Healthcare BPO Market Professional Survey Report By Product, Application, Manufacturers and Sales data by 2028
With healthcare industry in progressing economies across the globe seeking low-cost outsourced healthcare process management services to overcome fiscal deficits, demand for healthcare BPO service providers is likely to witness an upsurge in future. Currently in its nascent phase, global healthcare BPO market is expected to see a promising growth outlook in the course of next few years as indicated by a new upcoming study of Fairfield Market Research. Growing inclination of healthcare facilities toward outsourcing their non-core operations like legal services, accounting and finances, and medical transcription and coding will predominantly drive growth of global healthcare BPO market. An alarming increase in cybersecurity threats, including medical identity theft will however continue to be a major challenge facing healthcare BPO service providers, says the report.
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Deepening Next-gen Technology Intervention Favours Healthcare BPO Service Providers
Investments in healthcare BPO sector are on a constant upsurge, predominantly attributing to unprecedented adoption of next-gen technologies like Big Data and analytics by healthcare industry participants for effective performance monitoring. While Artificial Intelligence (AI) has been taking industry by the storm, it has opened doors to a wealth of new opportunities as well. With AI gaining stronger ground in form of the various AI-enabled healthcare tools, BPO services are also likely to receive an impetus. AI will remain crucial for healthcare providers while they strive to deliver top-quality efficient healthcare and mitigate risks – all at reduced operational costs. The past decade has witnessed a paradigm shift of industry from the conventional paper-based system to regionalised facilities call for outsourcing, which has been a strong factor encouraging inclination toward BPO in healthcare. Demand for outsourcing is also rising with the growing consolidation of healthcare services with risk mitigation, through M&A activities.
Healthcare BPO Aligns with Healthcare Objectives, Attracts Investments
As far as preference of healthcare organisations is considered, they have been opting for healthcare BPO services as a cost-effective solution that allows them to have their internal staff equipped with the necessary expertise in healthcare operations. An increasing number of healthcare organisations are showing preference for those healthcare BPO service providers that provide end-to-end business process solutions for more effective coordination across multiple geographies, and service lines. Third-party vendors are also experiencing robust traction. With adoption of healthcare BPO, healthcare organisations aim to achieve improved patient care quality, and enhanced operational efficiency while complying with the necessary industry regulations.
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North America Continues to Capture a Major Revenue Share in Global Healthcare BPO Market
Primarily attributing to heavy involvement of specialists in healthcare industry, North America remains a significant market for healthcare BPO service providers, especially the US. Another strong factor that contributes toward the US market growth is the escalating demand for outpatient procedures and the soaring private sector funding dedicated to outpatient procedures. Opportunities continue to spring up in the healthcare BPO sector of the region and Canada particularly provides other North American countries with outsourced medical transcription services. This also will remain among the prime factors upholding the North American healthcare BPO market. While the US remains global leader, followed by China, Japan, and India, the report also suggests that European countries continue to represent significant markets for healthcare BPO market participants – especially Germany, Italy, and France.
Leading Players in Global Healthcare BPO Market
Some of the key competitors driving the competition landscape of global healthcare BPO market, include IBM Corporation, Infosys, Cognizant, TCS, Accenture, Wipro, WNS (Holdings) Ltd., and IQVIA. Some of the most prominent players in healthcare BPO landscape would be thoroughly analysed in the competition section of report to reveal some exclusive financial, and strategic insights on industry leaders.
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