Healthcare BPO Market Share, Growth And Industry
Trends By Services (Pharmaceutical Service, Payer Services And Provider
Services) And Region (Americas, Europe, Asia-Pacific And The Middle East &
Africa) - Forecast Till 2023
Market
Overview
A
latest study by Market Research Future (MRFR) states that the worldwide Healthcare Bpo Market has been projected to flourish
exponentially striking a CAGR of 12.3% over the forecast period 2017 to 2023.
The market is likely to reach an estimation of USD 449,623.8 Mn by 2023-end up
from USD 199,533.8 Mn in 2017. The propelling revenue from the healthcare
sector collectively with the growing demand from rapidly growing economies is
predicted to stimulate the development of the healthcare BPO market.
Loss
of revenue due to inefficient maintenance and billing practices are the key
areas of focus in the healthcare industry. A research report states that a loss
of USD 125 Bn is incurred every year owing to poor billing practices. It has
expanded the demand for the adoption of BPO in the healthcare sector worldwide.
The trend is likely to continue over the forecast period.
The
huge costs linked with the healthcare facilities remain an impediment to the
industry leaders. Hence, a shift towards outsourcing has been observed for
curbing health care costs down by 30% to 60%, and it is expected to be
consistent throughout the forecast period. Besides, outsourcing ensures
operational efficacy by professionals which is likely to inertly propel demand
in the market. However, increasing complaints regarding poor BPO services are
expected to slow down the growth rate by 0.5% to 1% in the future.
Market
Segmentation
MRFR’s
report comes up with a thorough segmental analysis of the market based on
services. Based on services, the worldwide healthcare BPO market has been
segmented into payer services, provider services, and pharmaceutical services.
The pharmaceutical services segment has been sub-segmented into manufacturing,
non-clinical Services, and research and development. The payer services segment
has been sub-segmented into member management, claim management, care
management, product development & business acquisition and provider
management. The provider services sector has been sub-segmented into medical
coding, medical billing, finance & accounts, and medical transcription.
In
2016, the pharmaceutical services segment held the key share of the market and
is likely to record a CAGR of 12.4% over the forecast period. The segment is
expected to grow from USD 125,849.8 Mn in 2016 to USD 329,000.3 Mn by 2023.
Regional
Analysis
Geographically,
the healthcare BPO market has been segmented into Europe, Americas, the Middle
East & Africa, and Asia Pacific. Americas hold a substantial share of the
worldwide healthcare BPO market. It is expected to demonstrate considerable
growth over the next couple of years. Factors such as technological
advancements, rising healthcare expenditure, growing health cognizance about
healthcare facilities, etc. have portended well for the market players.
Furthermore, the presence of key players and their tactics for gaining
popularity in the market are poised to have an encouraging influence on the
development of the regional market. The region is well devised for the adoption
of the updated techniques, which when coupled with administrative support has
influenced the market to a great extent.
Asia
Pacific is likely to flourish at a comparatively higher CAGR. The factors
responsible for propelling the market on an upward route are quickly sprouting
healthcare sector, developing healthcare organizations & industries,
enhancing technology, and available opportunities for the expansion of the
market. A report by World Health Organization (WHO) states that in 2013, the
per capita health care expenditures in Japan and Australia were USD 3,966 and
USD 6,110 respectively. Moreover, healthcare outlay in China is likely to
develop at a rate of 8.8% over 2015-2018. The trend is expected to benefit and
continue the propagation of the healthcare BPO market in Asia Pacific.
Key
Players
The global healthcare BPO market has been
dominated by key players such as Accenture, Sykes, IBM, INFOSYS, Cognizant, and HCL.
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