The Medical Outsourcing Market is estimated to hit $ 319.46 billion by 2023

Posted by Lohitha on August 8th, 2019

According to the new market research report by IndustryARC titled “Medical Outsourcing Market: By Services (Payer, Provider, Pharmaceutical, Pathology, Information Technology); By End Users (Hospitals, Pharma Laboratories, Clinics); By Geography - Forecast(2018-2023)”, the market registers a healthy growth due to the rising ‘cardio-patient population’ along with hypertension cases across the globe.
In 2017, the revenue of Medical Outsourcing market was 6.46 billion and is expected to grow with a CAGR of 2.5% to reach 9.46 billion by 2023. Global medical outsourcing market for pharmaceutical OEMs in 2017 is estimated to be 7.59 billion and projected to grow at a CAGR of 1.3% to reach 7.07 billion by 2023.

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Americas continues to lead the market share during 2018-2023.

The Americas is the region with the largest market share of Americas 45%, closely followed by Europe at 31%. The Medical Outsourcing market of the Americas is forecast to grow with a CAGR of 2.2% from 3.19 billion in 2017 to 9.98 billion in 2023. North America is the dominant market for healthcare IT which will boost the market growth for medical outsourcing of information technology in 2018-2023. Presence of global industries investing their maximum revenue in R&D activities makes America the largest regional market, with over 45% of the global revenue share of medical outsourcing. Introduction of the Patient Protection and Affordable Care Act (PPACA) has greatly impacted the growth of the payer market in American medical outsourcing market. By end user, the pharmaceutical industry generates the largest revenue share with .40 billion in 2016 to .23 billion in 2021, growing at a CAGR of 0.9%.

Selected / Sample Analysis done in the full Report:

Considering a case of insurance based outsourcing services to explain the value chain. In this case, let’s break the value to the customer into two parts – primary and secondary. The primary value (or need) is to procure insurance information for hospital bills, and secondary value comes from aspects such as checking assistance, patient details or customer details stored in data warehouses.

As you may observe, unlike for products whose consumption and performance of the final products (tangible such as sports equipment) bring the value to the customer, for services each stage is extremely essential to fulfill (supplement) the primary (core) need of the customer. Moreover, service at each stage (primary or secondary) would vary in performance each time it is performed.

Each stage is essentially a value chain in itself delivering value (though supplementary) to the customer. Consequently, inbound logistics, operations, outbound logistics, and service, form a product in themselves. Advertising (prospecting) and sales become the most important service. The intangibles of service need continuous push and publicity, while CRM holds the key to retain customers and feedback become a necessary evil.

In all, each stage should work coherently and aim for a single goal i.e. to influence customer preference. Incoherence in any one stage from others could impact not just the delivery of primary service, but also of supplementary services that become part of the full service (or single product).

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Excerpts on Market Growth Factors Mentioned in the Full Report:

The increasing demand for claims processing services due to insurance access expansion is projected to drive growth for the medical outsourcing market.
Increased pressure on margins of health-care payers due to the rise of health insurance exchanges will have a positive impact on market growth.

Key Players of the Medical Outsourcing Market:

Some of the service providers in this market include PPD LLC, Accenture Consulting, Quanticate, Kinesis Pharma, Quintiles and inVentiv Health. Accenture consultants are assisting the customers to design and implement profound business transformations in partnership with major companies. PPD LLC offers services such as contract clinical research, drug discovery, development, lifecycle management and laboratory services.

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About IndustryARC:

IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.