iCrowd Newswire – Jun 10, 2020
The global healthcare BPO services is expected to reach US$ 416,431.8 Mn in 2025 from US$ 192,131.6 Mn in 2017. The market is estimated to grow with a CAGR of 10.4% from 2018-2025.
Healthcare BPO services is segmented by payer service, provider service, and pharmaceutical service. Global healthcare BPO services, based on payer service was segmented into claims administration, billing, member management, provider management, fraud management, and others. Global healthcare BPO services, based on the provider service was segmented into medical billing, medical coding, finance & accounts, and others. The healthcare BPO services, based on pharmaceutical service was segmented into research & development, manufacturing, sales & marketing, supply chain & logistics, and others.
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The major players operating in the healthcare BPO services market include IBM, Accenture, WNS (Holdings) Ltd., HCL Technologies Limited., Invensis Technologies Pvt Ltd, Cognizant, Infosys Limited, Tata Consultancy Services Limited, Genpact, Xerox Corporation, GeBBS Healthcare Solutions, Capgemini, Omega Healthcare, Flatworld Solutions Pvt. Ltd., and Magellan Solutions among others.
Adoption of advanced digitalization as well as automation and use of analytics in the service platforms are the new inputs incorporated by the market players to sustain in the highly competitive healthcare BPO services market. For instance, in February 2016, Cognizant developed of a new digital healthcare platform, Cognizant Health TranZform. The new digital platform will help consumers make more informed decisions about the cost and quality of their care, while simultaneously enabling healthcare providers and payers to drive greater levels of consumer engagement and operational efficiency.
Global healthcare BPO services market, based on payer service was segmented into claims administration, billing, member management, provider management, fraud management, and others. In 2017, the claims administration segment held a largest market share of 61.2% of the healthcare BPO services, by payer service. This segment is also expected to dominate the market in 2025. This is primarily attributed to the increasing demand for faster, error-free processing and payments, and a better overall customer experience is increasing. The paper claims or traditional claim administration procedures are time consuming and the Healthcare BPO enables the payers to save time and money, and provide better services to their clients by increasing efficiencies throughout the entire claims lifecycle from claims intake to final payment. However, the fraud management segment is anticipated to witness the fastest growth rate among the payer service segment.
The objective of the study is to describe, define, and forecast the healthcare BPO services by payer service, provider service, pharmaceutical service and region. The report also provide detailed information regarding the major factors influencing growth of the market (drivers, restraints, opportunities, and trends). The report helps to analyze market with respect to individual growth trends, prospects, and contributions to the overall market.
The report analyzes factors affecting healthcare BPO services from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South & Central America after evaluating political, economic, social and technological factors effecting the market in these regions. The report also includes the profiles of key healthcare BPO service offering companies along with their SWOT analysis and market strategies.
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Keywords: Healthcare BPO Services Market, Healthcare BPO Services