|05-04-2018 07:59 AM CET - Health & Medicine||
Healthcare BPO Market | Market Technology Growth by Top Global Leader- Accenture, Tata Consultancy Services, Genpact, Infosys Limited, Cognizant
Press release from: P&S Market Researc
The global healthcare business process outsourcing (BPO) market is witnessing significant growth, due to technological advancements in healthcare IT sector and increasing demand for reducing healthcare costs. The tenth revision of International Statistical Classification of Diseases and Health Related Problems (ICD-10), emergence of biologics and massive unexplored healthcare BPO market in the emerging economies are creating ample opportunities for the growth of the global healthcare BPO market. Healthcare reforms across the globe and adoption of healthcare BPO by major pharmaceuticals, biopharmaceuticals and biotechnology companies are supporting the demand of cost effective and improved healthcare system.
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Some of the factors driving the growth of the global healthcare BPO market are increasing healthcare costs, advancement in the healthcare IT technology, lack of skilled professionals and increasing demand for improved healthcare. In addition, the high cost associated with R&D and manufacturing of drugs, and reduced productivity is compelling the major pharmaceuticals companies to outsource their business processes. However, data security and privacy concerns, unforeseen costs, and difference in the regulatory processes within different countries are restraining the growth of the global healthcare BPO market.
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Geographically, the global healthcare BPO market is categorized as outsourcing source geographies, and destination source geographies. Based on the outsourcing source geographies, the market is segmented into the U.S., Europe and Rest of the World. The U.S. dominates the global healthcare BPO market, among all the outsourcing source geographies. The reasons for the dominance of the U.S. in the market are the increasing demand to reduce healthcare costs, and high cost associated with the R&D and manufacturing of drugs in the region. In addition, the legislative reform of Patient Protection and Affordable Care Act in the U.S. is also driving the healthcare business process outsourcing market in the U.S. for affordable and improved healthcare. Europe is the fastest growing outsourcing source geography, in the global healthcare BPO market. The major reason behind fastest growth of Europe as outsourcing source geography is due to the increasing demand for improved and cost-effective healthcare in the region.
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Some of the major players operating in the global healthcare BPO market are Accenture, Tata Consultancy Services (a part of Tata Group), Genpact, Boehringer Ingelheim GmbH, Cognizant, Charles River Laboratories International Inc., Covance Inc., Infosys Limited, Lonza Group Ltd. and Quintiles Inc.
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