Research Insights on Global Healthcare BPO Market Size, Share, Growth and Forecast to 2025

Global Healthcare BPO Market size is expected to witness high growth over the forecast period. Increasing need to reduce operational costs is anticipated drive the market. The business process outsourcing (BPO) model has several advantages such as easy availability of skilled labor, low rates, and reduced training costs. Through outsourcing, medical organizations can concentrate on their core competencies and reduce their efforts and investments on support activities. These factors are driving the adoption of BPO in the medical sector.

 High prevalence of various diseases has increased workload of medical institutions. Through adoption of outsourcing solutions, these organizations are able to focus on their core activity to maintain quality of service. Outsourcing services assist organizations in different supporting activities such as accounting, medical transcriptions, and patient database maintenance among others. Collaborations with third party healthcare BPO vendors for these activities is a rising industry trend.

Adoption of business strategies such as alignment of major resources towards core competencies is projected to drive the market over the forecast period. Cost cutting through outsourcing business model is anticipated to further augment the market in near future.

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Costs of medical services have increased significantly over the last few years. Developing countries such as India, Philippines, and China offer skilled labour at low costs. As a result, companies are able to reduce overall cost by delegating work to vendors located in these regions. This factor is anticipated to positively influence the market over the forecast period. Offshore vendors handle activities such as medical billing, accounting, payroll, medical transcription, and coding.

Hospitals in the U.S. maintain a patient database used by insurance organisations for authentication. Database management and analysis are the key activities requiring professionals with adequate interpretation skills. Staff recruitment for such activities turns out to be a costly affair. Hence, hospitals find it easy to partner up with service providers located at distant locations.

However, risks associated with this business model are major restraints hampering overall growth of the healthcare BPO market. Data security is a growing concern owing to high risk of confidential patient data getting misused. Further, most outsourcing establishments are present in Asia Pacific. This makes coordinating in different time zones a challenge for both parties. Moreover, delays in rendering services on account of these factors are the reason why some organisations prefer in-house activities.

A remarkable rise in adoption of advanced technology in the medical and pharmaceutical sectors is anticipated to boost the growth of the global market for healthcare BPO in the forthcoming years. Hospitals have adopted enterprise resource planning (ERP) systems for crowd control and management. Digitization of various supportive medical activities is poised to bode well for demand in near future.

Moreover, government initiatives to reduce service cost is facilitating the need for outsourcing owing to its cost reduction ability. For instance, in 2012, the U.S Supreme Court upheld the main elements of President’s Patient Protection and Affordable Care Act. As per this act, it is mandatory for all American citizens to buy a health coverage. Further, this act is aimed at expanding medical coverage and providing better care along with reduced wasteful spending. The mandate has forced hospitals to focus on their core functions and cut costs by choosing third party sub-contractors for non-core functions.

Pharmaceutical outsourcing, provider outsourcing, and payers outsourcing are the three major applications of healthcare BPO. Pharmaceutical subcontracting is one of the prominent applications in terms of global demand. Provider subcontracting deals with medical coding, billing, Human Resources (HR), and medical coding. Payers segment deals with handling tasks associated with payroll, finance, and accounts.

North America was the leading region in global market on account of highly developed healthcare sector and high in-house operational costs. Pharmaceutical companies in U.S take support of off-shore vendors to focus on research and development.

Asia Pacific is expected to witness significant growth over the forecast period owing to the overall development of medical science coupled with high prevalence of diseases. In addition, Europe is expected to showcase a steady CAGR in near future mainly on account of developed pharmaceutical sector, especially in France and Germany.

Africa and South America are projected to witness a slow expansion owing to sluggish growth of healthcare industry. Moreover, companies from developing economies prefer in-house activities. This factor is anticipated to hinder regional market growth to an extent. Leading countries where vendors have their operational centers are U.S, Mexico, Ireland, France, India, Philippines, China, Vietnam, South Africa and Argentina.

Key players operating in the healthcare BPO market are Cognizant Technologies; Accenture; Wipro Technologies; Tata Consultancy Services; Genpact; WNS; Hinduja Global; Boehringer Ingelheim; Charles River Laboratories; Covance Inc.; Infosys; Lonza Group; Xerox Corporation; HCL Technologies; Exlservice; Medusind; Catalent; GeBBS Healthcare Solutions; and Quintiles, Inc.

