In the current market scenario, there is a growing demand for healthcare BPO services. The objective of this report is to define, describe, and forecast the market on the basis of outsourcing services including payer, provider, and pharmaceutical services and region. It provides detailed information regarding the major factors influencing the growth of healthcare outsourcing market. This report also tracks and analyzes competitive developments of the key players in terms of market developments, product portfolios, and financials.
Patent cliffs, complex clinical trial protocols, and new reporting requirements are forcing pharmaceutical companies to outsource their R&D and manufacturing processes to other countries, which is driving the healthcare outsourcing market.
According to the new market research report by MarketsandMarkets, Healthcare BPO market is estimated to grow at a CAGR of 10.2% from 2017 to 2022 to reach $312.43 billion by 2022 from $191.68 billion in 2017.
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Based on provider services, the Healthcare BPO market is segmented into revenue cycle management, patient enrolment & strategic planning, and patient care. The revenue cycle management segment 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.
Based on payer services, the Healthcare BPO market is segmented into claims management, integrated front-end services and back-office operations, member management, product development & business acquisition, provider management, care management, billing & accounts management services, and HR services. The product development & business acquisition services segment is expected to grow at the highest CAGR during the forecast period.
On the basis of pharmaceutical services, is segmented into manufacturing services, R&D services, and non-clinical services. The non-clinical services segment is expected to account for the highest CAGR during the forecast period. Factors like pricing pressure and the requirement of large field forces have further contributed towards the emergence of contract sales organizations in the pharmaceutical industry.
India possesses lucrative growth potential for the Healthcare Outsourcing Market, by destination geography during the forecast period. Factors like a mature pharmaceutical and medical education system, large English-speaking population, low-cost base, large talent pool, and diverse set of business process outsourcing (BPO) providers, including local and multinational BPO companies, are driving the market in India.
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Major Key Players Mapped in Research Report:
The key players in the healthcare BPO market are Cognizant (US), Accenture (Ireland), Xerox (US), Genpact (Bermuda), TCS (India), and Infosys (India). These players focused on inorganic strategies such as acquisitions, agreements, and collaborations as well as organic strategies such as product launches and expansions to sustain their growth in the market.
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