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Healthcare BPO to be Valued at $188,856.5M by 2018

by: Sarah Joson

Monday, June 23, 2014 |

Value of Global Healthcare Outsourcing Industry in 2018

MarketsandMarkets, a renowned market research agency, recently released "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)". Just last year, the global Healthcare BPO market was valued at an estimated $92,325.9 million. It is projected to post a compound annual growth rate (CAGR) of 10.8% from 2013 to 2018, and is expected to be valued at $188,856.5 million by 2018.

The Healthcare BPO market is divided into payer, provider, and pharmaceutical outsourcing. It was also found that cost efficiency is still the main driver for the outsourcing activity in this market. Processes include claims processing, medical billing, and contract research.

Other functions such as HR services, finance and accounts, and sales & marketing are also being sent out by payer, provider, and pharmaceutical companies to help them focus on core functions.

The report also named the pharmaceutical outsourcing segment as the largest shareholder, taking 80 percent of the entire BPO market in 2013. However, with the recent modifications in healthcare rulings in the US and Europe, payer and provider outsourcing services are expected to increase their market share as well.

The report also divided the Healthcare BPO market according to source and destination geographies. The sources are US, Europe, and Rest of the World, while the destination geographies list is made up of India, China, the US, Europe, the Philippines, LATAM, the Middle East, and Rest of the World. The latest regulatory changes in the US propelled it as the leader of the healthcare BPO market, particularly the payer and provider segments.

The top providers in the Healthcare  BPO  market include Accenture (Ireland), Medusind (US), GeBBS Healthcare (US), Genpact Limited (Bermuda), Inventive (US), Cognizant Technology Solutions Corporation (US), Lonza (Switzerland), Catalent (US), Boehringer Ingelheim (Germany), DSM Pharma (US), Quintiles (US), Covance (US), PPD (US), Parexel (US), Charles Rivers Laboratories (US), and ICON (Ireland).


Source:
http://www.prnewswire.co.uk/

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