Market Research Future (MRFR)’s latest study reveals that the global healthcare BPO market is projected to thrive exponentially striking a CAGR of 12.3% during the forecast period 2017 to 2023. The market is projected to reach a valuation of USD 449,623.8 Mn by 2023-end up from USD 199,533.8 Mn in 2017. The accelerating revenue from the healthcare sector coupled with the increasing demand from fast-developing economies is anticipated to catalyze the expansion of the healthcare BPO market.
Loss of revenue due to poor billing practices and maintenance are the key areas of focus in the healthcare sector. According to a published research report, a loss of USD 125 Bn is incurred every year due to inefficient billing practices. It has intensified the demand for the adoption of BPO in the healthcare sector globally. The trend is poised to perpetuate through the assessment period.
The enormous costs associated with the healthcare facilities remain a challenge to the industry leaders. Thus, a shift towards outsourcing has been witnessed for bringing health care costs down by 30% to 60%, and it is likely to continue through the review period. Furthermore, outsourcing ensures operational efficiency by professionals which is expected to passively fuel demand in the market. Nevertheless, increasing complaints regarding poor BPO services are estimated to slow down the rate of growth by 0.5% to 1% in the foreseeable future.
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Global Market for Healthcare BPO-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market on the basis of services. By services, the global healthcare BPO market has been segmented into pharmaceutical services, payer services, and provider services. The pharmaceutical services segment is sub-segmented into research and development, manufacturing, and non-clinical Services. The payer services segment has been sub-segmented into claim management, member management, provider management, care management, and product development & business acquisition. The provider services segment is further sub-segmented into medical billing, medical coding, medical transcription, and finance & accounts.
The pharmaceutical services segment held the maximum share of the market in 2016 and is estimated to register a CAGR of 12.4% during the forecast period. The segment is poised to grow from USD 125,849.8 Mn in 2016 to USD 329,000.3 Mn by 2023.
By region, the healthcare BPO market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas hold a significant share of the global healthcare BPO market. It is likely to exhibit substantial growth over the next couple of years. The factors such as rising healthcare expenditure, technological advancements, increasing health awareness about healthcare facilities, etc. have augured well for the market players. Additionally, the presence of key players and its strategies for gaining traction in the market are poised to have a positive influence on the expansion of the regional market. The region is well equipped for the adoption of the latest technologies, which when coupled with government support is projected to lead the growth of the market.
Europe is expected to remain a highly lucrative market through the projection period. The growth is mostly attributable to the high expenditure in the healthcare sector. According to a report published by OECD, in 2014, the healthcare expenditure of Germany accounted for EUR 321 Bn, trailed by France whose healthcare expenditure was valued at EUR 237 Bn. The market in Europe resonates strong growth opportunities due to the firm support provided by the governments and the availability of funds for the development of the facilities. The regional market in Europe is further sub-segmented into Western and Eastern Europe. Western Europe is set to exhibit a relatively higher CAGR during the assessment period.
Asia Pacific is projected to thrive at a relatively higher CAGR. The factors responsible for catapulting the market on an upward trajectory are rapidly evolving healthcare sector, opportunities present for the development of this market, developing healthcare industries & organizations, and improving technology. According to the World Health Organization (WHO), the per capita health care expenditures in Australia and Japan were USD 6,110 and USD 3,966 in 2013. Additionally, healthcare spending in China is expected to grow at a rate of 8.8% during 2015-2018. The trend is likely to continue and benefit the proliferation of the healthcare BPO market in Asia Pacific.
Global Market for Healthcare BPO-Competitive Dashboard:
Some of the key players profiled by MRFR are Sykes, Accenture, HCL, IBM, Cognizant, and INFOSYS among others.