Healthcare BPO market to grow $12.90Bn by 2027 — Technavio
NEW YORK, UNITED STATES — The global healthcare business process outsourcing (BPO) market is projected to expand significantly in the coming years, with an increase of $12.9 billion forecasted between 2022 and 2027.
This surge represents a robust compound annual growth rate (CAGR) of 9.13% during the forecast period, driven by various factors.
Market drivers
According to market research firm Technavio, the healthcare industry’s concerted effort to reduce operational costs is a key driver propelling this growth.
By outsourcing non-core business functions to specialized service providers, healthcare organizations can streamline their operations, optimize resource allocation, and enhance overall efficiency.
The proliferation of Business Process Outsourcing (BPO) providers is another driving force behind the market’s growth trajectory.
As the demand for outsourced services increases, more companies are entering the market, offering a diverse range of solutions tailored to the healthcare sector’s unique needs.
Furthermore, the availability of a skilled workforce capable of handling complex tasks is a crucial factor fueling market growth.
Cloud computing adoption
The report also highlights the emergence of cloud computing services as a significant market trend.
Healthcare organizations are increasingly adopting cloud-based solutions to enhance scalability, accessibility, and data security, revolutionizing operational efficiency and facilitating seamless integration of diverse healthcare processes.
However, the market’s growth is not without challenges. Data breaches and concerns over the security of sensitive patient information pose a significant hurdle.
Regional outlook
Geographically, North America is expected to account for 41% of the market’s growth, driven by improvements in regional healthcare infrastructure, increased healthcare expenditure, and favorable reimbursement scenarios.
The Asia-Pacific region is also poised for substantial growth, fueled by advancements in healthcare infrastructure and rising demand for cost-effective solutions.
