This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Healthcare BPO Market over the forecast period. The global healthcare BPO market is expected to grow at a CAGR of 12.3% during the forecast period 2017-2023.
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The healthcare BPO provides services such as medical billing & collection medical billing, medical coding, medical data entry, medical records indexing, medical claims processing and others. Technological improvements in pharmaceutical and the rising demand for health services from aging population are driving the healthcare industry. For instance, with digital technologies transforming processes from electronic records to telemedicine, many healthcare providers are delivering services in innovative ways. Additionally, increased profitability, access to skilled workforce, improved patient experience are a few factors responsible for driving the market growth
There are huge financial gains associated with outsourcing as salaries in other foreign countries can be considerably lower than in the United States. Moreover, the materials and actual cost of location for the research center can be cost-effective. Additionally, advantages of outsourcing R&D is also often related to US regulations surrounding R&D. For example, numerous US pharmaceutical companies engage in outsourcing R&D to conduct clinical trials in other foreign countries.
The global healthcare BPO market is expected to grow at a CAGR of 12.3% during the forecast period 2017-2023.
Taste the market data and market information presented through more than 44 market data tables and figures spread over 83 pages of the project report. Avail the in-depth table of content TOC & market synopsis on “healthcare BPO market research report–Global forecast till 2023.”
Major Players in the healthcare BPO Market:
Some of the key players in this market are QuintilesIMS, HCL Technologies Limited, Covance Inc., IBM, Catalent, Inc., PAREXEL International Corporation, Lonza, Infosys Limited, Charles River Laboratories International, Inc., Genpact, SUTHERLAND, and others.
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- The global healthcare BPO market and is expected to reach USD 449,623.8 million by 2023 at CAGR of 12.3%.
- Pharmaceutical service segment accounted for the largest share with 72.2 % in the global healthcare BPO market, by services in 2016.
- Americas hold the largest market share of healthcare BPO market and is anticipated to reach USD 254,713.4 million by the end of the forecast period.
- Asia Pacific is the fastest growing region across the globe and expected to grow at a rate of CAGR 12.6% during the forecast period.
The Americas dominate the global healthcare BPO market owing to the presence of strong economic conditions and huge development in healthcare domain. Moreover, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. They also suggests that collectively 1.1million claims were registered to recover USD 2.57 billion.
Europe holds the second position in the market owing to healthcare spending has expanded slightly in UK and Germany. Western Europe continues to see a need to save money on healthcare because of a slight drop in financial growth and obstinate economic pressure. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion, followed by the United Kingdom of EUR 223 billion.
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Asia Pacific is the fastest growing market owing to more number of developing nations present in this region, for instance, countries like India and China are encouraging the growth of the healthcare IT domain. Furthermore, increasing patient population from cancer in developing countries will directly increase the demand for various diagnosis & treatment methods and it will boost the growth of the market. Moreover, Healthcare spending in Asia expanded in 2016 due to an extension of state healthcare programs and the increasing affluence of the population. India, in specific, saw expansion in its healthcare expenditure due to a government resolution to enhance healthcare services, which is estimated to further will boost the market growth
The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and less development in the healthcare domain. However, countries such as Qatar and Kuwait are focusing more on healthcare domain and developing medical facilities, which will boost the market growth in this region.
The global healthcare BPO market is segmented on the basis of services. On the basis of services, it is segmented into pharmaceutical services, payer services, and provider services.
What makes our report unique?
1) An extensive research study on the Global Healthcare BPO market, and its entire ecosystem, describes the market trends, drivers, restraints and opportunities of the Healthcare BPO market.
2) We provide you the longest possible market segmentation based on type of products, procedures and geography and describe the market share region wise.
3) The report gives a bird eyes view on the competitive landscape which includes mergers and acquisitions, collaborations, market strategies, and new product launches.
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