Global healthcare BPO market on a growth trajectory to 2030
LONDON, UNITED KINGDOM, and PUNE, INDIA—The global healthcare business process outsourcing (BPO) market is poised for extraordinary expansion, with projections indicating growth between $430.5 billion and $673.5 billion by 2029-2030.
Insights from Fairfield Market Research and Exactitude Consultancy converge to paint a comprehensive picture of the market’s trajectory. Fairfield’s analysis expects a 9% compound annual growth rate in the next six years, while Exactitude expects a 10.2% CAGR in the next five years.
The market’s growth is underpinned by the integration of advanced technologies such as artificial intelligence (AI) and machine learning in healthcare services, particularly in drug discovery processes.
These technologies are making drug discovery processes more efficient, especially for chronic diseases like cancer, significantly reducing the time to bring new drugs to market. This technological edge is expected to be a major driver of growth in the healthcare BPO market.
It is also fueled by the pressing need to reduce healthcare costs, alongside the rising burden of chronic diseases and an aging population. The sector is witnessing a significant shift towards outsourcing as a strategic solution to cut operational expenses.
“With the growing demand for cost reduction in healthcare, outsourcing emerges as a strategic solution for cutting operational expenses,” notes an analyst from Fairfield Market Research.
Region-wise, North America is leading the charge, with the United States holding the largest market share, thanks to its expansive healthcare system and government initiatives aimed at enhancing healthcare access and quality.
Meanwhile, the Asia Pacific region is also gearing up for significant growth, driven by increased awareness of healthcare IT outsourcing and the development of healthcare systems and IT infrastructure in countries like China and India.
The market is also characterized by a competitive landscape with key players such as IBM Corporation, Tata Consultancy Services, Cognizant, Accenture, and Infosys BPM, among others, leading the way.
These companies are at the forefront of integrating AI and machine learning into their services, setting the stage for groundbreaking advancements in healthcare BPO.
