Global healthcare BPO market to expand by 9.7% CAGR until 2029

Key growth drivers include the need to lower costs, mitigate billing errors, and meet the demands for specialised services.

The global healthcare business process outsourcing (BPO) market is estimated to reach $626.6b by 2029 at a compound annual growth rate (CAGR) of 9.7%.

A report by MarketsandMarkets revealed that key drivers for market growth include the need to lower rising healthcare costs, mitigate billing errors, and meet the increasing demand for specialised services.

“Outsourcing non-core functions such as medical billing and claims processing to specialised BPO providers offers substantial cost savings by streamlining operations, reducing labour costs, and optimising resource allocation,” The report said.

Moreover, advancements in data analytics emerge as an opportunity to further drive market expansion, allowing healthcare organisations to identify cost-saving possibilities, ensure regulatory compliance, and deliver personalised services.

“By leveraging sophisticated analytics tools, service providers can optimise operational workflows, enhance customer retention, and improve financial performance,” The report added.