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Key Points of Healthcare BPO Market Analysis by Trade Research Company

Business Research Company’s Healthcare BPO Market research report expands on key market drivers, trends, and growth opportunities.

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) which includes the practice of healthcare organizations outsourcing non-essential business activities to external vendors. Outsourced business activities or processes that provide administrative or other support to medical institutions, personnel, and organizations are known as healthcare BPOs. Coding, billing services, transcription, and other similar tasks are frequently outsourced by healthcare institutions to BPO vendors.

The Global healthcare BPO market size should go from $247.26 billion in 2021 for $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 Reach $441.08 billion in 2026 at a CAGR of 12.3%.

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Healthcare BPO Market Growth

The rapid rise in 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 surge in the rise in outsourcing of clinical trials is due to the increase in the number of drugs entering the clinical phase and companies that are downsizing are looking for CROs to help them manage their portfolios. For example, in April 2021, Parexel (a US healthcare outsourcing provider) and Veeva Systems (a cloud computing company specializing in pharmaceutical and life science applications) announced a strategic partnership to accelerate clinical trials in 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. Therefore, the rapid increase in clinical process outsourcing is expected to drive the healthcare BPO market in the years to come.

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 during the forecast period. 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 of 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 2022Betaine BV, affiliated with Baring Private Equity Asia (BPEA), a hong kongan Asia-based private equity firm has 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 future growth of the business. Hinduja Global Solutions (HGS) Limited is an India-based company specializing in business process management (BPM) and customer experience optimization in healthcare.

Learn more about the Healthcare BPO market report

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