Healthcare BPO Market 2018 Global Key Players – 2023 Market Analysis, Demand and Forecast

The healthcare BPO provides services such as medical billing & collection medical billing, medical coding, medical data entry, medical records indexing, medical claims processing and others. Technological improvements in pharmaceutical and the rising demand for health services from aging population are driving the healthcare industry. For instance, with digital technologies transforming processes from electronic records to telemedicine, many healthcare providers are delivering services in innovative ways. Additionally, increased profitability, access to skilled workforce, improved patient experience are a few factors responsible for driving the market growth

The Global Healthcare BPO Market is expected to grow at a CAGR of 12.3% during the forecast period 2017-2023.

There are huge financial gains associated with outsourcing as salaries in other foreign countries can be considerably lower than in the United States. Moreover, the materials and actual cost of location for the research center can be cost-effective. Additionally, advantages of outsourcing R&D is also often related to US regulations surrounding R&D. For example, numerous US pharmaceutical companies engage in outsourcing R&D to conduct clinical trials in other foreign countries.

Segmentation

The Global Healthcare BPO Market is segmented on the basis of services. On the basis of services, it is segmented into pharmaceutical services, payer services, and provider services.

Key Findings

  • The Global Healthcare BPO Market and is expected to reach USD 449,623.8 million by 2023 at CAGR of 12.3%.
  • Pharmaceutical service segment accounted for the largest share with 72.2 % in the global healthcare BPO market, by services in 2016.
  • Americas hold the largest market share of healthcare BPO market and is anticipated to reach USD 254,713.4 million by the end of the forecast period.
  • Asia Pacific is the fastest growing region across the globe and expected to grow at a rate of CAGR 12.6% during the forecast period.

Major Players in the healthcare BPO Market:

QuintilesIMS, HCL Technologies Limited, Covance Inc., IBM, Catalent, Inc., PAREXEL International Corporation, Lonza, Infosys Limited, Charles River Laboratories International, Inc., Genpact, SUTHERLAND, and others.

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The Global Healthcare BPO Market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.

The Americas is the leading market across the globe on account of constantly increasing patient population, increasing number of health related cases in children, and increasing government support for research in healthcare domain and it is likely to flourish the American market over the review period.

Europe holds the second position in the market due to development in healthcare domain. Europe consist of two regions namely Western Europe and Eastern Europe. Western Europe held the major share of the market, which is majorly contributed by Germany, the U.K., and France. High healthcare income, increasing government support, and well developed healthcare sector are major driving factors of the market. According to the OECD, the healthcare expenditure in Germany was EUR 321 billion in 2014, which is followed by France with healthcare expenditure of EUR 237 billion. 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 the fastest growing market for healthcare BPO, as a result of rapidly changing healthcare sector and presence of huge opportunities for the development of this market. According to the WHO, in 2013, the per capita healthcare expenditure in Australia was USD 6,110, followed by Japan with USD 3,966. The healthcare spending in China is expected to grow at a rate of 8.8% during 2015-2018. Furthermore, developing healthcare industries & organizations and improving technology have fuelled the market growth.

On the other hand, the Middle East & Africa owns the minimum market share of the Healthcare BPO Market due to less development in healthcare services.

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