This blog is an update to “Healthcare BPO Market To Reach $312.43 Billion By 2022”
Healthcare BPO includes a variety of activities covering medical data entry to medical claims processing services and more. According to a report from Data Bridge Market Research, the healthcare BPO market is expected to reach USD 420.76 billion by 2027. The market is predicted to grow at a CAGR of 11.25% during the forecast period 2020 to 2027.
Key factors that drive the growth of the market are –
- The growing regulatory changes in the U.S. with the implementation of PPACA
- Increasing pressure to reduce rising healthcare costs
- Demand for niche services
- Increasing R & D costs
- Strict regulations
Also, increasing consolidation in the healthcare industry will further boost various opportunities that will lead to the growth of the market during the forecast period.
While all those factors boost market growth, factors such as hidden costs of outsourcing, fear of losing visibility, and control over the business process will likely restrain the healthcare BPO market growth. A professional business process outsourcing company with relevant experience in the industry and committed to ensuring client satisfaction serves their customers without any hidden costs.
The market is segmented on the basis of payer service, provider service and pharmaceutical service. Based on payer service, the market is divided into
- claims management
- integrated front-end services and back-office operations
- member management
- provider management
- care management
- product development and business acquisition
- billing & accounts management services, and
- HR services
On the basis of provider service, the market is segmented into
- revenue cycle management
- patient care and patient enrolment, and
- strategic planning
Based on the pharmaceutical service, the market includes
- manufacturing services
- R & D services
- non-clinical services
The countries covered in the market report are the U.S., Canada and Mexico in North America; Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe; China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC); Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA); Brazil, Argentina and Rest of South America as part of South America.
Owing to factors such as the presence of strong reimbursement framework, high public and private healthcare expenditure, and a high percentage of claim record, North America dominates the market. At the same time, Asia-Pacific is expected to grow at the highest growth rate in the forecast period due to mature pharmaceutical and medical education system, low cost base, and large English-speaking population.
Forecast analysis of the country data is based on key points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis, presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes.
The major players covered in the market report are Xerox Corporation, Hinduja Global Solutions, DSM Pharma, Accenture, Cognizant Technology Solutions, Wipro, Genpact, EXLService, Hewlett-Packard, Catalent, HCL, Conduent, Invensis, Infinit Healthcare, AGS Health, Inc., Outsource2india, Omega Healthcare, Pacific Ventures, WNS, TeamHGS, Flatworld Solutions, and Taskforce BPO among other domestic and global players.
When choosing a healthcare BPO company to partner with, businesses need to consider factors such as experience, cost-efficiency, advanced technology, data security policies as well as services provided by professional team.