Published Date : 25 Apr 2024
The global healthcare BPO market size exceeded USD 391.32 billion in 2023 and is expected to cross around USD 864.02 billion by 2032, expanding at a CAGR of 9.20% from 2024 to 2033. The healthcare BPO market is growing significantly due to the increased adoption of IT solutions, growing clinical process outsourcing (CPO), and increased R&D.
The healthcare BPO market deals with business activities such as providing support in the medical sector, staff institutions, and organizations. Healthcare BPO provides many types of services, such as medical coding and billing, claims processing, telehealth, data entry, medical transcription, payroll management, and human resources (HR). BPO is an outsourcing that helps hire skilled talent with healthcare service experience, provides better patient experience using technology, & analytics, and offers in-house monitoring.
The rising use of IT in healthcare fuels the healthcare BPO market’s growth
In the healthcare industry, IT plays a very crucial role because this makes workflow easy and is used in different aspects such as making dashboards in the healthcare industry for staff data, online appointments, and patient data, financial data and so on. IT is also used to make any kind of application in the healthcare industry that makes work easy for patient and healthcare, and IT enhance the user experience in healthcare.
However, data security risk can be a restraint for the healthcare BPO market, as the use of IT is increasing. The risk related to data security is also growing, such as cyberattacks, especially with third-party companies. Many medical institutions face hacking risks associated with sensitive health information, and as the use of technology increases, the risks related to cyberattacks also increase in the healthcare industry, which can be a negative point for the market.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 391.32 Billion |
| Projected Forecast Revenue by 2032 | USD 864.02 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 9.20% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by Wipro
Recent Development by Accenture
Recent Development by Omega
Recent Development by Salesforce
North America dominated the healthcare BPO market in 2023 due to the rise in medical bills and claims and growing technological advancement in IT, and that is growing the market. In North America, the adoption of digital technologies and developments is high, which provides many opportunities. Companies are using technology to secure data from cyber-attacks and utilizing technology to provide better healthcare services; healthcare hospitals, clinics, and pharmaceuticals are also outsourcing and using advanced technology that is making workflow easy and leading the market growth.
Europe had the second-largest share in 2023 because of several factors, such as experienced IT staff, advanced technology, and increasing emphasis on cost reduction and higher productivity within the healthcare sector. By outsourcing non-core functions such as billing, coding, and administrative tasks, healthcare BPO enables organizations to optimize savings and enhance operational efficiency. This cost-saving approach allows healthcare professionals to focus more on providing patient care. Using AI and advanced technology also fuels market growth.
AI and technology advancements
In the healthcare BPO market, the integration of AI can bring so many opportunities. Due to increased disorders and medical issues raising the demand for better healthcare services can enhance the efficiency, accuracy, and overall effectiveness of healthcare services such as the use of artificial intelligence (AI) and machine learning can automate routine tasks so that professionals can focus on more important tasks, this can improve the work quality and patient care, and reduce the cost.
The development of new technologies, such as telemedicine and remote patient monitoring, can significantly expand the reach of healthcare services, especially in rural and underserved areas. Furthermore, the adoption of blockchain technology can enhance data security in healthcare and protect patient data. Along with the rise of advanced technology in the healthcare sector, mobile applications can make workflow easier and more flexible for patients and doctors as patients can book appointments online, and doctors can see patients remotely.
Market Segmentation
By Provider Service
By Payer Service
By Life Science Service
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