The Global Healthcare BPO Market 2020 is poised to register 12.3% CAGR to reach USD 449.623 billion till 2023.
A variety of trends are gaining momentum in the global healthcare BPO industry, such as the the percentage of geriatrics in the global population, the prevalence of target diseases, the the need for early diagnosis of incurable diseases, and the launch of innovative technologies. The lack of a predefined legislative system, on the other hand, greatly impedes the inflow of demand for BPO healthcare. Nevertheless, with an increasing demand for point-of-care research, back office operations, as well as customised medication, the healthcare BPO market share is increasingly expanding and the introduction of cost-effective laboratory tests and advanced analytical solutions is expected to open up new possibilities for this market’s traders.
The pharmaceutical services bpo market is also poised to benefit from the vast increase in pharmaceutical industry funding from government, public and private bodies to develop an effective cure for the vast number of chronic diseases affecting the global population. The global healthcare outsourcing market is also driven by strict regulations on the safety of drug development procedures and efficiency of quality control and quality assurance guidelines governing the pharmaceutical and associated industries in a number of developed economies.
In the report for regions such as North America, Europe, Asia Pacific, Latin America and the Middle East and Africa, the global healthcare BPO market has been examined from a geographical point of view.
In terms of growth opportunities as well as trends in the healthcare BPO sector, the North American market has remained at the forefront of these over the years. The area is also expected to continue to account for a considerable part of the revenue pie over the next several years, thanks to the presence of many pharmaceutical and bioscience firms and the presence of several leading players in the healthcare BPO sector. In addition, high healthcare expenditure, the concentration of leading players and the high rate of adoption of advanced technology in the field of healthcare BPO An important driver is widening government support for the development of the healthcare sector. In addition, market growth over the corresponding period will be boosted by demand for niche services and increasing cost savings.
During the forecast period, Europe is expected to account for the second-largest market share. In 2016, the region accounted for a 21.1% share in the global BPO market for healthcare. high healthcare revenues, increasing government support, and a well-developed healthcare sector are contributing to the European healthcare bpo market opportunities.
Due to the growing demand for software for smooth functioning in the healthcare sector and the increasing collaboration between the healthcare and IT sector, Asia-Pacific is estimated to be the fastest-growing region in the global market. India, Japan, China, Australia, the Republic of Korea and the rest of Asia Pacific constitute the Asia Pacific market. Factors that ignite growth pockets are rapidly advancing healthcare, high healthcare spending, developing healthcare industries organisations and improving technology in the Asia Pacific market. A CAGR of 8.8 percent over the forecast period is projected to capture the market in China.
The healthcare BPO market in the Middle East and Africa is projected to expand due to the growing presence of healthcare BPOs in Saudi Arabia, Kuwait, and the UAE.
The eminent players in the global healthcare BPO market are IBM (US), ACCENTURE (Ireland), Cognizant (US), Sykes (US), HCL (India), QUINTILES (US), and INFOSYS (India).