore the business value which will be derived from outsourcing. Companies planning finances while outsourcing their business processes fail to require into consideration unforeseen costs, like those incurred while evaluating and selecting a vendor, managing offshore contracts, process transition, and enhancing security and severance by employees.
Economic growth in emerging countries has also resulted in rising labor costs, thus raising questions over the worth for money which will be offered by these countries. In the event of the client exiting a contract prematurely, costs increase and expose both the customer and therefore the provider to litigation, thus increasing legal expenses also. When cost savings aren't as high needless to say, clients refrain from outsourcing. This might hinder the expansion of the healthcare BPO market.
Covid-19 Impact on Healthcare BPO Market:
In addition, the present Global Market study offers an in-depth analysis of the present COVID-19 pandemic impact on the market growth and its influence on the long-term growth of the worldwide market. The recently published report demonstrates the elevation in the demand for the healthcare sector. Healthcare manufacturers have experienced future also as a short-term effect which includes supply shortages, panic buying, and stocking, and regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to the present, panic conditions have already spurred the demand for several healthcare products and services which are discussed intimately during this report. Moreover, the impact of this pandemic on overall market revenue for the bottom year 2020 and its projection up to 2027 is provided intimately during this report.
Healthcare BPO Market Segment Overview
By Payer Services, Claims management holds the major market share in the forecast period. Owing to government initiatives, healthcare reimbursements, and governments' norms towards healthcare for claims fraud cases that demand the claim management segment.
By Provider Services, Revenue Cycle Management holds the major market share in the estimated period . However, The declining trend in reimbursements within 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 expansion of the revenue cycle management services market.
Pharmaceutical Services, the manufacturing services segment is predicted to account for the biggest share of the healthcare BPO market in 2021. This will be attributed to the constantly changing regulations on testing and clinical trials, the necessity to cut back overall operational costs and increasing specialization in accelerating the drug development process while maintaining high levels of safety and control.
Market Analysis, Insights and Forecast – By Payer Services
· Claims Management
· Human Resource Management
· Customer Relationship Management (CRM)
· Operational/Administrative Management
· Care Management
· Provider Management
· Other
Market Analysis, Insights and Forecast – By Provider Services
· Patient Enrollment and Strategic Planning
· Patient Care Service
· Revenue Cycle Management
Market Analysis, Insights and Forecast – By Pharmaceutical Services
· Research and Development
· Manufacturing
· Non-clinical Service
Healthcare BPO Market Regional Overview
Region-wise, in terms of regions, North America accounted for the biggest share of the drug discovery services market. Factors like increased pressure to cut back costs and improve services and changing government regulations are driving the expansion of the healthcare BPO market in North America. In the US, pharmaceutical companies face significant pressures associated with drug prices because Medicare prescription Coverage (Part D) offers prescription drug coverage to everyone with Medicare. Additionally, the patent expiration of several blockbuster drugs is predicted to affect the revenue of enormous pharmaceutical companies within the US and Canada. Taking these factors into consideration, variety of pharmaceutical companies are that specialize in cost reduction through outsourcing.
Healthcare BPO Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Healthcare BPO Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Healthcare BPO are highlighted below.
· In 2022, NTT DATA contracted with ScoreData to deploy the latter’s nudge engines alongside NTT DATA’s AI (AI) solutions that predict risk for the early onset of chronic diseases for insurance and provider communities
Healthcare BPO Market, Key Players
· Accenture
· Cognizant
· Tata Consultancy Services
· Xerox Corporation
· WNS
· NTT Data Corporation
· IQVIA
· Mphasis
· Genpact
· Wipro
· Infosys BPM
· Firstsource Solution
· IBM Corporation
· HCL Technologies
· Sutherland Global
· GeBBS Healthcare Solutions
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Healthcare BPO Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Segment 1
- 5.2.1. Sub-Segment 1
- 5.2.2. Sub-Segment 2
- 5.3. Market Analysis, Insights and Forecast – By Segment 2
- 5.3.1. Sub-Segment 1
- 5.3.2. Sub-Segment 2
- 5.3.3. Sub-Segment 3
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By Segment 3
- 5.4.1. Sub-Segment 1
- 5.4.2. Sub-Segment 2
- 5.4.3. Sub-Segment 3
- 5.4.4. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
6. North America Healthcare BPO Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Segment 1
- 6.2.1. Sub-Segment 1
- 6.2.2. Sub-Segment 2
- 6.3. Market Analysis, Insights and Forecast – By Segment 2
- 6.3.1. Sub-Segment 1
- 6.3.2. Sub-Segment 2
- 6.3.3. Sub-Segment 3
- 6.3.4. Others
- 6.4. Market Analysis, Insights and Forecast – By Segment 3
- 6.4.1. Sub-Segment 1
- 6.4.2. Sub-Segment 2
- 6.4.3. Sub-Segment 3
- 6.4.4. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Latin America Healthcare BPO Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Segment 1
- 7.2.1. Sub-Segment 1
- 7.2.2. Sub-Segment 2
- 7.3. Market Analysis, Insights and Forecast – By Segment 2
- 7.3.1. Sub-Segment 1
- 7.3.2. Sub-Segment 2
- 7.3.3. Sub-Segment 3
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By Segment 3
- 7.4.1. Sub-Segment 1
- 7.4.2. Sub-Segment 2
- 7.4.3. Sub-Segment 3
- 7.4.4. Others
- 7.5. Insights and Forecast – By Country
- 7.5.1. Brazil
- 7.5.2. Mexico
- 7.5.3. Rest of Latin America
8. Europe Healthcare BPO Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Segment 1
- 8.2.1. Sub-Segment 1
- 8.2.2. Sub-Segment 2
- 8.3. Market Analysis, Insights and Forecast – By Segment 2
- 8.3.1. Sub-Segment 1
- 8.3.2. Sub-Segment 2
- 8.3.3. Sub-Segment 3
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By Segment 3
- 8.4.1. Sub-Segment 1
- 8.4.2. Sub-Segment 2
- 8.4.3. Sub-Segment 3
- 8.4.4. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. UK
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Rest of Europe
9. Asia Pacific Healthcare BPO Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Segment 1
- 9.2.1. Sub-Segment 1
- 9.2.2. Sub-Segment 2
- 9.3. Market Analysis, Insights and Forecast – By Segment 2
- 9.3.1. Sub-Segment 1
- 9.3.2. Sub-Segment 2
- 9.3.3. Sub-Segment 3
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By Segment 3
- 9.4.1. Sub-Segment 1
- 9.4.2. Sub-Segment 2
- 9.4.3. Sub-Segment 3
- 9.4.4. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South East Asia
- 9.5.6. Rest of Asia Pacific
10. Middle East & Africa Healthcare BPO Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Segment 1
- 10.2.1. Sub-Segment 1
- 10.2.2. Sub-Segment 2
- 10.3. Market Analysis, Insights and Forecast – By Segment 2
- 10.3.1. Sub-Segment 1
- 10.3.2. Sub-Segment 2
- 10.3.3. Sub-Segment 3
- 10.3.4. Others
- 10.4. Market Analysis, Insights and Forecast – By Segment 3
- 10.4.1. Sub-Segment 1
- 10.4.2. Sub-Segment 2
- 10.4.3. Sub-Segment 3
- 10.4.4. Others
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.3.1. Company 1
- 11.3.1.1. Business Overview
- 11.3.1.2. Segment 1 & Service Offering
- 11.3.1.3. Overall Revenue
- 11.3.1.4. Geographic Presence
- 11.3.1.5. Recent Development
- 11.3.2. Company 2
- 11.3.3. Company 3
- 11.3.4. Company 4
- 11.3.5. Company 5
- 11.3.6. Company 6
- 11.3.7. Company 7
- 11.3.8. Company 8
- 11.3.9. Company 9
- 11.3.10. Company 10
- 11.3.11. Company 11
- 11.3.12. Company 12
- 11.3.1. Company 1
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
