The US was the largest market in the healthcare BPO market.
Northrook, IL -- (SBWIRE) -- 12/04/2019 -- The increasing cost of healthcare and the implementation of the Patient Protection and Affordable Care Act (PPACA) in the US have compelled payers and providers to outsource their business processes to low-cost countries. Pharmaceutical companies are focusing on outsourcing aspects of their operations due to patent cliffs, complex clinical trial protocols, and new reporting requirements.
What the Market Looks Like?
Predicted to grow at a CAGR of 10.2% during the forecast period, the global Healthcare BPO Market is estimated to reach USD 312.4 Billion by the end of 2022.
Based on provider services, the 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. Due to the increasing number of people enrolling for health plans, payers find it more difficult to handle increases in volume themselves and also the risk associated with losses. Hence, many payers outsource PDBA services to third-party authorities.
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.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=472
What Drives the Market?
The growth of the global market for Healthcare BPO is primarily influenced by the following factors:
- Regulatory Changes in the US with the Implementation of Ppaca
- The pressure to Reduce Rising Healthcare Costs
- Demand for Niche Services
Geographical growth scenario of Healthcare BPO Market;
Geographically, the regional segments of the market are categorized into source geographies and destination geographies. The US—where outsourcing is garnering attention due to the rising healthcare expenditure, among other factors—is the largest segment in the source geographies market, followed by Europe. In terms of destination geographies, India is the leading regional segment of the market.
Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=472
Leading market players and strategies adopted;
The prominent players in the Healthcare BPO market include Accenture (Ireland), Cognizant (US), Firstsource Solutions (India), GeBBS Healthcare Solutions (US), Genpact (Bermuda), IBM Corporation (US), Infosys (India), Lonza (Switzerland), Omega Healthcare (India), and Quintiles IMS (US). These companies adopted strategies like new product launches, acquisitions, collaborations, expansions, and other developments in order to achieve sustained growth and expand their global presence as well.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441