Healthcare BPO Market Size, Leading Players, Segments Analysis and Forecast to 2024

The global healthcare BPO market size is witnessing significant growth, due to technological advancements in healthcare IT sector and increasing demand for reducing healthcare costs. The tenth revision of International Statistical Classification of Diseases and Health Related Problems (ICD-10), emergence of biologics and massive unexplored healthcare BPO market in the emerging economies are creating ample opportunities for the growth of the global healthcare BPO market. Healthcare reforms across the globe and adoption of healthcare BPO by major pharmaceuticals, biopharmaceuticals and biotechnology companies are supporting the demand of cost effective and improved healthcare system.

Healthcare BPO is the practice of outsourcing business operations by healthcare providers, payers and organizations. Healthcare BPO has several advantages, such as availability of skilled workforce at low cost, reduction in training and administrative costs, and high profitability for healthcare organizations, payers, and providers. In addition, healthcare BPO also improves the quality of patient care, while reducing the investment required for infrastructure.

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Some of the factors driving the growth of the global healthcare BPO market are increasing healthcare costs, advancement in the healthcare IT technology, lack of skilled professionals and increasing demand for improved healthcare. In addition, the high cost associated with R&D and manufacturing of drugs, and reduced productivity is compelling the major pharmaceuticals companies to outsource their business processes. However, data security and privacy concerns, unforeseen costs, and difference in the regulatory processes within different countries are restraining the growth of the global healthcare BPO market.

On the basis of outsourcing destination geographies, the global healthcare BPO market comprises the U.S., India, Philippines, Europe, Latin America and Rest of the World. Again, the U.S. leads the global healthcare BPO market as outsourcing destination geography. Philippines is the fastest growing outsourcing destination geography in the global healthcare BPO market, due to availability of skilled workforce at low cost and advancements in healthcare IT technology.

Some of the major players operating in the global healthcare BPO market are Accenture, Tata Consultancy Services (a part of Tata Group), Genpact, Boehringer Ingelheim GmbH, Cognizant, Charles River Laboratories International Inc., Covance Inc., Infosys Limited, Lonza Group Ltd. and Quintiles Inc.

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AI in Healthcare Market is Expected to Observe an Extensive Growth in the Coming Years

AI in healthcare industry finds application in medical imaging and diagnostic, patient data and risk analysis, precision medicine, drug discovery, virtual assistant, inpatient care and hospital management, wearables, research, robot assisted surgery, fraud detection and others. Patient data and risk analysis application is projected to register considerable growth during the forecast period. Growing number of patient base and increasing adoption of healthcare IT solutions such as EHR in healthcare settings is expected to foster the growth of AI in patient data and risk analysis.

The key end user of AI in healthcare market include healthcare providers, pharmaceutical and biotechnology companies, healthcare payers and patients. AI in healthcare is mostly utilized by the healthcare providers, mainly due to increasing concern towards improving hospital in-patient care, growing adoption of EHR in hospitals, small to medium sized clinics and ambulatory care centers.

The key factors that drive the growth of the industry include rise in need for coordination between healthcare workforce and patients, increasing application of Big Data in healthcare industry, ability of AI to improve patient outcomes, growing demand for precision medicine and increase in venture capital investments.

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With the increasing use of big data in healthcare sector, the vast amount of data can be stored systematically, as big data makes it easier for hospital staff to work efficiently. In order to monitor blood pressure, heartbeat and respiratory rate sensors are used besides patient beds which alert the doctors and hospital staff if any change is observed in the patient condition. Big data also help to fight cancer and mapping the 3 billion DNA base pairs during treatment of cancer. Big data improves hospital administration by reducing the cost of care measurement and provide best clinical support.

North America leads the global market due to presence of major AI providers including Intel Corporation, Google, Inc., IBM Corporation in the region. Other factors leading the market growth include, developed healthcare infrastructure, and growing aging population. Asia-Pacific is expected to witness the fastest growth during the forecast period. Increasing healthcare expenditure, continuously improving healthcare infrastructure due to growing medical tourism and growing aging population are the factors expected to support the growth of the Asia-Pacific AI in healthcare market.

Key players in the global AI in healthcare market include Intel Corporation, IBM Corporation, Microsoft Corporation, Google, Inc., General Electric Company, NVIDIA Corporation, Medtronic Plc, Koninklijke Philips N.V., iCarbonX, Next IT Corp., Welltok, Inc., General Vision, Inc, Recursion Pharmaceuticals, Enlitic, Inc. Stryker Corporation, Deep Genomics, Inc., and Oncora Medical, Inc.

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Need for Energy-Efficient HVAC Systems Driving Variable Refrigerant Flow(VRF) Systems Market

In 2017, the global variable refrigerant flow systems market generated a revenue of $11,400.7 million and is predicted to advance at a 13.4% CAGR during the forecast period (2018–2023).

