Global Healthcare IT Outsourcing Market Size By Product (Payer HCIT Outsourcing, Operational HCIT Outsourcing), By Application (Healthcare Provider System, Health Insurance), By Geographic Scope And Forecast

Healthcare IT Outsourcing Market Size And Forecast

Healthcare IT Outsourcing Market size was valued at USD 66.45 Billion in 2021 and is projected to reach USD 115.64 Billion by 2030, growing at a CAGR of 6.35% from 2022 to 2030.

One of the key factors driving market expansion is the increased demand to integrate healthcare IT solutions. Another market growth reason is rising digitalization in countries, particularly in emerging markets. Other major aspects that will offer profitable market development prospects include an increasing lack of in-house IT personnel and a trend toward patient-centric solutions. The Global Healthcare IT Outsourcing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Healthcare IT Outsourcing Market Definition

Outsourcing is a new phenomenon in the healthcare information technology business. It is a screening procedure in which an organization picks the most efficient third-party service provider to operate its management and administrative unit. Outsourcing IT solutions in the healthcare business have emerged as an economical approach to offset rising healthcare expenses and fulfill the growing demand for excellent treatment. Over the years, the trend of healthcare IT outsourcing solutions has developed dramatically among major enterprises and has also attracted mid-sized organizations. In some circumstances, the full information management system is outsourced, whilst in others, only critical application services such as EMR, CRM, and billing system deployment are outsourced.

Outsourcing is becoming increasingly prevalent in the world of healthcare information technology. It is a selection technique in which a firm chooses the most efficient third-party service provider to run its management and administrative unit. In the healthcare business, outsourcing IT solutions have emerged as a cost-effective strategy to address rising healthcare costs while simultaneously fulfilling the growing need for high-quality treatment. Over the years, the trend of healthcare IT outsourcing solutions has grown significantly among major corporations, and it has also attracted mid-sized organizations. In certain cases, just important application services such as EMR, CRM, and billing system installations are outsourced, while in others, the entire information management system is outsourced.

The growing need to monitor cash flow in back-office administration and IT management systems of healthcare providers, payers, and the life sciences segment is propelling the Healthcare IT Outsourcing Market forward. However, the fragmented structure of the healthcare system and the HCIT outsourcing business, the requirement for significant investment in outsourcing IT solutions, increased data security concerns, and cultural and linguistic barriers are constraining market expansion.

Global Healthcare IT Outsourcing Market Overview

The key drivers driving the growth of the Healthcare IT Outsourcing Market during the forecast period are a lack of in-house IT knowledge, lower operating costs, and higher quality of care and clinical results. The rising requirement from healthcare sectors to integrate healthcare IT solutions into responsible healthcare organizations in order to enhance the quality of care and clinical results is another factor driving the growth of the Healthcare IT Outsourcing Market during the projected period.

However, factors such as the fragmented structure of the healthcare system and the HCIT outsourcing industry, the necessity for substantial investment in outsourcing IT solutions, expanding data security concerns, and cultural and linguistic barriers all hinder the market growth. Furthermore, miscommunication is exacerbated by cultural differences and linguistic barriers, inhibiting the growth of the Healthcare IT Outsourcing Market. Standard IT platform growth is hampered by a fragmented end-user market, which is expected to hinder market growth in the future years.

The collapse of administrative controls and the loss of confidentiality are projected to hamper the growth of the Healthcare IT Outsourcing Market. Furthermore, the development of the service portfolio and the application of ICD-10 standards for the identification of various new diseases are likely to give substantial chances for the Healthcare IT Outsourcing Market to expand.

Global Healthcare IT Outsourcing Market Segmentation Analysis

The Global Healthcare IT Outsourcing Market is segmented on the basis of Product, Application, and Geography.

Healthcare IT Outsourcing Market, By Product

• Electronic Health Records (EHR)• Payer HCIT Outsourcing• Operational HCIT Outsourcing• Life Sciences HCIT Outsourcing• IT Infrastructure Outsourcing

Based on Product, the market is segmented into Electronic Health Records (EHR), Payer HCIT Outsourcing, Operational HCIT Outsourcing, Life Sciences HCIT Outsourcing, and IT Infrastructure Outsourcing. Due to major changes in the healthcare sector, the payers HCIT outsourcing segment is predicted to grow at a solid CAGR during the projection period. Because of regulatory changes and rising expenses, most healthcare organizations adopted new technology and outsourced business models.

Healthcare IT Outsourcing Market, By Application

• Healthcare Provider System• Health Insurance• Biotechnology• Pharmaceutical• Clinical Research Organization (CRO)

Based on Application, the market is segmented into Healthcare Provider System, Health Insurance, Biotechnology, Pharmaceutical, and Clinical Research Organization (CRO). Healthcare payers are simplifying their operations to minimize costs while offering high-quality patient care. The consistent growth in the number of individuals purchasing insurance, along with technological developments, has cleared the path for an expansion in healthcare payer services.

Healthcare IT Outsourcing Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global Healthcare IT Outsourcing Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America now dominates the Healthcare IT Outsourcing Market, and this dominance is likely to continue during the forecast period. Because of its well-established healthcare industry and stronger reimbursement mechanisms, this area is likely to enhance its market share in the future. As a result of the increasing acceptance of digital healthcare and rising investments by enterprises in the nation, the United States controls the bulk of the industry in the North American area.

Key Players

The “Global Healthcare IT Outsourcing Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Cognizant, Anthelio Healthcare Solutions, Allscripts Healthcare Solutions Inc., Accretive Health Inc., Accenture Plc., McKesson Corporation, Infosys Limited, IBM, TCS, and HCL Technologies.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In June 2020, MonitorMe, a one-of-a-kind medical monitoring program that connects healthcare professionals with at-home patients, has announced a partnership with Harvey Nash/Nash Tech Global, a global leader in software development, business process services, and outsourcing solutions, as well as a leading provider of IT outsourcing services.

• In March 2020, IBM Watson Health, a division of IBM, an American multinational information technology company, announced a strategic partnership with EBSCO Information Services (EBSCO), a leading provider of research databases, e-journals, magazine subscriptions, e-books, and discovery services to libraries of all types.

• In November 2019, Tata Consultancy Services (TCS), an Indian multinational information technology services, consulting, and business solutions firm, announced plans to expand its cooperation with Cardinal Health, Inc., an American international health care services firm.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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