DUBLIN, July 26, 2021--(BUSINESS WIRE)--The "Global Healthcare BPO Market by Outsourcing Models, Provider (Patient Care, RCM), Payer (Claims Management, Billing & Accounts), Life Science (R&D, Manufacturing, Sales & Marketing (Analytics, Research)), & Region (Source, Destination) - Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
Claims management services to hold the largest share of the payer services market
Based on type, the payer services market is segmented into claims management, integrated front-end services and back-office operations, member management, product development & business acquisition, provider management, care management, billing & accounts management services and HR services.
The claims management segment is projected to grow at a CAGR of 10.8%, from USD 11.7 billion in 2021 to USD 19.5 billion by 2026. Claims processing is an integral part of the healthcare payer industry, and outsourcing of claims management provides the payer company with an opportunity to establish a long-term relationship with customers.
R&D services to be the fastest-growing segment in the life science services market
Based on type, the life science services market is segmented into manufacturing, R&D and non-clinical services. R&D services are expected to grow at a CAGR of 9.8% between 2021 to 2026. Rising R&D expenditure and the increasing need to reduce drug costs are a matter of concern for various pharmaceutical companies across the globe. Increasing competition, escalating cost of drug development, the complexity of discovery research, and the increasing need to speed up the rate of new product launches are some of the major factors driving the increased demand for R&D outsourcing.
The US to be the largest source geography for healthcare BPO services in North America
North America is expected to account for the largest share of 49.0% of the global healthcare BPO market in 2021, followed by Europe (30.6%) and the RoW (20.3%). Factors such as growing pressure to curb the increasing cost of care, demand for dedicated customer care professionals to create new insurance exchanges, manage workload of processing claims, account maintenance, and catering to the expanded customer base are some of the major factors driving the growth of healthcare BPO market in the US.
Shift to Icd-10 coding standards and upcoming Icd-11 standards
Pressure to reduce the rising healthcare costs
Loss of revenue due to billing errors
Demand for niche services
Need for structured processes and documentation
Lack of in-house expertise in end-use industries
Growing outsourcing in the pharma and biopharma industries
Hidden outsourcing costs
Concerns related to losing visibility and control over the business process
Limitations in the data capturing process in Medicaid services
Data security concerns
Advanced data analytics
Growing adoption of artificial intelligence-based tools for drug discovery
Akurate Management Solutions
Gebbs Healthcare Solutions
NTT Data Corporation
Tata Consultancy Services
WNS (Holdings) Limited
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Laura Wood, Senior Press Manager
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