Healthcare BPO Market Expected To Reach 12.3 % CAGR By Size, Share, Trends forecast to 2023
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pune, India – March 15, 2019 /MarketersMedia/ —
The Global Healthcare BPO Market growth is deemed to be impressive at 12.3% CAGR over the forecast period of 2017-2023, growing from USD 199,533.8 Million in 2017 to USD 449623.8 Million by the end of 2023, proclaims Market Research Future (MRFR) in a minutely analyzed research report.
The global healthcare BPO market derives much of its growth from the increasing incidences of errors in medical billing and errors in patient medical record which has led to the adoption of BPO services by healthcare organizations. A princely sum of dollars is lost each year due to poor billing practices which has a direct impact on healthcare organizations’ bottom line. Outsourcing in the healthcare sector has picked up in the past few years to minimize critical mistakes and ensure smooth operational performance. Additionally, healthcare institutions save a king’s ransom by outsourcing tasks, which, otherwise would require hiring of in-house employees. Healthcare BPO professional are highly skilled and help in the reduction of errors.
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Imperious need to curb mounting healthcare costs has forced healthcare organizations to outsource non-core processes to third party service providers; it helps to save 30-60% of costs. Moreover, outsourcing has become a compulsion as there has been an ample push from healthcare organizations to focus on core business activities in the healthcare ecosystem. It reduces costs involved in staff training, hiring and human resource management.
Service quality of BPO can act as a deterrent to the growth of the global healthcare BPO market. In the developing regions, service quality is a significant issue. For instance, in 2015, British Telecom announced its plan to shut down its call centers in India due to poor customer service. Healthcare providers are more attracted towards outsourcing from well-known brands which makes it difficult for other developing companies to expand.
Despite the existing roadblocks in the developing regions, healthcare BPO market is apprehended to experience enormous growth opportunities in the developing countries. As BPO service providers in developing regions continue to acquire greater capabilities in the healthcare vertical, the global healthcare BPO market is likely to see robust growth in the coming years.
The global healthcare BPO market has been segmented on the basis of services which comprises of Pharmaceutical services, payer services, and provider services. The pharmaceutical segment has been further segmented into Research and Development, Manufacturing, and Non-clinical Services. Similarly, the payer services segment has been further segmented into Claim management, Member management, Provider management, Care management, and Product development & business acquisition. The provider services segment has been further segmented into Medical Billing, Medical Coding, Medical Transcription, and Finance & Accounts.
Pharmaceutical services commanded the largest market share in 2016 and was valued at USD 125,849.8 million in 2016 and are expected to reach USD 329,000.3 million by 2023. The payer services segment is projected to be the fastest growing segment and capture a CAGR of 12.4% over the forecast period.
Competitive Tracking
The notable players operating in the global healthcare BPO market include Sykes, IBM, Accenture, HCL, Cognizant, Infosys, Quintiles, and others. The major six companies, namely, Sykes, IBM, Accenture, HCL, Cognizant, and Infosys account for more than 11.12% share of the global healthcare BPO market.
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Regional Analysis
The Americas represent the largest market for healthcare BPO. In 2016, the Americas accounted for the largest share of 57.3 % of the global healthcare BPO market. The Americas market has been segmented into two regions, namely, North America and South America. North America has been further segmented into the US and Canada. A robust economy and massive development in the healthcare domain support the growth of the market in the Americas. Moreover, high healthcare expenditure, the concentration of leading players and the high adoption rate of advanced technology in the region drives the growth of the market. Broadening support from the government for the development of the healthcare sector is a significant driver. Furthermore, the demand for niche services and increasing cost savings will boost the market growth over the corresponding period.
Europe accounts for the second largest share of the healthcare BPO market and has been segmented into Western Europe and Eastern Europe. Western Europe holds the maximum share of the Europe market, Germany, U.K., and France being the key contributors to the market. The OCED reported the healthcare expenditure in Germany to be EUR 321 Billion in 2014 and the the healthcare expenditure in France to be EUR 237 Billion, while the healthcare expenditure of the U.K. in 2014 was EUR 223 Billion. Increasing healthcare revenue is the major driving factor for the market growth. Additionally, increasing government support and funding for the development of the facilities have added fuel to the growth of the market.
Asia Pacific is expected to continue on a robust growth trajectory over the forecast period. The market in Asia Pacific comprises Japan, China, India, Australia, the Republic of Korea, and the Rest of Asia Pacific. Rapidly advancing healthcare sector, high health care spending, developing healthcare industries & organizations and improving technology are factors igniting pockets of growth in the Asia Pacific market. The market in China is projected to capture a CAGR of 8.8% over the forecast period.
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