Healthcare BPO Market – Overview
With the rise in the popularity and utility of BPOs, the healthcare sector has also dynamically implemented the concept of BPOs in the industry. Market focused reports connected to the healthcare sector among others of late have been made accessible by Market Research Future which publishes reports on this industry. A CAGR 12.3 percent in the forecast period is projected to influence the expansion of the market over the forecast period.
Challenges faced by providers of healthcare services especially regarding the administrative element of the industry have created reasonable demand for the growth of the market. The delivery of customized solutions by healthcare BPOs have enhanced their demand in the past few years. Improved resource allocation, along with the boost in financial performance are expected to complement the expansion of the market, especially over the forecast period.
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Healthcare BPO Industry Segments
The segmentation of the healthcare BPO market globally is divided in to the segments of region and services. The market segmentation on the basis of services into payer services, pharmaceutical services, and provider services. The region based segmentation of the market comprises of Americas which includes US & Canada), Europe consisting of Germany & France, the Asia Pacific including China & India and Middle East & Africa.
Business Overview Top Players of Healthcare BPO Market
The major market players i.e., Sykes, IBM, Accenture, HCL, Cognizant, and INFOSYS accounted for more than 11.12% share of the global healthcare BPO market, in 2016.
The global healthcare BPO market is segmented on the basis of services, into pharmaceutical services, payer services, and provider services.
Healthcare BPO Industry Update:
Feb 2018 Omega Healthcare Management Services, which is a Bengaluru-based BPO firm has plans in place to open a 300 seater delivery center in Andhra Pradesh, India and hire 1,500 associates by the year end, to back the surge in demand for its healthcare provider services. The company, which is ranked among the top three service suppliers in the healthcare provider BPO market at this time serves over 115 customers in the US from 2 delivery locations in the Philippines and 5 in India.
Healthcare BPO Market Detailed Regional Analysis
As per the regional analysis, The Americas region dominates the healthcare BPO market globally due to the existence of robust economic conditions and a huge development in healthcare domain. The European region comes in the second position in the market due to healthcare spending which has increased slightly in nations such as Germany and UK. The Western Europe region will need to continue to save money on healthcare because of a small drop in financial growth and relatively normal economic pressure. The Asia Pacific region is a rapidly growing market due to an increasing number of emerging nations present in this region, for example, nations like China and India are encouraging the development of the healthcare IT domain. Furthermore, growing patient population from cancer in emerging countries will directly raise the demand for several treatments & diagnostics methods, and it will lift the growth rates in the market. Furthermore, healthcare spending in Asia grew in 2016 due to an extension of state healthcare programs and the growing wealth of the population. India specifically has seen an expansion in its healthcare expenditure owing to a government resolution to improve healthcare services, which is projected to boost the market growth in the forecast period additionally. The Middle East & Africa region is anticipated to control the smallest market share owing to limited availability of medical facilities, and less growth in the healthcare domain. However, nations such as Kuwait and Qatar are concentrating more on healthcare domain and enhancing medical facilities, which will improve the market growth in this region.
Global Healthcare BPO Market Competitive Analysis
The chances for increasing revenue inflow in the business are expected to multiply through the forecast period. Companies are also continually attempting to create financial leverage, to be better positioned to capitalize on market gains. The escalating interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. The market trends have also necessitated the need to ensure financial sustainability so as to invest in growth scenarios as and when they arise. Challengers are also investing a certain amount in innovation so as to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The objective of the firms in the market to grow their shareholder’s value, while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent.
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