With the COVID-19 pandemic, the world is not only fighting a health crisis but also an economic one. The lockdown situation in several countries has directly or indirectly impacted many industries including healthcare business process outsourcing services. This pandemic has also brought along several changes in market conditions. According to a market report titled “Global Healthcare BPO Market Overview” from Market Research Intellect, the Global Healthcare BPO Market has been growing at a fast pace with substantial growth rates over the last few years and is expected to grow significantly in the forecast period – 2019 to 2026. The study analyzed the trends in various segments of the market including the drivers, restraints, opportunities and challenges. It categorizes the healthcare BPO industry structure based on product, application, geography and key players.
Healthcare BPO is an activity wherein a healthcare provider contracts its non-core activities to a third party vendor. BPO helps healthcare providers adopt intelligent approaches that will support the organization by reducing cost pressures and increasing overall productivity. Healthcare BPO covers various solutions such as customer account setup, front end services, billing and account receivables, recruitment, provider network services, claims services, membership services, Medicare services, and pharmacy benefits management.
The report lists the major players in the Global Healthcare BPO Market and also provides an insight to the financial statements of all the major players along with its key developments product benchmarking and SWOT analysis. The Global Healthcare BPO Market is segmented by product, application, key players and region.
By product includes:
- Healthcare Payer BPO
- Healthcare Provider BPO
- Healthcare Pharmaceutical BPO
By Application includes
- Research and Development
- Manufacturing
- Non-Clinical Services
Geographically, this market is segmented into promising regions such as North America (U.S., Canada, Mexico), Europe(Germany, U.K., France, Italy, Russia, Spain etc.), the Asia-Pacific (China, India, Japan, Southeast Asia etc.), South America (Brazil, Argentina etc.), the Middle East and Africa (Saudi Arabia, South Africa etc.) and Latin America. Research analysts understand the competitive forces and provide competitive analysis for each competitor separately.
However, the qualitative and quantitative analysis of the market based on segmentation involves both economic as well as non-economic factors. The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers) as well as challenges and restraints of both emerging as well as developed regions will impact the healthcare BPO market.
According to another report from Cole Market Research, the Global healthcare BPO Market was valued approximately USD 191.70 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 9.50% over the forecast period 2018-2025. According to the report, the substantial driving factors of the market during the forecast period include:
- Escalating pressure on healthcare providers to lower the cost of healthcare
- Regulatory changes and rapid increase in clinical process outsourcing
- Increase in merging in healthcare BPO sector
Moreover, increasing consolidation in healthcare industry is one of the major factors that likely to create numerous opportunities in the near future.
Targeted Key Consulting Companies & Advisors, Large, medium-sized, and small enterprises, Venture capitalists, Value-Added Resellers (VARs), Third-party knowledge providers, Investment bankers and Investors, this report segments the market on the basis of three services:
Payer Services:
- Claims Management
- Integrated Front-end Services and Back-office Operations
- Member Management
- Product Development and Business Acquisition (PDBA)
- Provider Management
- Care Management
- HR Services
- Billing & Accounts Management Services
Provider Services:
- Revenue Cycle Management
- Patient Enrolment & Strategic Planning
- Patient Care
Pharmaceutical Services:
- Manufacturing
- R&D
- Non-clinical Services
The report discusses the macroscopic indicators, market issues, drivers, and trends, competitive landscape, and CAGR of the global healthcare BPO market. However, the report notes that shortages of trained expertise, complex regulation and concerns associated with data privacy and security are the factors that limiting the growth of the market across the world.
