The market for healthcare IT outsourcing was estimated at US$ 59,990.37 million in 2021 and is anticipated to grow at a CAGR of 7.3% from 2022 to 2028 to reach US$ 97729.36791 million. Due to the rising illness load, the popularity of healthcare IT solutions, patient-centric and value-based healthcare paradigms, and government mandates & support for healthcare IT solutions, the worldwide healthcare IT outsourcing market is expanding rapidly. The absence of a standardised platform and the increasing frequency of data breaches and confidentiality losses are the main issues that are anticipated to restrain market expansion.
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Regional Insights
Geographically, the market for healthcare IT outsourcing is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
For example, to support the increased development and delivery of cloud-based health IT solutions, Allscripts and Microsoft Corp. extended their long-standing strategic collaboration in July 2020. Better health outcomes will be achieved in hospitals all around the world thanks to these IT systems with integrated analytics.
Due to the region’s favourable government efforts and growing acceptance of healthcare IT solutions, Asia Pacific is also predicted to have rapid development in the global healthcare IT outsourcing market. For instance, GE Healthcare announced the opening of what it calls the first 5G Innovation Lab in India in July 2022. Due to its large capacity, fast data rates, low latency, and extremely dependable connectivity, 5G has the ability to alter the diagnosis, therapy, and prognosis of patients, upending the whole patient care continuum.
Market Drivers
The worldwide healthcare IT outsourcing market is anticipated to develop at a faster rate during the projected period as more people throughout the world utilise healthcare IT solutions. For instance, health IT enhances the standard of healthcare delivery, lowers medical mistakes, boosts patient safety, and improves communication between patients and healthcare professionals. MyHealthcare announced the introduction of its MyHealthcare Enterprise Application (MHEA) for hospitals and other healthcare facilities in February 2022 as part of its effort to digitise healthcare.
Over the course of the projected period, an increase in patient-centric and value-based healthcare practises is anticipated to fuel market expansion. Optum and Bassett Healthcare Network, for instance, worked together in May 2021 to improve Bassett’s clinical and operational performance and promote the provision of high-quality, practical, and affordable healthcare to patients throughout Central New York.
Market Opportunities
Players in the global healthcare IT outsourcing market may anticipate to have tremendous development prospects due to government requirements and support for healthcare IT solutions. For instance, on the 74th Independence Day in August 2021, Indian Prime Minister Narendra Modi declared the National Digital Health Mission (NDHM) will begin operations. PM Modi has plans to integrate diagnostic facilities, hospitals, and state medical data as well as digitise individual medical information. People who live in rural areas will have simple access to and appointments at the closest district hospital thanks to NDHM.
Players in the healthcare IT outsourcing industry should anticipate profitable development prospects as a result of the COVID-19 (global pandemic) outbreak. For instance, the pandemic has raised the need for the use of HCIT (healthcare IT) solutions. In addition, healthcare technology has evolved more quickly due of the COVID-19 pandemic’s increased demand for healthcare services. In summary, the usage of healthcare IT solutions has expanded as a result of the boom in digital healthcare inside the healthcare system.
Market Trends
The global market for healthcare IT outsourcing is anticipated to increase as healthcare becomes more digitalized. For instance, in September 2022, Honeywell will work with top healthcare organisations to improve global healthcare digitization, enhance patient outcomes, and increase connectivity for better monitoring in homes and hospitals.
The global market for healthcare IT outsourcing is anticipated to increase as a result of a growing requirement to integrate healthcare IT solutions. For instance, Modmed announced the release of an OBGYN-specific software package planned in May 2022. Obstetrics and gynaecology will benefit from an all-in-one EHR, practise management, patient engagement, payments, image and inventory management, and analytics system.
Market Restraints
The expansion of the global healthcare IT outsourcing market is anticipated to be hampered by the lack of a standardised platform. Healthcare interoperability is the timely and safe integration and use of electronic health data. This allows for the best possible individual health outcomes. Because of the current healthcare IT system’s poor interoperability, it is challenging for one provider to access data that was initially recorded by another.
