CHICAGO, July 3, 2019 /PRNewswire/ -- According to the new market research report 'Healthcare BPO Market Provider (RCM, Patient Care), Payer (Claims Repricing), Pharmaceutical (R&D, Manufacturing, Sales and Marketing Services (Forecasting, Performance Reporting), Outsourcing Approaches, Models (Multisourcing) - Global Forecasts to 2022', published by MarketsandMarkets™, the global Healthcare BPO Market is expected to reach USD 312.43 Billion by 2022 from USD 191.68 Billion in 2017, at a CAGR of 10.2% from 2017 to 2022.
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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 market growth.
The pharmaceutical services market to hold the largest share during the forecast period
Based on type of service, the healthcare BPO 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.
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156 – Tables
34 – Figures
201 – Pages
The revenue cycle management segment to grow at the highest CAGR during the forecast period
On the basis of provider service, the 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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The US to dominate the healthcare BPO market in 2017
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.
Accenture (US), Cognizant (US), Infosys (India), TCS (India), and Xerox (US) are the key players in the healthcare BPO market between 2017 and 2022. Other major players operating in this market are Quintiles IMS Holdings (US), Lonza (Switzerland), Genpact (Bermuda), WNS (Holdings) (India), Wipro (India), and IBM (US).
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