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News » Healthcare BPO market to hit $908Bn by 2032 — Market.us

Healthcare BPO market to hit $908Bn by 2032 — Market.us

Healthcare BPO market by 2032
Photo from Market.us

NORTH CAROLINA, UNITED STATES — The global healthcare business process outsourcing (BPO) market is on a trajectory to reach $908 billion by 2032, up from $362 billion in 2022, marking a compound annual growth rate (CAGR) of 9.9%. 

A report by Market.us attributed this growth to the increasing demand for cost-effective healthcare services and the rapid adoption of advanced technologies like artificial intelligence (AI), machine learning (ML), and blockchain.

The provider service sector is expected to generate the lion’s share of revenue within the industry throughout the forecast period. Within this sector, the revenue cycle management (RCM) segment is particularly dominant, as it plays a crucial role in reducing payment times, managing costs, and improving cash flow for healthcare organizations.

On the payer services front, the claim management service segment has established its dominance, showcasing the highest CAGR between 2023 and 2032. The need for efficient management of clinical trials, claims processing, and adjudication drives this growth.

Pharmaceutical services are also forecasted to increase significantly, with the research and development segment poised for significant growth during the forecast period. This is largely due to the rising development of new medications and vaccines in response to the increase in COVID-19 patients.

Geographically, North America is leading the market with a 47% revenue share in 2022, followed by Europe with a 25% share. 

However, it’s the Asia-Pacific region that is expected to experience the fastest CAGR growth from 2023 to 2032, thanks to a large potential customer base in countries like India, China, Japan, and South Korea.

Despite the promising growth, the market faces challenges such as the increasing cost of healthcare services and strict government regulations. However, the report also noted that the increasing demand for healthcare services globally presents a significant opportunity for companies in the healthcare BPO market to develop innovative and cost-effective products.

Key players in the market include Accenture, Cognizant, Genpact, Wipro, and Capgemini, among others. These companies are focusing on product development and strategic partnerships to enhance their market position and address the growing demand for healthcare BPO services.

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