The Business Research Company's healthcare BPO market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, July 14, 2022 /PRNewswire/ -- The healthcare BPO market consists of sales of healthcare business process outsourcing services by entities (organizations, partnerships, and sole proprietors) that include the practice of healthcare organizations outsourcing non-core business activities to outside vendors. Outsourced business activities or processes that provide administrative or other support to medical institutions, staff, and organizations are referred to as healthcare BPOs. Coding, billing services, transcription, and other similar tasks are frequently outsourced by healthcare institutions to BPO providers.
The global healthcare BPO market size is expected to grow from $247.26 billion in 2021 to $277.24 billion in 2022 at a compound annual growth rate (CAGR) of 12.1%. The global healthcare business process outsourcing market size is expected to grow to $441.08 billion in 2026 at a CAGR of 12.3%.
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Healthcare BPO Market Growth
The rapid increase of clinical process outsourcing is significantly driving the growth of the healthcare BPO market. Clinical process outsourcing is administrative work in the healthcare industry that requires or benefits from clinical expertise. The increase in the increase of clinical trials outsourcing is due to the rise in a number of drugs entering clinical phases and the companies that are slashing their workforce look for CROs to help them manage their portfolios. For instance, in April 2021, Parexel (an American healthcare outsourcing provider) and Veeva Systems (a cloud-computing company focusing on pharmaceutical and life sciences industry applications) announced a strategic partnership to accelerate clinical trials by advancing technology and processes. Based on feedback from sponsors, sites, and patients, the companies will collaborate to improve Veeva's cloud technology and Parexel's clinical trial delivery processes. Hence, the rapid increase of clinical process outsourcing is expected to drive the healthcare BPO market in the upcoming years.
Healthcare BPO Market Regional Outlook
North America was the largest region in the healthcare BPO market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global healthcare business process outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Players And Their Strategies In The Healthcare BPO Industry
Major players in the healthcare BPO market are Accenture, Cognizant, Tata Consultancy Services, Genpact, HCL Business Services, IQVIA, IBM Corporation, GeBBS Healthcare Solutions, Xerox Corporation, NTT Data Corporation, Infosys BPM, Firstsource Solutions, Omega Healthcare, Invensis and Wipro.
In January 2022, Betaine BV, affiliated with Baring Private Equity Asia (BPEA), a Hong Kong-based Asian private equity firm acquired Hinduja Global Solutions (HGS) Limited for $1,200 million enterprise value. Through this acquisition, HGS will strategically invest in building its technology capabilities to support the company's future growth. Hinduja Global Solutions (HGS) Limited is an Indian company that specializes in business process management (BPM) and customer experience optimization in healthcare.
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