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Healthcare BPO Market Size, Share, Segment Analysis, Growth Drivers and Forecast to 2023
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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.
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.
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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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