The market is growing because of the rising demand for energy-efficient heating, ventilation, and air conditioning (HVAC) systems and inclination toward state-of-the-art technology and modern controls. VRF systems are air-conditioning unit system which comprise two major components, indoor and outdoor units.

On the basis of system type, the VRF systems market is bifurcated into heat recovery systems and heat pump systems. The market was dominated by heat pump systems during the historical period (2013–2017), which are further expected to account for the major share of the market during the forecast period, in terms of value. The reason for this is the disadvantages of heat recovery systems, even though they are capable of heating and cooling simultaneously.

Moreover, heat pump VRF systems have a lower cost of acquisition, negligible design constraints, and lesser manufacturer limitations.

When application area is taken into consideration, the VRF systems market is categorized into residential, commercial, and others (which include airports, metro stations, and railway stations).

Among these, the commercial category held the largest share of the market during the historical period, in terms of value, and is predicted to retain its position during the forecast period. This is due to the increasing construction activities and strict building regulations regarding energy efficiency.
The residential category is expected to grow at the fastest pace during the forecast period.

Global VRF Systems Market Segmentation

Market Segmentation by Component

• Outdoor Units
• Indoor Units
• Control Systems and Accessories             

Market Segmentation by Compressor Unit

• Air-Cooled Unit
• Water-Cooled Unit

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Why North America Patient Engagement Solutions Market is Witnessing Growth

Due to growing healthcare expenses, increasing demand for better healthcare infrastructure, surging geriatric population, and more incidents of chronic diseases, the adoption rate of patient engagement solutions is projected to witness significant growth. The North American patient engagement solutions market generated $3.9 billion in 2017 and is expected to witness a CAGR of 15.8% during the forecast period 2018–2023. Patient engagement refers to the process of establishing communication between patients and their healthcare providers online.

With smooth connectivity, the sharing of medical history, doctor appointments, treatment schedule, medication prescriptions, and lab reports has become extremely easy. Patients are more concerned about their personal information and comfort today compared to the past. Nowadays, they demand technologies that can consolidate all their medical information in one place and help them access and share it whenever and from wherever they want. This is why the patient engagement solutions market in North America has been progressing.

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The major factors driving the growth of the North American patient engagement solutions market are rising demand for better healthcare infrastructure and increasing spending on healthcare. In addition, the surging geriatric population and growing prevalence of chronic diseases are also contributing in this regard. According to the UN publication “World Population Ageing 2017”, around 78.4 million people in North America in 2017 were 60 years old or older, and the number is estimated to reach 122.8 million by 2050.

There is no doubt that elderly people need extensive care, as they are more prone to chronic diseases, such as cancer and diabetes. According to the American Cancer Society (ACS), around 1,688,780 new cases of cancer were diagnosed in the U.S. in 2017. Similarly, the Foundation for AIDS Research (amfAR) reported that in 2016, almost 1.1 million people in North America were suffering from AIDS. With an increasing number of elderly or even comparatively young people prone to such chronic diseases, who are demanding patient engagement solutions, the patient engagement solutions market in North America is predicted to advance in the future.

Further, government initiatives toward promoting patient engagement programs are also taking the North America patient engagement solutions market forward. For instance, under the EHR Incentive programs, the U.S. government offers healthcare providers incentives to encourage the adoption of electronic health records (EHRs). Similarly, the Medicare Access and CHIP Reauthorization Act seeks to revolutionize the methods, in which doctors treating Medicare patients (aged 65 or above) are paid. Under this act, doctors are paid based on the level of care they provide rather than the number of patients they treat, and how well they utilize EHRs.

Thus, we see that owing to conducive government policies and increasing incidents of chronic diseases in the elderly, the market is predicted to witness steady progress.

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Fuel Cell Commercial Vehicle Market to Set Phenomenal Growth from 2019 to 2025

The global fuel cell commercial vehicle market is expected to witness notable growth during the forecast period 2019–2025, on account of favorable incentive programs by governments of several countries to boost the adoption of eco-friendly vehicles. Several governments across the globe are focusing on decreasing air pollution by encouraging the adoption of eco-friendly vehicles, which include fuel cell vehicles. These vehicles do not discharge harmful pollutants, such as hydrocarbons, carbon monoxide, and volatile organic compounds.

On the basis of vehicle type, the fuel cell commercial vehicle market has been categorized into light commercial vehicle (LCV), medium commercial vehicle (MCV), and heavy commercial vehicle (HCV). Among these, LCVs held the largest share in the market in 2018. This can be mainly attributed to the high demand for LCVs, supported by the higher adoption of fuel cell technology in these vehicles as compared to other vehicles.

Geographically, Asia-Pacific (APAC) is expected to account for the largest share in the fuel cell commercial vehicle market during the forecast period. The increasing demand for low- or zero-emission vehicles in several countries of the region, coupled with the growing focus of fuel cell stack manufacturers on China for product manufacturing, is expected to boost the market growth in APAC.

