According to a new market research report published by Polaris Market Research “Hospital Outsourcing Market Share, Size, Trends, Industry Analysis Report, By Service (Healthcare IT, Clinical services, Business services, Transportation services, Others); By Type (Public, Private); By Regions; Segment Forecast, 2020 – 2027” the report covers an exhaustive list of market tables and figures, thus providing in-depth analytical data for segments across different regions.
The global hospital outsourcing market was valued at USD 267.96 billion in 2019, and it is expected to reach USD 579.58 Billion by 2027. It is eventually growing at a commendable high compound of annual growth rate CAGR of 10.2% between 2020 – 2027. The global market for the hospital outsourcing industry is anticipated to witness growth owing to the increasing cost-liabilities on hospitals, increased focus on value-based healthcare, consistent rise in chronic diseases due to lifestyle changes, and a subsequent rise in hospital admissions. To optimize costs, hospitals relying on IT transformation projects.
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- Other services market segment is estimated to hold a significant share in the global hospital outsourcing industry owing to high burden of ancillary non-productive services. Segment holds more than 40%% of the global share in 2019. However, clinical services segment is expected to expand at highest market growth during the forecast.
- Based on type, the private hospitals market segment is projected to constitute almost half of the market in 2027. High share is due to the cost-sensitive nature of private hospitals. To maintain financial leverage, these entities need to optimize cost structure.
- North America market is dominating the global hospital outsourcing industry accounting for over 60% of the revenue share throughout the forecast period. Inconsistent government policies and unsustainable hospital functioning model boosting the need for outsourcing services in the region
- The market players including Cerner Corporation, Aramark Corporation, and Integrated Medical Transport together held a significant market share in terms of revenue of global medical outsourcing industry in 2019.
North America led the market for hospital outsourcing with its major revenue share contribution. The growth is attributable to increasing outsourcing of local hospitals and the presence of leading service providers in the region. Developed countries from this region started using a paperless working system, hence there is a high inflow of patient data. For managing this huge amount of data, hospitals prefer to hire third-party service providers, which in turn is projected to drive significant growth for the market. The regional market of the Middle East and Africa is estimated to register the fastest growth during the forecast period owing to the availability of skilled resources, rising adoption of advanced technologies, and increasing outsourcing of hospital services. In the Asia Pacific, the market is expected to grow gradually owing to increasing hospital chains in Asian countries.
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List of Key Players
- Cerner Corporation
- LogistiCare Solutions
- The Allure Group
- Aramark Corporation, LLC
- Integrated Medical Transport
- Alere, Inc.
- ABM Industries Inc.
*Note: Additional companies can be included on request
Polaris Market Research has segmented the hospital outsourcing market report on the basis of service, type, and region
Hospital Outsourcing, Service Outlook (Revenue – USD Million, 2016 – 2027)
- Healthcare IT
- Clinical services
- Business services
- Transportation services
Hospital Outsourcing, Type Outlook (Revenue – USD Million, 2016 – 2027)
Hospital Outsourcing, Regional Outlook (Revenue – USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
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