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
With the rise in the
popularity and utility of BPOs, the healthcare sector has also dynamically
implemented the concept of Healthcare
BPO Market 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.
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.
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 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.
Covance Inc., IBM,
Lonza, Infosys Limited, Charles River Laboratories International, Inc.,
Catalent, Inc., Parexel International Corporation, QuintilesIMS, HCL
Technologies Limited, Genpact, Sutherland, and
others are some of the key players in the healthcare BPO market.
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.
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