Healthcare BPO Market

Accenture (US), Cognizant (US), Infosys (India), IBM (US), Quintiles IMS Holdings (US), TCS (India), and Genpact (Bermuda) are Some of the Major Players Operating in the Healthcare BPO Market

The global healthcare BPO market is expected to reach USD 312.43 Billion by 2022 from USD 191.68 Billion in 2017, at a CAGR of 10.2% from 2017 to 2022. Patent cliffs, complex clinical trial protocols, and new reporting requirements are forcing pharmaceutical companies to outsource their R&D and manufacturing processes to other countries, which is driving the healthcare outsourcing market

While product launches remain at the center of the strategic growth initiatives pursued by a majority of the key players in the global healthcare BPO market, players are also focusing on increasing their presence in the high-growth markets through agreements, expansions, and acquisitions. Accenture (US), Cognizant (US), Infosys (India), IBM (US), Quintiles IMS Holdings (US), TCS (India), Wipro (India), and Genpact (Bermuda) are focusing on new product launches and enhancements to enhance their market presence.

Accenture (US) is one of the prominent players in this market. The company offers healthcare payer and provider services to healthcare providers, government health departments, policymaking authorities, regulators, managed care organizations, health insurers, and other industry-related organizations. Accenture operates in more than 120 countries across the Americas, Asia, Europe, the Middle East, and the Rest of the World. The company mainly focuses on both organic and inorganic growth strategies such as product launches, expansions, acquisitions, agreements, and collaborations to strengthen its market position. For instance, in 2017, the company launched the clinical operations insights platform (COIP) and Accenture genome. Similarly, in 2017, the company acquired LabAnswer (US), a leading laboratory informatics consultant. Through this acquisition, the company expanded its life sciences and cross-industry research and laboratory informatics capabilities

Cognizant (US) is one the key players in this market due to its broad healthcare BPO product portfolio. The company offers its services through four reportable segments, namely, Financial Services; Healthcare; Manufacturing, Retail, and Logistics; and Others (including communications, information, media & entertainment, and high technology). They provide healthcare BPO solutions for both payers and providers. Cognizant operates in North America, Asia Pacific, Europe, Latin America, and the Middle East. During 2015 to 2017, the company focused on organic and inorganic growth strategies to strengthen its market position. For instance, in 2017, Cognizant launched the Shared Investigator Platform (SIP), TriZetto Healthcare Cloud Solution, and Compliant Managed Services Platform in the healthcare BPO market. Similarly, in 2017, the company entered into a definitive agreement to purchase Health Care Service Corporations (HCSC) subsidiary TMG Health. As part of the expansion of Cognizants strategic relationship with HCSC, TMG Health will enter into a new, expanded multi-year service agreement to continue providing information technology, business process, and other services to HCSCs various operating units and subsidiaries.

Some other leading players in the global healthcare BPO market include GeBBS Healthcare Solutions (US), HCL (India), Xerox (US), and Lonza (Switzerland). These companies focus significantly on investing in R&D activities to add innovative technologies and products to their portfolio. With a strong portfolio of healthcare BPO products and ceaseless efforts to develop innovative products, these companies are likely to maintain their strong position in the market in the coming years.

Related Reports:

Healthcare BPO Market by Provider (RCM, Patient Care), Payer (Claims Repricing), Pharmaceutical (R&D, Manufacturing, Sales and Marketing Services (Forecasting, Performance Reporting)), Outsourcing Approaches, Models (Multisourcing) - Global Forecasts to 2022

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Report Code
HIT 2168
RI Published ON
10/4/2017
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