As nearshoring has given companies the advantage of similarity in culture, languages and time zone and helped them deliver better quality services; companies have therefore started outsourcing their business processes to third party service providers in the same region. They have also started focusing on protecting the interests of their outsourced businesses and on minimizing risks such as socioeconomic risks through currency and regulation systems.
Business outsourcing processes have been completely revolutionized byCloud-based BPO that has helped healthcare organizations develop global delivery models, reduce costs and provide secure data access. Owing to their irresistible benefits, there is an increased number of adoption of cloud-based BPO services, and it is expected to remain one of the major trends in healthcare outsourcing market that will gain traction during the forecast period.Market Dynamics
The global healthcare BPO market is expected to grow at a CAGR of 10.2%, going from USD 191.68 Billion in 2017 to USD 312.43 Billion by 2022. Complex clinical trials, Patent cliffsand new reporting requirements forcing the healthcare companies to outsource their manufacturing and R&D processes to other countries are the major growth boosters for this market.
On the other hand, reliability, data security, privacy concerns, fear of losing control and visibility and hidden costs of outsourcing business processes are the major factors restraining the market growth.Market Segmentation
Based on type of service, the healthcare BPO market is segmented into payer, provider, and pharmaceutical services. In 2017, the pharmaceutical services segment is expected to account for the largest share of the market. Growth in this segment can be attributed to the increasing competition in the pharmaceutical industry and high operational costs.
On the basis of provider service, the market is classified into revenue cycle management, patient enrolment & strategic planning, and patient care. The revenue cycle management is expected to grow at the highest CAGR during the forecast period. Growth in the revenue cycle management market can largely be attributed to factors such as decreasing reimbursements in the healthcare industry, reductions in the overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by the healthcare IT industry.
Currently US has the largest share of the global healthcare BPO market, followed by, Europe and Rest of the world. Increasing competition, strict government regulations to reduce costs and increased demand for efficiencies are the factors driving the growth of the US healthcare BPO outsourcing market.Key Players
Cognizant (US), TCS (India), Infosys (India), Accenture (US), and Xerox (US) are the key players in the global healthcare BPO market. Other major players working in this market are Lonza (Switzerland), Wipro (India), WNS (Holdings) (India),Genpact (Bermuda), Quintiles IMS Holdings (US) and IBM (US).
The report contains comprehensive analysis on:
--> Global Healthcare BPO Market Dynamics
- growth drivers, restraints and opportunities
--> Global Healthcare BPOMarket Segment - By method and by product
--> Global Healthcare BPOMarket Regional Analysis:
--> Key Players
in the Global Healthcare BPOMarket
Publisher Name : Market Litmus