The global market for outsourcing healthcare IT services attained a valuation of approximately US$ 59,990.37 million in the year 2021. Projections indicate a substantial escalation, with an estimated value of around US$ 97,729.36791 million by the year 2028. This growth trajectory is characterized by a Compound Annual Growth Rate (CAGR) of 7.3% spanning the period between 2022 and 2028. The surge in this global healthcare IT outsourcing market can be attributed to several key factors. These include the mounting burden of diseases, an upsurge in the acceptance of healthcare IT solutions, the adoption of patient-centric and value-driven approaches within healthcare, and significant governmental backing for healthcare IT solutions. However, notable challenges lie ahead, encompassing the absence of a standardized platform and the increasing instances of data breaches and confidentiality breaches, which are predicted to impede market expansion.
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Insights into Leading Companies in the Global Healthcare IT Outsourcing Market:
The competitive landscape of the worldwide healthcare IT outsourcing market is intense. This phenomenon stems from the heightened necessity to incorporate healthcare IT solutions, compelling market players to introduce innovative products and solutions.
Several prominent enterprises in this arena include Oracle Corporation, Siemens Healthineers, Infosys Limited, Dell Technologies Inc., Philips Healthcare, Accenture, Cerner, Tata Consultancy Services (TCS), Mckesson Corporation, and International Business Machines Corporation (IBM), among a host of others.
Global Healthcare IT Outsourcing Market: Regional Observations:
Geographically, the healthcare IT outsourcing market is stratified into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
North America is projected to command a substantial share of the market during the forecast period. This ascendancy is rooted in the widespread adoption of digital healthcare, heightened expenditures on healthcare IT, and government initiatives and support for healthcare IT solutions in the region. For example, in July 2020, Allscripts and Microsoft Corp. extended their longstanding strategic alliance to facilitate the broader development and distribution of cloud-based health IT solutions. These integrated IT solutions, incorporating analytics, are anticipated to enhance healthcare outcomes across global hospitals.
The Asia Pacific region is also poised for robust growth in the realm of global healthcare IT outsourcing. This can be attributed to the accelerated uptake of healthcare IT solutions and favorable governmental initiatives in the area. Noteworthy is the establishment of what is claimed to be India’s inaugural 5G Innovation Lab by GE Healthcare in July 2022. The potential of 5G to revolutionize patient care processes, transforming diagnosis, therapy, and prognosis due to its substantial bandwidth, high data speeds, low latency, and dependable connectivity, is a driving factor.
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Global Healthcare IT Outsourcing Market Drivers:
The adoption of healthcare IT solutions on a global scale is expected to be a pivotal driver for the growth of the worldwide healthcare IT outsourcing market throughout the projected period. Healthcare IT contributes to enhancing the quality of healthcare delivery, mitigating medical errors, fortifying patient safety, and enriching interactions between healthcare providers and patients. As a case in point, MyHealthcare unveiled its MyHealthcare Enterprise Application (MHEA) in February 2022, aimed at digitalizing healthcare in India by catering to hospitals and healthcare institutions.
Furthermore, the emphasis on patient-centric and value-oriented strategies within healthcare is set to provide impetus to the expansion of the global healthcare IT outsourcing market. A prime illustration is the collaborative effort between Optum and Bassett Healthcare Network in May 2021. This collaboration was aimed at elevating Bassett’s clinical and operational performance to ensure the delivery of high-quality, convenient, and cost-effective healthcare to patients across Central New York.
Global Healthcare IT Outsourcing Market Challenges:
The absence of a standardized platform is anticipated to pose a hindrance to the growth of the global healthcare IT outsourcing market. Healthcare interoperability entails seamless, secure, and timely access to integrated electronic health data, ensuring optimal health outcomes for individuals. However, the current healthcare IT framework grapples with inadequate interoperability, making it arduous for a provider to access data that was originally documented by another entity.
Furthermore, the escalating incidents of data breaches and breaches of confidentiality are likely to act as deterrents to the expansion of the healthcare IT outsourcing market. In the healthcare sector, the 2022 Cost of the Data Breach report reveals that nearly half (47%) of the breaches examined exposed sensitive customer data, including personal information such as names, contact details, social security numbers, birthdates, passwords, and healthcare data. This represents the most prevalent form of compromised records as per the report’s findings.
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Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Market Overview
-
Definition of Healthcare IT Outsourcing Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Healthcare IT Outsourcing Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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