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Healthcare Outsourcing Demand and Popularity to Grow until 2023

by: Sidney Liquigan

Monday, March 19, 2018 | Outsourcing News |

Healthcare processes, such as medical billing and coding, are included in the common business functions that you can outsource to BPO companies all over the globe. With healthcare sector having many of the biggest businesses in the world, it is not surprising that healthcare businesses outsource their processes to improve their operations, boost financial performance, and serve their clients and patients more efficiently.

According to a global forecast, the healthcare BPO market is projected to accumulate USD449,623.8 million at a CAGR growth of 12.3% from 2017 to 2023. In 2016, the pharmaceutical service segment accounted for the largest share in the global healthcare BPO market at 72.2%.

The leader in the global healthcare outsourcing market is the Asia-Pacific region, due to lower labor costs, approximately only 33% of the costs of those in more developed regions. In addition to lower labor costs, the main drivers of the Asia-Pacific market are improvements in other areas, including the business environment, economic and political risks, and IP protection, to name a few. In this region, the Philippines is expected to be the fastest growing market.

The second leading healthcare outsourcing market is the Americas led by Brazil, Chile, Mexico, and the US, while the third largest market is Europe led by Poland, Bulgaria, and Romania. The Middle East & Africa region is also keeping up, with a projected moderate growth.

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