Healthcare BPO Market – Overview
The rising need for
streamlining documentation in the hospital set
up is motivating the Healthcare Bpo Market. Market reports connected with the
healthcare industry have been presented by Market Research Future which makes
reports on other industry verticals that aims to analyze the current market
scenarios better. The market is projected to boost its expansion by achieving
revenues worth USD 329,000.3 million while progressing with a CAGR of 12.4% in
the forecast period.
The increasing
popularity of outsourcing is expected to
boost the development of the market for health care BPO. Reduced expenses and
functionally efficiency are the key benefits that are expected to back the
growth of the market in the coming years. Furthermore, increased focus on focus
on core business activities in a hospital is driving the growth of the market
to a great extent.
Segmental Analysis
The segmentation of
the healthcare BPO market is done on the basis of services which comprises of
payer services, pharmaceutical services, and
provider services. The pharmaceutical segment has been additionally segmented
into manufacturing, research and development, and non-clinical services.
The payer services segment has been additionally
segmented into member management, claim management, care management,
provider management, and product development & business acquisition. The
provider services segment is also further segmented into medical coding,
medical billing, medical transcription, and
finance & accounts.
Detailed Regional
Analysis
The regional
analysis of the healthcare BPO market states that the Americas region
represents the major market portion for the healthcare BPO market. In 2016, the
Americas region is responsible for the principal share of 57.3 % of the global
healthcare BPO market. A strong economy and immense development in the
healthcare domain are expected to support
the growth of the market in the Americas region. Additionally, high healthcare
spending, the focus of the leading
company and the high implementation rate of advanced technology in the region are projected to motivate the expansion of the
market. The increasing support from the government for the growth of the
healthcare sector is an important driver for the market.
Moreover, the demand for niche services and growing
cost savings will enhance the market development in the forecast period. The European region is accountable for the next
principal share of the healthcare BPO market. Escalating healthcare revenue is
the key driving factor for the market development. Furthermore, the increasing government support and backing for
the development of the facilities have reinforced the growth of the market. The
Asia Pacific region is projected to maintain its robust growth trajectory over
the forecast period. The speedily advancing healthcare sector, high health care
expenditure, increasing healthcare industries & organizations and improving
technology are factors is spurring the market growth in the Asia Pacific
region.
Competitive Analysis
The
expansion of a strong value chain is additionally motivating the development of
the market. The vertical supplements and product tactics of the market are
advancing the potential of the market players. The growth of the market is
moving in a promising direction due to new product introductions or
intensifying gross revenue of the players in the market. Increased conformity
of market players to new customers and market trend inclinations are boosting
the growth curve of the market and will persist in the forecast period. The tactical
goals intended for the market are buoyed due to advantageous product
differentiation carried out by market contestants. Substantial cuts in
administrative costs are inducing further expansion of the market. The
effective implementation of strategies is likely to stimulate the market in the
coming years. The notable competitors in the healthcare BPO market are
IBM, Cognizant, Accenture, Sykes, Infosys and HCL.
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