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Healthcare BPO Market: $395.3B to $626.6B Growth Forecast (2024-2029)

Chicago, July 10, 2024 – The Healthcare BPO Market is set for significant growth according to a report by MarketsandMarkets Research Pvt. Ltd. The market is expected to rise from $395.3 billion in 2024 to $626.6 billion by 2029, with a notable CAGR of 9.7%. This growth is attributed to the increasing outsourcing in the pharma and biopharma industries, as well as the lack of in-house expertise in various sectors.

Key drivers for this growth include the pressure to reduce healthcare costs, leading organizations to outsource non-core functions like medical billing and claims processing to achieve cost savings. However, challenges such as hidden outsourcing costs and data security concerns, particularly regarding patient confidentiality, remain significant.

The market is segmented by provider services, claims management services, and life science services, with North America holding the largest market share due to widespread adoption of electronic health records (EHRs) and stringent regulatory requirements. Major players in the market include Accenture, Cognizant, Tata Consultancy Services, and others.

Accenture PLC, a global leader in digital and operational efficiency, offers comprehensive solutions in the healthcare BPO market. Cognizant Technology Solutions Corporation focuses on modernization and data security, while Tata Consultancy Services Limited emphasizes innovation and global reach in providing healthcare BPO services.

In terms of provider services, revenue cycle management leads the way, while claims management services dominate payer services, and manufacturing services lead life science services in the Healthcare BPO Market. North America remains dominant in the market by source geography, driven by the increasing demand for cost management and process efficiencies among pharmaceutical companies.

For more information on related reports and to inquire further, contact MarketsandMarkets™ for insights and strategies tailored to the evolving Healthcare BPO Market.

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