Healthcare BPO Market Size Is Expected To Reach USD 449 Billion With CAGR of 12.3% By 2023 | Industry Trends, Share and Dynamics
Jul 17, 2019
Healthcare BPO Market Analysis By Payer Services, Provider Services, Pharmaceutical services, Key Players, Size, Share, Dynamics and Outlook, Forecast To 2023
Pune, India - July 16, 2019 /MarketersMedia/ —
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 billion by 2023 end up from USD 199 billion 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.
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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.
Healthcare BPO Market Segmentation
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
Pharmaceutical services
The pharmaceutical services segment has been sub-segmented into
Manufacturing
Non-clinical Services
Research and Development
The payer services segment has been sub-segmented into
Member management
Claim management
Care management
Product development & business acquisition
Provider management
The provider services sector has been sub-segmented into
Medical coding
Medical billing
Finance & accounts
Medical transcription
Healthcare BPO Market Regional Analysis
Geographically, the healthcare BPO market has been segmented into Europe, Americas, the Middle East & Africa, and Asia Pacific. Americas hold worldwide a substantial healthcare BPO market share. 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 healthcare BPO market to a great extent.
Asia Pacific is likely to flourish at a comparatively higher CAGR. The factors responsible for propelling the healthcare BPO 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.
Brows Full Research Report with TOC on “Global Healthcare BPO Market” at: https://www.marketresearchfuture.com/reports/healthcare-bpo-market-1335
Healthcare BPO Market Key Players
The global healthcare BPO market has been dominated by key players such as
Accenture,
Sykes
IBM
INFOSYS
Cognizant
HCL
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact Info:
Name: Akash Anand
Email: Send Email
Organization: Market Research Future
Address: Pune
Website: https://www.marketresearchfuture.com/reports/healthcare-bpo-market-1335
Source: MarketersMedia
Release ID: 88897217
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