Healthcare BPO Market | Ongoing Trends and Recent Developments | Major Key Players like Cognizant (US), Accenture (Ireland), Xerox (US), Genpact (Bermuda), TCS (India), and Infosys (India)

Patent cliffs, complex clinical trial protocols, and new reporting requirements are forcing pharmaceutical companies to outsource their R&D and manufacturing processes to other countries, which is driving the healthcare outsourcing market. On the other hand, hidden costs of outsourcing and the fear of losing visibility and control over business processes and reliability and data security and privacy concerns are the major factors expected to restrain healthcare outsourcing market growth.

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What the market looks like?

The Global Healthcare BPO Market is projected to reach a value of $312.43 Billion by 2022 from $191.68 Billion in 2017, at a CAGR of 10.2%.

Based on the type of service, the healthcare outsourcing market is segmented into payer, provider, and pharmaceutical services. In 2017, the pharmaceutical services segment is expected to account for the largest share of the market. Growth in this segment can be attributed to the increasing competition in the pharmaceutical industry and high operational costs.

Based on provider service, the Healthcare BPO Market is classified into revenue cycle management, patient enrolment & strategic planning, and patient care. The revenue cycle management 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.

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Geographical growth scenario of Healthcare BPO Market:

In 2017, the US is expected to account for the largest share of the global Healthcare BPO Market, followed by, Europe and RoW. Factors such as increasing competition and strict government regulations to reduce costs are driving the growth of the US healthcare BPO outsourcing market.

Factors driving and restraining market growth:

The worldwide market for Healthcare BPO has seen a transforming change over the past few years and is expected to continue to do so in the coming years as well. This growth can be majorly contributed to the following factors:
 Drivers - Payer Services Market
• Regulatory Changes in the US with the Implementation of Ppaca
• Pressure to Reduce Rising Healthcare Costs
• Demand for Niche Services
 Drivers: Provider Services Market
• Shift to ICD-10 Coding Standards and Upcoming ICD-11
• Loss of Revenue Due to Billing Errors
• Increasing Consolidation in the Healthcare Industry

Key companies and strategies adopted:

The global Healthcare BPO Market comprises key players, such as Accenture (US), Cognizant (US), Infosys (India), TCS (India), and Xerox (US), Quintiles IMS Holdings (US), Lonza (Switzerland), Genpact (Bermuda), WNS (Holdings) (India), Wipro (India), and IBM (US).

Accenture (US) is one of the prominent players in this market. The company offers healthcare payer and provider services to healthcare providers, government health departments, policymaking authorities, regulators, managed care organizations, health insurers, and other industry-related organizations. Accenture operates in more than 120 countries across the Americas, Asia, Europe, the Middle East, and the Rest of the World.

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