Market Size of Healthcare BPO Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Healthcare Business Process Outsourcing (BPO) Market Analysis
The Healthcare BPO market is projected to register a CAGR of 8% during the forecast period.
It is clear that the COVID-19 epidemic had a major effect on the analysed market.The expansion of the healthcare industry was stunted in the early stages of the epidemic. Research and development ceased as a result of the mandatory lockdowns and shutdowns. However, hospitals undoubtedly still suffer from the COVID-19 pandemic's effects, and they will continue to do so for some time. For instance, in July 2022, Quorum Health Resources, LLC published a report on the post-pandemic impact on hospital revenue cycle management which states that the system, as well as its inhabitants, entered a chronic, cumulative condition of overload as a result of the hardships of the last two years, which does not completely subside in the brief intervals between COVID-19 waves. Hence the demand for revenue cycle management, one of the provider services of Healthcare BPO suffered due to the cumulative overload of previous years and is expected to do the same over the coming period with a significant impact on the market.
Factors responsible for the market's growth include a rapid increase in clinical process outsourcing (CPO). Implementing the Patient Protection and Affordable Care Act (PPACA) compelled healthcare players to move toward outsourcing, and fewer errors in several non-critical functions, like finance and accounting, customer care services, etc.
Another major driving factor is the rising strategic activities such as product launches, partnerships, and others by major companies, which are anticipated to drive market growth over the forecast period. For instance, in December 2021, the company Teleperformance, a leading global group in digitally integrated business services, announced that it had acquired Senture, a significant business process outsourcing (BPO) operator for government services in the United States. In October 2021, the Competition Commission of India (CCI) approved Betaine B.V's acquisition of Hinduja Global Solutions' healthcare BPO services. These major developments are anticipated to drive market growth and thus owing to the above factors, the healthcare BPO market is anticipated to grow over the forecast period.
However, the stringent regulations and the hidden cost associated with outsourcing are anticipated to hamper the market growth slightly over the analysis period.
