A latest study by Market Research Future (MRFR) states that the worldwide Healthcare Bpo Market has been projected to flourish exponentially striking a CAGR of 12.3% over the forecast period 2017 to 2023. The market is likely to reach an estimation of USD 449,623.8 Mn by 2023-end up from USD 199,533.8 Mn in 2017. The propelling revenue from the healthcare sector collectively with the growing demand from rapidly growing economies is predicted to stimulate the development of the healthcare BPO market.
Loss of revenue due to inefficient maintenance and billing practices are the key areas of focus in the healthcare industry. A research report states that a loss of USD 125 Bn is incurred every year owing to poor billing practices. It has expanded the demand for the adoption of BPO in the healthcare sector worldwide. The trend is likely to continue over the forecast period.
The huge costs linked with the healthcare facilities remain an impediment to the industry leaders. Hence, a shift towards outsourcing has been observed for curbing health care costs down by 30% to 60%, and it is expected to be consistent throughout the forecast period. Besides, outsourcing ensures operational efficacy by professionals which is likely to inertly propel demand in the market. However, increasing complaints regarding poor BPO services are expected to slow down the growth rate by 0.5% to 1% in the future.
MRFR’s report comes up with a thorough segmental analysis of the market based on services. Based on services, the worldwide healthcare BPO market has been segmented into payer services, provider services, and pharmaceutical services. The pharmaceutical services segment has been sub-segmented into manufacturing, non-clinical Services, and research and development. The payer services segment has been sub-segmented into member management, claim management, care management, product development & business acquisition and provider management. The provider services sector has been sub-segmented into medical coding, medical billing, finance & accounts, and medical transcription.
In 2016, the pharmaceutical services segment held the key share of the market and is likely to record a CAGR of 12.4% over the forecast period. The segment is expected to grow from USD 125,849.8 Mn in 2016 to USD 329,000.3 Mn by 2023.
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Geographically, the healthcare BPO market has been segmented into Europe, Americas, the Middle East & Africa, and Asia Pacific. Americas hold a substantial share of the worldwide healthcare BPO market. It is expected to demonstrate considerable growth over the next couple of years. Factors such as technological advancements, rising healthcare expenditure, growing health cognizance about healthcare facilities, etc. have portended well for the market players. Furthermore, the presence of key players and their tactics for gaining popularity in the market are poised to have an encouraging influence on the development of the regional market. The region is well devised for the adoption of the updated techniques, which when coupled with administrative support has influenced the market to a great extent.
Asia Pacific is likely to flourish at a comparatively higher CAGR. The factors responsible for propelling the market on an upward route are quickly sprouting healthcare sector, developing healthcare organizations & industries, enhancing technology, and available opportunities for the expansion of the market. A report by World Health Organization (WHO) states that in 2013, the per capita health care expenditures in Japan and Australia were USD 3,966 and USD 6,110 respectively. Moreover, healthcare outlay in China is likely to develop at a rate of 8.8% over 2015-2018. The trend is expected to benefit and continue the propagation of the healthcare BPO market in Asia Pacific.
The global healthcare BPO market has been dominated by key players such as Accenture, Sykes, IBM, INFOSYS, Cognizant, and HCL.