Healthcare BPO Market is Expected to Reach $468.5 billion – Increasing Demand With Industry Professionals
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.
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Top Healthcare BPO Market Player
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)
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.
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.
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North American healthcare BPO market to register the largest and highest growth from 2021 to 2026
North America dominated the market, with a share of 48.6% in 2020, and is expected to register the highest CAGR of 10.6% during the forecast period. The large share of the North American market can be attributed to the increased pressure to reduce healthcare costs and improve services and changing government regulations in the healthcare industry.
Recent Developments
- UnitedHealth Group Inc. has acquired InstaMed, a healthcare payments platform, for an undisclosed sum.
- Cigna Corp. has acquired ScriptDrop, a medication delivery and adherence platform, for an undisclosed sum.
- Optum Inc. has acquired Change Healthcare, a healthcare technology company, for $13 billion.
- Anthem Inc. has acquired Evolent Health, a population health management company, for $4.7 billion.
- Humana Inc. has acquired Genoa Healthcare, a behavioral health pharmacy services provider, for $1 billion.
- Aetna Inc. has acquired Healthagen, a population health management company, for an undisclosed sum.
- Cerner Corp. has acquired NantHealth, a healthcare technology company, for an undisclosed sum.
- Allscripts Healthcare Solutions Inc. has acquired McKesson Corporation’s US Hospital and Health Systems business for an undisclosed sum.
- Cognizant Technology Solutions Corp. has acquired TriZetto, a healthcare information technology provider, for $2.7 billion.
- HCL Technologies Ltd. has acquired Medix, a healthcare BPO provider, for $85 million.
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