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
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.
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.
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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.