Healthcare IT Outsourcing Market

Healthcare IT Outsourcing Market

Market Synopsis:

Global Healthcare IT Outsourcing Market is valued at USD 70403.55 Million in 2022 and is projected to reach a value of USD 114778.53 Million by 2030 at a CAGR of 6.30% over the forecast period. The Healthcare IT Outsourcing market is projected to grow at the highest rate owing to the increasing pressure to reduce healthcare costs globally, and the growing need to manage the cash flow in back-office administration and in IT management systems are the major factors presumed to drive the growth of the Healthcare IT Outsourcing market in coming years. the shortage of in-house IT-trained professionals increased patient-centric and value-based approaches in the healthcare sector, and the focus of government on introducing IT in the healthcare sector are the other major factors boosting the growth of the Healthcare IT Outsourcing market during the forecast period. The outsourcing of IT solutions in the healthcare industry has been developed as an effective solution to the moderate rising cost of healthcare centers and to reach the increasing demand for quality care during the forecast period. Besides, loss of confidentiality and administrative control breakdown are projected to restrict the growth of the Healthcare IT Outsourcing market. In addition, the expansion of service portfolio, and use of ICD-10 standards for the diagnosis of several new diseases is expected to provide key-opportunity for the growth of the Healthcare IT Outsourcing market in the coming years. In addition, the emerging markets in developing countries are providing a huge potential for IT outsourcing during the forecast period. Moreover, the shifting of consumers' focus towards patient-centric systems, and growth in medical tourism in developing countries such as China, Singapore, Thailand, and India are driving the demand for Healthcare IT Outsourcing in coming years.

Market Segmentation:

The Healthcare IT Outsourcing Market is segmented on the basis of application, and Industry. On the basis of application, the market is segmented as global provider out-sourcing market, global payer out-sourcing market, global life-science out-sourcing market, global operational outsourcing market, and global infrastructure out-sourcing market. By global provider out-sourcing market, the market is segmented as Electronic Health Records, Revenue Cycle Management System, Laboratory Information and Management System, Pharmacy Information and Management System, and others. By global payer out-sourcing market, the market is segmented as Customer Relationship Management System, Claim Processing Management System, Billing System, Fraud and Detection System, and others. By global life science out-sourcing market, the market is segmented as Enterprise Resource Planning, Clinical Trial Management System, Clinical Database Management System, Research and Development IT services, and others. By operational out-sourcing market, the market is segmented as Supply Chain Management, Business Process Management, and others. By infrastructure out-sourcing market, the market is segmented as Infrastructure Management Services, Cloud Computing, and others. Based on industry type, the market is segmented as Healthcare System, Healthcare Insurance Industry, Pharmaceutical Industry, Clinical Research Organization, Biotechnology, and others.

The healthcare payers segment is expected to dominate the Healthcare IT Outsourcing Market during the forecast period

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The global payers outsourcing market segment in the application segment is further sub-divided as Customer Relationship Management System, Claim Processing Management System, Billing System, Fraud and Detection System, and other. The payer's segment is projected to witness the highest growth rate during the forecast period. The rising incidences of chronic diseases have unlocked the path for the growth of the global Healthcare IT Outsourcing market in the coming years. The growth of the Healthcare IT Outsourcing market is mainly attributed to the billing systems and easy detection of fraud in the system which is increasing the demand for healthcare It outsourcing in upcoming years.

North America is projected to acquire the largest market share in the Healthcare IT Outsourcing market by 2024

North America is expected to hold the largest share of the Healthcare IT Outsourcing market in terms of revenue and will continue to grow in the coming years. The growth of the market is mainly attributed to the presence of advanced IT technology, and better reimbursement systems in North America. The United States holds the wide majority of the Healthcare IT Outsourcing market in North America owing to growth in the adoption of rising investments made by various companies and adoption of digital healthcare centers in the country. Moreover, the increasing outsourcing of local resident companies and the increased number of well-established players in North America are driving the Healthcare IT Outsourcing market growth during the forecast period. The availability of skilled resources, and low-cost services offerings are some of the key factors driving the growth of North America.

Competitive Landscape:

The Healthcare IT Outsourcing market is highly fragmented in nature due to the presence of major key players and the introduction of innovative products in the market. Many small and medium-size enterprises are increasing their presence in the market by launching new products and services at affordable prices. Some of the major key players in the market are Accenture Plc. (Ireland), Accretive Health, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Anthelio Healthcare Solutions (U.S.), Cognizant Technology Solutions (U.S.), Dell, Inc. (U.S.), HCL Technologies (India), Hewlett-Packard Company (U.S.), International Business Machines (IBM) Corporation (U.S.), Infosys Limited (India), McKesson Corporation (U.S.), Siemens Healthcare (Germany), Tata Consultancy Services Ltd. (India), Wipro Ltd. (India), Xerox Corporation (U.S.), Epic System (U.S.), and Computer Sciences Corporation (The U.S.).

Healthcare IT Outsourcing Market is Segmented as Follows:

By Application (Revenue: USD Billion, 2016 - 2028)

• Global Provider Outsourcing
• Electronic Health Records
• Revenue Cycle Management System
• Laboratory Information and Management System
• Pharmacy Information and Management System
• Others
• Global Payer Outsourcing
• Customer Relationship Management System
• Claim Processing Management System
• Billing System
• Fraud and Detection System
• Other
• Global Life Science Outsourcing
• Enterprise Resource Planning
• Clinical Trial Management System
• Clinical Database Management System
• Research and Development IT services
• Others
• Global Operational Outsourcing
• Supply Chain Management
• Business Process Management
• Others
• Global Infrastructure Outsourcing
• Infrastructure Management Services
• Cloud Computing
• Others

By Industry

· Healthcare System

· Healthcare Insurance Industry

· Pharmaceutical Industry

· Clinical Research Organization

· Biotechnology

· Others

Healthcare IT Outsourcing Market is Tabulated as Follows: