Emphasis on Payer Service (Human Resource Management, Claims Management, Customer Relationship Management (CRM), Customer Relationship Management (CRM), Product Development Business Acquisition (PDBA), Care Management, Provider Management, and Other); Provider Service (Revenue Cycle Management, Patient Enrollment, Patient Care Service); and Pharmaceutical Service (Manufacturing Services, Research & Development Services, Sales & Marketing Services); and Region/Country
The healthcare BPO market was valued at USD 260,250 million in 2022 & expected to grow at a strong CAGR of around 9.5% during the forecast period (2023-2030) owing to the rising government initiatives along with the increasing demand for non-clinical operations in the healthcare industry and the adoption of technology in healthcare drive the market growth in the region. For example, in February 2022, the branch of HHS granted almost USD 55 million to 29 HRSA-financed wellbeing habitats to increment medical services access and quality for underserved populaces through virtual consideration. Patients have benefited greatly from virtual care, particularly during the pandemic. As a result, it is anticipated that government initiatives will propel market expansion in the nation. Adding to this, the rising demand for healthcare services administrations due to factors such as population growth, geriatric population is driving the development of healthcare BPO. For instance, by 2050, the total populace of individuals aged 60 years and more established will double (2.1 billion), as per the World Health Organization, in 2022. As an additional, patients look for care and medical services suppliers need to track down ways of dealing with the rising responsibility and further develop proficiency.
Some of the major players operating in the market include Accenture, Cognizant, NTT DATA Americas, Inc., WNS (Holdings) Ltd., Xerox Corporation, IQVIA Inc, Mphasis, IBM, Wipro, Genpact. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst payer service, human resource management segment holds a significant share of the market in 2022”
Based on payer service, the market is segmented into human resource management, claims management, customer relationship management (CRM), product development business acquisition (PDBA), care management, provider management, and others. Amongst these, human resource management holds a significant share of the market. The healthcare BPO market’s expansion is heavily influenced by human resource management. The healthcare BPO industry requires a large pool of skilled and trained professionals who can deal with the non-clinical tasks of medical services associations. This reminds experts with skill for regions, for example, clinical coding, claims handling, and client care.
“Amongst provider service, chronic pain held a significant share of the market in 2022.”
By provider service, the market is segmented into revenue cycle management, patient enrollment, patient care service. Among these, revenue cycle management is expected to grow with a significant CAGR during the forecast period (2023-2030). RCM is a basic part of medical care BPO administrations, and it assumes a huge part in driving the development of the medical services BPO market. RCM outsourcing can assist healthcare organizations in improving their financial performance and supporting the industry’s growth by providing expertise and efficiency in the management of the financial aspects of healthcare services.
“Asia-Pacific has extensive growth”
Asia-Pacific is expected to grow with a significant CAGR during the forecast period due to the healthcare BPO market has grown significantly because of the surge in demand for the APAC healthcare BPO market is supposed to profit from government drives to further develop medical services results and diminish costs. For instance, the Indian government’s Public Wellbeing Strategy expects to give reasonable and quality medical care administrations to all residents, setting out new open doors for medical care BPO organizations to offer types of assistance, for example, clinical coding and claims handling.
Healthcare BPO Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Healthcare Bpo Market Covid-19 Impact
6. Global Healthcare Bpo Market Revenue, 2020-2030f
7. Market Insights By Payer Service
8. Market Insights By Provider Service
9. Market Insights By Pharmaceutical Service
10. Market Insights By Region
11. Healthcare Bpo Market Dynamics
12. Healthcare Bpo Market Opportunities
13. Healthcare Bpo Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Pricing Analysis
17. Strategic Insights
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Research Methodology for the Healthcare BPO Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global healthcare BPO market were the three major steps undertaken to create and analyze the adoption of healthcare BPO in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global healthcare BPO market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the healthcare BPO market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the healthcare BPO market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as payer service, provider service, pharmaceutical service. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the healthcare BPO market. Further, we conducted factor analysis using dependent and independent variables such as payer service, provider service, pharmaceutical service of the healthcare BPO market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the healthcare BPO market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global healthcare BPO market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global healthcare BPO market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the payer service, provider service, pharmaceutical service in the global healthcare BPO market.
The main objective of the Global Healthcare BPO Market Study
The current & future market trends of the global healthcare BPO market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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