(PharmaNewsWire.Com, August 11, 2021 ) The Key Growth Elements in Detailed?
The Healthcare business process outsourcing allows healthcare facilities to contract their non-core activities to an external party and focus on their core competencies. Growth of Healthcare BPO Market is attributed to the growing outsourcing in the pharma and bio-pharma industries, need to curtail the escalating healthcare costs, rising demand for niche services (including care management and fraud detection services), and the need for structured processes and documentation in the healthcare industry.
Worldwide Growth Opportunities in Terms of Revenue:
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.
Growth Opportunities: Growing adoption of artificial intelligence-based tools for drug discovery;
Artificial intelligence and machine learning, in particular, make the drug discovery process more efficient and substantially improve success rates at the early stages of drug development. This will help healthcare BPO service providers to bring about major breakthroughs, as artificial intelligence also plays an important role in the discovery of drugs for chronic diseases such as cancer. Owing to its capabilities, AI significantly reduces the time taken to bring a cancer-combating drug to the market, which will lead to significant growth in the healthcare BPO services market.
Several pharmaceutical companies are increasingly focusing on partnering with established and emerging AI-driven companies to leverage the power of AI-based solutions for boosting their drug discovery programs. The increasing number of drugs developed will impact the CRO services market due to the increasing number of clinical trials and research on them. Such factors have encouraged the adoption of AI for drug discovery by various pharmaceutical and biotechnology companies.
The North America dominated the healthcare BPO 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. Growing need for costs curtailment and process efficiencies among pharmaceutical companies is further expected to boost the market growth in coming years.
Major Key Players Mentioned in the research report are:
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.
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