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. Healthcare BPO is a practice in which healthcare organizations outsource their business operations to third-party organizations. The need to reduce rising healthcare costs, increasing demand for niche services and need for structured processes and documentation are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs. On the other hand, the fear of losing visibility and control over business processes and data security and privacy concerns are the major factors expected to restrain the market growth.
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Key Market Players
Some of the prominent players operating in the Healthcare BPO market are Accenture (Ireland), Cognizant (US), Tata Consultancy Services (India), Xerox Corporation (US), WNS (Holdings) Limited (India), NTT Data Corporation (Japan), IQVIA (US), Mphasis (India), Genpact (US), Wipro (India), Infosys BPM (India), Firstsource Solutions (India), IBM Corporation (US), HCL Technologies (India), Sutherland Global (US), GeBBS Healthcare Solutions (US), Lonza (Switzerland), Omega Healthcare (India), R1 RCM (US), Invensis Technologies (India), UnitedHealth Group (US), Sykes Enterprises (US), Parexel International (US), Access Healthcare (US), and Akurate Management Solutions (US), among others.
Accenture was the largest player in the healthcare BPO market. Being a pioneer in the healthcare BPO, Accenture has successfully established a brand of its own. The company was founded in 1989 and is headquartered in Dublin, Ireland. The company mainly offers management consulting, technology, and outsourcing services. Accenture provides a variety of services and solutions for strategy, consulting, digital, technology, and operations to deliver end-to-end services and solutions to clients in more than 120 countries across the globe.
Cognizant was the second-leading player in the healthcare BPO market. It is a publicly held company, was founded in 1994 and is headquartered in New Jersey, US. The company offers IT consulting, enterprise information management (EIM), and business process outsourcing services across the globe. The company provides healthcare IT solutions and services to physicians and healthcare organizations for population health management, accountable care, and value-based initiatives.
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Tata Consultancy Services (TCS) was the third-largest player in the healthcare BPO market. TCS, a pioneer in offering innovative, best-in-class consulting and IT solutions and services, such as assurance services, digital enterprise, engineering and industrial services, business services, application services, managed infrastructure services, financial services, logistics, and managed services. Through its life sciences and healthcare segment, the company offers business process consulting services to pharmaceutical companies and healthcare providers. TCS operates in more than 50 countries across North America, Europe, the Middle East Africa, and the Asia Pacific.
Healthcare BPO Market Dynamics
Drivers: pressure to reduce the rising healthcare costs
Restraints: Hidden outsourcing costs
Opportunities: Growing adoption of artificial intelligence-based tools for drug discovery
Challenges: Data security concerns
North America, as a source geography, holds the largest share of the healthcare BPO market.
North America held the largest share of this market, accounting for 49.0%, followed by Europe (30.6%) and the rest of the world (20.3%). Pharmaceutical companies in the region, particularly in the United States, are facing significant price pressures as a result of the Medicare Prescription Drug Coverage (Part D), which covers all Medicare beneficiaries for prescription drugs. Additionally, the patent expiration of several blockbuster drugs is expected to affect the revenue of large pharmaceutical companies in the US and Canada. Taking these factors into consideration, a number of pharmaceutical companies are focusing on cost reduction through outsourcing, subsequently driving market growth in North America.
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