It is anticipated that increasing instances of data breach and confidentiality loss will impede market growth for healthcare IT outsourcing. For instance, the 2022 Cost of the Data Breach report on the healthcare industry discovered that almost half (47%) of the breaches examined exposed customer personal data, such as name, contact information, SSN, date of birth, passwords, or healthcare data, representing the most prevalent type of breached record in the report.
Market Segmentation
Application, End-User, and Geography are the divisions used to divide the worldwide healthcare IT outsourcing market study.
The global market for healthcare IT outsourcing is divided into Payer Outsourcing and Providers Outsourcing based on Application. With regard to these, the Payer Outsourcing Segment (Hospital Information System, Laboratory Information System, Radiology Information System, Electronic Medical Records, and Other Types) is anticipated to dominate the market over the course of the forecast period. This is due to the rising adoption of healthcare IT solutions as well as the expansion of patient-centric and value-based healthcare strategies.
The worldwide healthcare IT outsourcing market is divided into three categories based on end-user: healthcare, pharmaceuticals & biotechnology, and others. Out of which, the Healthcare Segment is anticipated to rule the market over the time of forecasting, and this is due to the expansion of the outsourcing trend. Most businesses outsource their healthcare operations to reduce costs and free up resources for other uses.
Due to the rising need for healthcare IT solutions globally, the pharmaceutical and biotechnology segment is also predicted to have considerable growth in the near future. Over time, outsourcing has become more crucial in the pharmaceutical and biotechnology industries in order to reduce costs and stay compliant with the regulatory environment, which is always changing.
Key Developments
In January 2022, International Business Machines (IBM) and Francisco Partners inked a contract under which Francisco Partners would purchase healthcare data and analytics assets from IBM that are now a component of the Watson Health business.
Garden Plot’s debut was confirmed by Epic in March 2022. For independent medical groups wishing to employ Epic EHR solutions, it is software-as-a-service (SaaS).
Key Companies Insights
The market for outsourcing healthcare IT is quite competitive. The market participants are concentrating on introducing unique products/solutions because of the increased requirement to integrate healthcare IT systems.
International Business Machines Corporation (IBM), Oracle Corporation, Mckesson Corporation, Siemens Healthineers, Tata Consultancy Services (TCS), Infosys Limited, Cerner, Dell Technologies Inc., Accenture, and Philips Healthcare are a few of the major players in the global healthcare IT outsourcing market.
Reasons to buy this Healthcare IT Outsourcing Market Report
☑ It attempts an analysis of the competing scenario.
☑ The current and exceptional product revenue market.
☑ An in-depth data on the regional investigation and competitive landscape structure.
☑ It benefits in creating an awareness of the important key product segments.
☑ The marketing strategies, opportunities, and development factors are explained.
☑ Healthcare IT Outsourcing market size estimation and recent advancements in the industry are explained.
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The Study Objectives are:
✔ A comprehensive insight into key players operating in the Healthcare IT Outsourcing Market and their corresponding data.
✔ It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
✔ Regional analysis, which includes insight into the dominant market and corresponding market share.
✔ It also includes various socio-economic factors affecting the evolution of the market in the region.
✔ The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Healthcare IT Outsourcing Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Healthcare IT Outsourcing Industry Impact
Chapter 2 Global Healthcare IT Outsourcing Competition by Types, Applications, and Top Regions and Countries
2.1 Global Healthcare IT Outsourcing (Volume and Value) by Type
2.3 Global Healthcare IT Outsourcing (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Healthcare IT Outsourcing Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Healthcare IT Outsourcing Market Analysis
Chapter 6 East Asia Healthcare IT Outsourcing Market Analysis
Chapter 7 Europe Healthcare IT Outsourcing Market Analysis
Chapter 8 South Asia Healthcare IT Outsourcing Market Analysis
Chapter 9 Southeast Asia Healthcare IT Outsourcing Market Analysis
Chapter 10 Middle East Healthcare IT Outsourcing Market Analysis
Chapter 11 Africa Healthcare IT Outsourcing Market Analysis
Chapter 12 Oceania Healthcare IT Outsourcing Market Analysis
Chapter 13 South America Healthcare IT Outsourcing Market Analysis
Chapter 14 Company Profiles and Key Figures in Healthcare IT Outsourcing Business
Chapter 15 Global Healthcare IT Outsourcing Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology
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