The Worldwide Healthcare BPO Industry is Expected to Reach $468.5 Billion by 2026 at a CAGR of 9.6% from 2021 - ResearchAndMarkets.com

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DUBLIN, July 26, 2021--(BUSINESS WIRE)--The "Global Healthcare BPO Market by Outsourcing Models, Provider (Patient Care, RCM), Payer (Claims Management, Billing & Accounts), Life Science (R&D, Manufacturing, Sales & Marketing (Analytics, Research)), & Region (Source, Destination) - Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.

The global healthcare BPO market is projected to reach USD 468.5 billion by 2026 from USD 296.4 billion in 2021, at a CAGR of 9.6% during the forecast period.

Claims management services to hold the largest share of the payer services market

Based on type, the payer services market is segmented into claims management, integrated front-end services and back-office operations, member management, product development & business acquisition, provider management, care management, billing & accounts management services and HR services.

The claims management segment is projected to grow at a CAGR of 10.8%, from USD 11.7 billion in 2021 to USD 19.5 billion by 2026. Claims processing is an integral part of the healthcare payer industry, and outsourcing of claims management provides the payer company with an opportunity to establish a long-term relationship with customers.

R&D services to be the fastest-growing segment in the life science services market

Based on type, the life science services market is segmented into manufacturing, R&D and non-clinical services. R&D services are expected to grow at a CAGR of 9.8% between 2021 to 2026. Rising R&D expenditure and the increasing need to reduce drug costs are a matter of concern for various pharmaceutical companies across the globe. Increasing competition, escalating cost of drug development, the complexity of discovery research, and the increasing need to speed up the rate of new product launches are some of the major factors driving the increased demand for R&D outsourcing.

The US to be the largest source geography for healthcare BPO services in North America

North America is expected to account for the largest share of 49.0% of the global healthcare BPO market in 2021, followed by Europe (30.6%) and the RoW (20.3%). Factors such as growing pressure to curb the increasing cost of care, demand for dedicated customer care professionals to create new insurance exchanges, manage workload of processing claims, account maintenance, and catering to the expanded customer base are some of the major factors driving the growth of healthcare BPO market in the US.

Market Dynamics

Drivers

  • Shift to Icd-10 coding standards and upcoming Icd-11 standards

  • Pressure to reduce the rising healthcare costs

  • Loss of revenue due to billing errors

  • Demand for niche services

  • Need for structured processes and documentation

  • Lack of in-house expertise in end-use industries

  • Growing outsourcing in the pharma and biopharma industries

Restraints

  • Hidden outsourcing costs

  • Concerns related to losing visibility and control over the business process

Challenges

  • Limitations in the data capturing process in Medicaid services

  • Data security concerns

Opportunities

  • Advanced data analytics

  • Growing adoption of artificial intelligence-based tools for drug discovery

Companies Mentioned

  • Accenture

  • Access Healthcare

  • Akurate Management Solutions

  • Cognizant

  • Firstsource Solutions

  • Gebbs Healthcare Solutions

  • Genpact

  • HCL Technologies

  • IBM Corporation

  • IQVIA

  • Infosys BPM

  • Invensis Technologies

  • Lonza

  • Mphasis

  • NTT Data Corporation

  • Omega Healthcare

  • Parexel International

  • R1 RCM

  • Sutherland Global

  • Sykes Enterprises

  • Tata Consultancy Services

  • Unitedhealth Group

  • WNS (Holdings) Limited

  • Wipro

  • Xerox Corporation

For more information about this report visit https://www.researchandmarkets.com/r/s2vhuf

View source version on businesswire.com: https://www.businesswire.com/news/home/20210726005534/en/

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