Healthcare BPO Market Size, Share and Industry Trends By Services (Pharmaceutical Service, Payer Services And Provider Services) and Region (Americas, Europe, Asia-Pacific And The Middle East & Africa), Forecast to 2023
Healthcare BPO Market Insight
The Global Healthcare BPO Market size is likely to record a towering 12.3% CAGR during the forecast period, reveals Market Research Future in its detailed study. The market is cementing its foothold further at a valuation of reach USD 449,623.8 Million till 2023, owing to many factors in the healthcare industry, across the globe.
The global healthcare BPO market is gaining prominence owing to factors such as providing services such as medical data entry, medical claims processing, medical coding, medical billing & collection medical billing, medical records indexing, and others. These are on high-rise in most of the developing economies across the globe that has given a push to the market’s growth in recent years.
At the same time, the global healthcare BPO market growth is also majorly driven by the factor of surging need for minimizing critical mistakes, augment the cost-saving as well as mounting the number of recovery audits. Besides, the growing number of healthcare organizations, escalating patient inflow, expanding demand for niche services, increasing demand for delivering better services, and high healthcare expenditure have fueled the growth of the market.
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A new foremost driving factor for the market is the rise of nearshore outsourcing destinations as well as access to technology. In this, as near shoring gives companies the benefit of similarity in culture, time zone, and languages. Thus, by assisting them in growing delivery better quality services, the companies that have already started outsourcing business processes to BPO service providers in the same region are also thriving the market to the next level.
On the flip side, the factor of doubts over service quality may sluggish the growth of the global healthcare BPO market in the review period.
Healthcare BPO Market Segmentation
The segmental analysis of the global healthcare BPO market has been conducted among the segment of services.
In terms of services, the global healthcare BPO market has included pharmaceutical service, payer services, and provider services.
Healthcare BPO Market Regional Outlook
The global healthcare BPO market, regionally, has been studied among the critical regions of the Asia-Pacific, the Americas, Europe, and the Middle East & Africa.
The Americas will be acquiring the largest share of the global healthcare BPO market and would be leading the market, mainly for the high healthcare expenditure and an escalating number of healthcare organizations in this region.
Europe region is also expected to record the second-largest market share in the forecast period. The region recorded a 21.1% share in the global healthcare BPO market Asia-Pacific. The high healthcare income, mounting government support, and well-developed healthcare sector are major motivating factors of the market in this region.
Asia-Pacific region is also estimated to be the fastest-growing region in the global market for the growing demand for software for the smooth functioning in healthcare sectors as well as the rising collaboration between the healthcare and IT sectors.
The healthcare BPO market in the region of the Middle East & Africa will also rise due to the escalating presence of healthcare BPOs in Saudi Arabia, Kuwait, and the UAE.
Healthcare BPO Market Key Players
The well-known players in the global healthcare BPO market are listed as QUINTILES (US), IBM (US), Sykes (US), Cognizant (US), ACCENTURE (Ireland), HCL (India), and INFOSYS (India).
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