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Analysis & Outlook
Rajesh Prabhakar Analyst Bio @ http://itbizcharts.blogspot.com/
The Global Healthcare Business Process ...
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Global Healthcare BPO Market dominated by India, double digit growth till 2018

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The Global Healthcare Business Process Outsourcing market is expected to continue its double digit growth for five more years as the healthcare companies that include payer, provider and pharmaceutical outsourcing companies have to adopt BPO to reduce costs, focus on improving the core offerings rather than focus on business processes that are support functions and by outsourcing these noncore business processes they can take advantage of skills and expertise of low cost professionals and also innovation provided by BPO service providers.

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Transcript of "Global Healthcare BPO Market dominated by India, double digit growth till 2018"

  1. 1. Analysis & Outlook Rajesh Prabhakar Analyst Bio @ http://itbizcharts.blogspot.com/ The Global Healthcare Business Process Outsourcing market is expected to continue its double digit growth for five more years as the healthcare companies that include payer, provider and pharmaceutical outsourcing companies have to adopt BPO to reduce costs, focus on improving the core offerings rather than focus on business processes that are support functions and by outsourcing these noncore business processes they can take advantage of skills and expertise of low cost professionals and also innovation provided by BPO service providers. According to a report provided by MarketsandMarkets, a global market research and consulting company, the global healthcare BPO market is estimated to be $92.3 billion in 2013 and is expected to grow at a CAGR of 10.8% from 2013 to 2018, to reach $188.8 billion by 2018. The payer outsourcing segment is categorized into claims processing, HR services, member services/customer care, and finance and accounts segments. The provider outsourcing segment consists of medical billing, medical coding, medical transcription, and finance and accounts segments. The pharmaceutical outsourcing segment consists of clinical research organizations (CROs), contract manufacturing organizations (CMOs), and non-clinical services segments. Indian healthcare BPO providers targeting the provider and payer market aggressively. United States Healthcare industry is the largest player in this segment and US Healthcare companies outsource significant portion of their business processes to countries like India (largest Healthcare BPO services provider), Philippines and Latin American countries. Obamamcare, HIPPA compliance and ICD 10 coding are the major regulatory changes that are driving the huge Healthcare BPO market globally and Healthcare BPO service providers in India are expected to dominate and acquire most of the contracts from US Healthcare companies.Claims processing, transcription services and medical coding are some of the core business processes that are outsourced and demand for these services is expected to increase significantly in the near future. Indian Healthcare BPO service providers are well equipped, low cost providers with all the infrastructure facilities needed and prepared for the rising demand in this segment and are aggressively bidding for these contracts although the Philippines based healthcare BPO providers are also looking to compete with Indian players, they lack the skills and expertise that is mandatorily required for the healthcare sector like doctors, nurses, medical coders, transcriptionists, etc. Pharmaceutical outsourcing is also expected to continue its growth as the pharmaceutical companies are struggling with raising costs in manufacturing, R&D, intense competition in the industry and government regulations is forcing the companies to cut prices of drugs. Not only the manufacturing of drugs is being outsourced but also R&D is also being outsourced to countries like India. Contract manufacturing, contract research and with patents expiring generic drug manufacturing is a big business in India. Pharmaceutical companies across the globe are being forced to innovate new drugs constantly to survive in the market.Low cost, talent base in terms of specific skills and expertise, available of infrastructure and government support are key to India’s success in global Healthcare BPO market. Global Healthcare BPO Market dominated by India, double digit growth till 2018

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