(PRWEB) August 03, 2014
The “Healthcare BPO Market Payer (Claims Processing, HR Services, Finance & Accounts), Provider (Medical Billing & Coding)Pharmaceutical (Clinical Trial, Contract Manufacturing, & Non-Clinical Services) - Trends & Forecasts (2013 - 2018)” analyzes and studies the major market drivers, restraints, and opportunities in the U.S., Europe, and the Rest of the World.
This report studies the global healthcare BPO market over the forecast period of 2013 to 2018. This market is valued at an estimated $92,325.9 million in 2013 and is poised to grow at a CAGR of 10.8% from 2013 to 2018, to reach $188,856.5 million by 2018.
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The Healthcare BPO market is a very large and complex service based industry. This market is comprised of the payer, provider, and pharmaceutical outsourcing markets. It is relatively young and with a very low level of consolidation. This market is a highly fragmented and has numerous small-sized players operating in niche service segments. Cost reduction and lack of expertise in non-core business functions have made Business Process Outsourcing (BPO) an important service offering in the healthcare industry. Rapid growth in the global healthcare industry has fuelled the growth of the healthcare BPO market as well. The market has evolved and multiple service offerings have emerged to meet the needs of the healthcare industry.
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The healthcare BPO market is segmented into the payer, provider, and pharmaceutical outsourcing segments. Cost reduction is the main driver for outsourcing core functions like claims processing, medical billing, and contract research in this market. Furthermore, outsourcing functions like HR services, finance and accounts, and sales and marketing enable payer, provider, and pharmaceutical companies to focus on their core functions. The pharmaceutical outsourcing segment has the largest share and accounts for close to 80% of the healthcare BPO market in 2013. However, regulatory changes in key geographies of U.S. and Europe would result in increased requirements for payer and provider outsourcing services.
The healthcare BPO market is segmented into source and destination geographies. The source geographies in this report are U.S., Europe, and Rest of the World. The destination geographies are India, China, the U.S., Europe, Philippines, LATAM, the Middle East, and Rest of the World. The U.S. accounts for the largest share in the healthcare BPO market. The large share of the U.S. is attributed to increased demand from the payer and provider segments due to recent regulatory changes in the U.S.
The major players in the healthcare BPO market include Accenture (Ireland), Medusind (U.S.), GeBBS Healthcare (U.S.), Genpact Limited (Bermuda), Inventive (U.S.), Cognizant Technology Solutions Corporation (U.S.), Lonza (Switzerland), Catalent (U.S.), Boehringer Ingelheim (Germany), DSM Pharma (U.S.), Quintiles (U.S.), Covance (U.S.), PPD (U.S.), Parexel (U.S.), Charles Rivers Laboratories (U.S.), and ICON (Ireland), among others.
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