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Digital Pathology Market Size By Product , Regional Analysis & Industry Outlook Report

Global Digital Pathology Market is expected to experience brisk growth over the forecast period owing to a rapid increase in cancer cases. Benefits such as easy consultation and accurate results are estimated to support the growth of the market.

Digital pathology is an image-based data system linked with computer technology, which manages information produced from a digital slide. It is also referred to as virtual microscopy that involves capturing, managing, analyzing, and interpreting digital data from a glass slide. The process includes generating glass slides and converting them to digital slides by using digital solutions such as scanning. A digital slide image document is then generated that allows high-resolution image viewing, analysis, and interpretation

These devices can be easily transported from one place to another, which makes their implementation in several clinics & healthcare centers easier and simpler. Moreover, rising awareness regarding benefits of the procedure is anticipated to stoke the growth of the market. Demand for drug innovation and development is likely to positively impact the industry over the coming years. Besides this, technological advancements and development of companion equipment are projected to supplement the growth of the market.

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Its ability to augment work efficiency and understanding and handling ease is poised to motivate its usage for health-related decision making. Superior characteristics such as easy transportation and high system efficiency help doctors and other healthcare professional to diagnose disorders even in isolated regions within the body. This system helps real-time decision making and provides effective workflow.

Several advantages such as cost reduction after its implementation, high reliability in decision making, fast & accurate test results, and efficiency in analysis are expected to fuel its demand over the forecast period. Cost reduction is achieved by minimizing data and slide delivery cost and by reducing procedure costs.

Stringent government rules and regulation are estimated to hamper the growth of the market over the forecast period as its implementation requires proper approval. Conservative attitudes towards usage of such systems and dependency on alternative methods for pathology test are anticipated to limit the market from realizing its utmost potential. Huge cost and massive initial investments are anticipated to have a negative impact on the growth of the market.

Some of the major challenges faced by the market are issues related to interoperability and industry standardization as formats mostly differ from region to region. On the other hand, affordable scanners for private pathology learning are likely to shape the future of the market. Penetrating into new applications such as biopharmaceuticals and drug toxicology study is projected to open new avenues for industry participants.

Scanners, digital pathology information management systems, information storage devices, visualizing software, image analysis platform, web-based communication mode, and cloud-based delivery systems are some of the common products used for digital pathology. There are several application areas for this market, which can be mainly classified into human pathology and animal pathology.
Human pathology includes pharmaceuticals & biotechnology companies, training & education, hospitals, academic laboratory centers, and reference laboratories. On the other hand, animal pathology includes government and academic research institutes, biotechnology & pharmaceuticals companies, and contract research organizations.

Developed regions such as North America and Europe are at the forefront of the market. These regions will continue to account for a sizeable share in the market over the forecast period. The growth of the market in North America can be attributed to constant R&D initiatives along with product innovation leading to better product development.

Emerging regions such as Asia Pacific are poised to witness significant demand for this system over the forecast period. The region is expected to rise at a lucrative CAGR over the forecast period due to increasing awareness regarding advantages of digital pathology. Developing countries such as Brazil, China, and India are estimated to be sights of high growth rates in the global arena.

The digital pathology market is highly cost intensive and requires heavy initial investment for installation purpose. Market participants are investing heavily in research and development initiatives to have a competitive advantage over their contemporaries and develop novel products. Prominent industry participants include 3dhistech Ltd.; Aurora Interactive Ltd.; Definiens AG; Hamamatsu Photonics K.K.; Indica Labs, Inc.; Leica Biosystems, Gmbh; Mikroscan Technologies, Inc.; Huron Technologies International, Inc.; Objective Pathology Services Ltd.; Xifin, Inc.; Pixcelldata Ltd.; Ventana Medical Systems, Inc.; ApolloPacs, Inc.; Corista LLC; Digipath, Inc.; Kanteron Systems; Ligolab, LLC; Nikon Instruments, Inc.; Omnyx; LLC ;Pathol Ltd.; Sunquest Information Systems, Inc.; and Visiopharm.

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