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Drivers

Awareness about the advantages of green energy vehicles over internal combustion engine vehicles is increasing across the world. Many countries are implementing plans to promote the adoption of alternate-fuel vehicles, which, in turn, is boosting the growth of the fuel cell commercial vehicle market. For instance, the Ohio Development Services Agency runs the Alternative Fuel Transportation Program, which offers financial support to local governments, non-profit organizations, businesses, and school districts for the installation and purchase of alternative fueling, blending, and distribution facilities or terminals. Furthermore, in Luxembourg, buyers of fuel cell vehicles are benefitted from a tax allowance on the registration fees of $5,907.5 (EUR 5,000).

Competitive Landscape

The global fuel cell commercial vehicle market is at the nascent stage, witnessing gradual adoption of fuel cell vehicles across various countries. Major market players include Daimler AG, General Motors Company, Hyundai Motor Company, New Flyer Group Inc., Toyota Motor Corporation, Volkswagen AG, Ford Motor Company, and Tata Motors Limited.

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How is Rising Incidence of Burn Injuries Contributing in Skin Replacement and Substitutes Market Growth?

A World Health Organization (WHO) study presented the statistics regarding burn injuries in 2018, which mentioned that every year, about 180,000 people succumb to burn injuries, with majority of the incidents occurring in low- and middle-income countries. Additionally, burns are considered to be among the leading causes of disability-adjusted life years in these countries. One example is of India where more than 1,000,000 people suffer from moderate to severe burn injuries every year. Furthermore, in nations, such as Pakistan, Egypt, Colombia, and Bangladesh, about 18% children become permanently differently abled and about 17% become differently-abled due to burn injuries.

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As these injuries result in extensive skin damage, one of the most important ways to treat them is to use the skin replacement and substitutes. These are referred to as a skin graft, for which, the skin is collected from a suitable site and then transplanted on to the affected area of the recipient’s body. This is done to encourage the regeneration of the affected tissue and the formation of new functional skin. These substitutes are majorly available as cellular and acellular products.

During 2014–2018, acellular skin replacement and substitutes were the most popular. In fact, in the coming time as well, they would continue to witness the highest demand. These products consist of acellular components, such as collagen or nylon mesh, which act as a silicon membrane and a dermis. Further, they contain biological matrix and biologically-processed matrix. Besides being suitable for skin replacement in pediatric population, these products can be used to treat superficial as well as excised wounds. A P&S Intelligence study has predicted the skin replacement and substitutes market to advance at a 6.3% CAGR in the coming years.

With the increasing knowledge about medical sciences, it has been established that the skin grafts taken from one individual, when administered into the other, may trigger a fatal immune response. To take care of this, extensive research has been going on in the biomedical field for the development of bio-engineered skin. One of the methods that have been effective in skin regeneration is by using skin scaffolds, which are essentially 3D structures that are seeded with keratinocytes and placed at the wound site. This would help in providing protection against microorganisms, toxins, and other harmful agents. Some popular products that have already been developed and market are Dermagraft, Transcyte, and AlloDerm.

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Bioinformatics Market Overview, Key Players, Growth Opportunities and Forecast to 2024

The introduction and adoption of cloud computing and nanopore technology are expected to offer numerous opportunities in the global bioinformatics market. The nanopore technology has been projected for getting used in the study of crop science, deoxyribonucleic acid (DNA), ribonucleic acid (RNA), proteins and small molecules with a range of applications in personalized medicine, and scientific research.

Bioinformatics is a discipline that deals with the retrieval, storage, processing, management and analysis of organic information through computational techniques. Bioinformatics plays an important role in drug innovation and improvement. The involvement of bioinformatics in storing, retrieving, analyzing and forming biological information helps in efficiently managing enormous database associated with drug innovation and development.

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Bioinformatics technologies are used in various pharmaceutical and biotechnology sectors. They are mainly used in the medical sector, which is driven by the increasing use of bioinformatics for the drug development and discovery process. Falling prices of DNA sequencing and increasing government initiatives to boost bioinformatics based life sciences research activities are the two major growth drivers of the global bioinformatics market. Some of the other drivers contributing to growth the of global bioinformatics market includes, increasing demand for bioinformatics as a consulting solution by pharmaceutical manufacturers and medical devices, in an effort to accelerate and improve manufacturing processes, with the increasing need for bioinformatics in data incorporation and warehousing.

The Asia-Pacific bioinformatics market is projected to be the fastest growing regional market in the forecast period. High availability of trained labors in countries such as, China and India with low labor costs has inspired manufacturers to stick upon contract research outsourcing strategies for limiting costs, which has enormously contributed to the growth of Asia-Pacific bioinformatics market.

Some of the key competitors within the global bioinformatics market include Tripos, LP, Affymetrix, Inc, Agilent Technologies, Illumina, Inc., Helicos Biosciences Corporation, IBM Life Sciences, Thermo Fisher Scientific Inc, Rosetta Inpharmatics LLC, Celera and others.

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