Healthcare BPO market projected to reach $873.8 billion by 2032 with 9.71% CAGR
From GlobeNewswire: 2024-11-05 08:06:00
The Healthcare BPO Market size was USD 380.8 billion in 2023, projected to reach USD 873.8 billion by 2032 with a CAGR of 9.71%. The sector’s growth is driven by the demand for cost-effective solutions, patient care enhancement, and advanced technology adoption. Major players include Accenture, Cognizant, and IBM Corporation.
Healthcare BPO market growth is fueled by the need to reduce operational costs and improve service delivery. With an aging population and increased chronic diseases, the demand for healthcare services is rising. Outsourcing services like claim management and revenue cycle management are key drivers of market expansion. Technologies like AI and data analytics are transforming healthcare processes.
In the Healthcare BPO market, the Claims Management segment dominated with a 30% market share in 2023, while Analytics & Fraud Management is the fastest-growing segment. Revenue Cycle Management held the largest market share among Provider Services at 35% in 2023, with Patient Care experiencing rapid growth. North America leads the market due to the presence of major companies like Accenture and Cognizant, while Asia-Pacific is the fastest-growing region.
The Asia-Pacific region is poised for significant growth in the Healthcare BPO market, driven by increasing healthcare expenditure, outsourcing trends, and technological advancements. Countries like India and the Philippines are emerging as key players due to their skilled workforce and cost-effective services. Companies like Wipro and Infosys are expanding BPO services in response to growing demand. Recent developments in the Healthcare BPO market include Accenture acquiring Health Unlimited and Cognizant partnering with Microsoft. The market is poised for growth, driven by the need for cost-effective healthcare services. Stakeholders are encouraged to explore innovative solutions to stay competitive. Visit SNS Insider for more details.
Read more at GlobeNewswire: Global Healthcare BPO Market Projected to Reach USD 873.8