HEALTHCARE BPO MARKET ANALYSIS

Healthcare Bpo MarketSize and Trends

The global healthcare BPO market was valued at US$ 273.96 Bn in 2022 and is forecast to reach a value of US$ 539.08 Bn by 2030 at a CAGR of 8.8% between 2023 and 2030. The global healthcare BPO market is experiencing strong growth due to the growing trend of outsourcing and growing adoption of healthcare IT solutions or BPO services. Moreover, rise in burden of chronic disease and growing geriatric population and the outbreak of COVID-19 (pandemic) is expected to boost growth of the market. However, factors such as complex rules and regulations and hidden costs of outsourcing are expected to hamper the market growth.

Global Healthcare BPO Market: Regional Insights

Based on geography, the global healthcare BPO market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Global Healthcare BPO Market Trends:

Medical claim management is a recent trend

Outsourcing medical claims management can lower the administrative burden of an organization and boost their revenue by improving accuracy. Medical claim management is a process that deals with billing, filling and updating, and processing of medical claims, related to the patient diagnosis, treatments, and medicines. Many medical facilities and hospitals worldwide outsource these tasks to medical claims management firms. It helps improve both the speed and efficiency of the entire process of claims management in healthcare. This trend is expected to continue during the forecast period, driving the growth of the market.

Rise in adoption of novel technologies is another trend

The healthcare industry has been subjected to various reforms due to regulatory reforms, escalating costs, increasing workforce needs, changing business models, and continuous shift toward value-based care. However, these reforms have increased the adoption of new technologies. Moreover, technological advances in medical care and increasing demand for healthcare services, primarily from the aging population, are driving transformations in the healthcare industry. This trend is also expected to continue over the forecast period, driving the growth of the market.