The healthcare BPO market is estimated to reach USD 330 billion by 2023 growing at a CAGR of 11.0 from 2018-2023.
The healthcare BPO market is primarily driven by elevating cost-saving factor, growing perception for recovery audits coupled with increasing research and development activities.
However, the service reliability issue along with the complications and concerns of data privacy may hamper the growth of this market. In addition, implementation of IT in Healthcare sector serve to be the growing opportunity for healthcare BPO market.
The adoption of BPO services is also responsible for propelling the growth of the market.
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The healthcare BPO market can be segmented into payer services, provider services, and pharmaceutical services. The payer services can be further segmented into human resource management, claims management, Customer Relationship Management (CRM), operational/administrative management, product development, care management and provider management.
The induced pressure to reduce elevating Healthcare expenditures, increasing demand of niche services, increasing demand of ICD-10 over ICD-9, adoption of automation and integrated sourcing strategies and demand and recovery audits are some of the prime factors responsible for propelling the growth of this market.
The provider services of healthcare BPO market provider is further segmented into patient enrollment and strategic planning, medical billing, medical transcription, device monitoring and revenue cycle management. On the basis of provider service, revenue cycle management is expected to grow at a steady pace during the forecast period.
The growing revenue cycle management market further counts to the decreasing reimbursements in the healthcare industry, resulting in the reduction of overall Healthcare expenditure coupled with supportive government policies fuels the growth of this segment in Healthcare BPO market.
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The Pharmaceutical segment of this market is further classified into manufacturing outsourcing, clinical data management, and pharmacovigilance services. Factors like increasing research and development activities, strict norms, adoption of IT in the healthcare sector, and upsurge demand in RCM plays a significant role in fueling the growth of the market.
However, the lack of proper and accurate information and Communication Technology infrastructure coupled with interoperability issues and lack of domain expertise may restrict the growth of the market.
Geographically, the healthcare BPO market segmented into North America, Europe, Asia, and ROW. On the basis of geography, North America dominates this market, accounting to the growing economic growth rate and increasing Healthcare expenditure throughout this region.
This further resulted in increasing investments in Technologies responsible for simplifying the healthcare systems and services that further drive the growth of this market. Moreover, the adoption of BPO services in the healthcare industry, increase in medical transcription outsourcing services and adoption of cloud-based BPOs healthcare sector are for the responsible in creating great opportunities for this market.
However, the increasing doubts over the quality of services, high attrition rate, and privacy concerns and data security issues may restrict the growth of the market.
The key players operating in this industry are Accenture, Tata Consultancy Services, Genpact, Boehringer Ingelheim GmbH, Cognizant, Charles River Laboratories International Inc., Covance Inc., Infosys Limited, Lonza Group Ltd. and Quintiles Inc.
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