This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Healthcare BPO Market over the forecast period.
Pune, India -- (SBWIRE) -- 01/23/2018 -- MarketResearchFuture.com adds "Healthcare BPO Market -2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023" reports to its database.
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Pune, 12 Jan 2018 - The report titled "Healthcare BPO Market -Forecast to 2023? is a direct appreciation by Market Research Future of the market potential of the beauty devices market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today's winner takes all market! The global healthcare BPO market is expected to grow at a CAGR of 12.3% during the forecast period 2017-2023.
Market Scenario of the Healthcare BPO Market:
Business process outsourcing has been the rage in recent years and the healthcare is no exception to this growing trend. The healthcare BPO services improve resource allocation, boost financial performance and increase the effectiveness of healthcare providers. The services provided by healthcare BPO such as medical billing & collection, medical coding, medical data entry, medical records indexing, medical claims processing and others have helped companies take advantage of the low cost labour in developing countries.
Outsourcing is a rising trend around the world due to the needs to be efficient, lean and the attractive economics of the practice. Many companies had outsourced and have realized reduced operating costs resulting in greater profit margin, better final service which improved their market penetration and faster time to market. Other drivers are increasing number of recovery audits, increasing patient inflow, number of healthcare organizations, patient inflow, demand for niche services, overall demand for delivering better services and better healthcare expenditure have provided fuel to the market growth.
By shedding the noncore and specialized functions to an outside agency the client can focus more on its own core competencies so as to achieve a lean size and to make the company more manageable. Thus contracting relieves the company of making short time investments in specialized capabilities and personnel's and saves these for other core functions of the organization.
A long contract relationship between the contractor and the client company gives the contractor a steady flow of business. The steady flow of business assures greater stability in today's dynamic business environment. The relationship especially with a top market leader client assures greater robustness from external shock. However if a single or a few clients make up a large share of the total business of the contract manufacturer, then it may result in excessive dependence on these few clients. Withdrawal of the contract may result in negative financial and market repercussions.
The constraints on the market are also huge. As healthcare BPO industry become global in scale, the issues of standardization and of maintaining interoperability between systems and standards have reached an enormous scale. Standardization, has been hampered by the diverse specifications demanded by different regions which makes it difficult to establish a single universal standard especially when powerful forces such as market demands, growing customization and differential political, economics exist and operational conditions between different countries.
Moreover, digital technologies have transformed the processes from electronic records to telemedicine. Thus faster pace of changes are expected to complicate the system. However there are many pitfalls of contracting out such as problems with the communications, complexities in management, control and quality of the service etc. Rising cost of labour in the developing regions also result in a slowing of the BPO sector.
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Key Players of Healthcare BPO Market:
Some of the Key Players in this market are QuintilesIMS, HCL Technologies Limited, Covance Inc., IBM, Catalent, Inc., PAREXEL International Corporation, Lonza, Infosys Limited, Charles River Laboratories International, Inc., Genpact, SUTHERLAND, and others.
Segmentation of Healthcare BPO Market:
The global healthcare BPO market is segmented on the basis of services, into pharmaceutical services, payer services, and provider services.
Regional Analysis of Healthcare BPO Market:
The Americas dominate the global healthcare BPO market owing to the presence of strong economic conditions and research ecology. Moreover, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. They also suggests that collectively 1.1 million claims were registered to recover USD 2.57 billion.
Europe holds the second position in the market owing to healthcare spending has expanded slightly in UK and Germany. Western Europe continues to see a need to save money on healthcare because of a slight drop in financial growth and obstinate economic pressure. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion, followed by the United Kingdom of EUR 223 billion.
Asia Pacific is the fastest growing market owing to more number of developing nations present in this region, for instance, countries like India and China are encouraging the growth of the healthcare IT domain. Furthermore, increasing patient population from cancer in developing countries will directly increase the demand for various diagnosis & treatment methods and it will boost the growth of the market. Moreover, Healthcare spending in Asia expanded in 2016 due to an extension of state healthcare programs and the increasing affluence of the population. India, in specific, saw expansion in its healthcare expenditure due to a government resolution to enhance healthcare services, which is estimated to further will boost the market growth
The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and less development in the healthcare domain. However, countries such as Qatar and Kuwait are focusing more on healthcare domain and developing medical facilities, which will boost the market growth in this region.
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