In terms of revenue, the Global Healthcare IT Outsourcing Market is expected to reach 96,098.58 USD Million by 2028, growing at a CAGR of 6.40% from 2022 to 2028.
The Healthcare sector is growing rapidly owing to the rising geriatric population and huge data generated to overcome novel diseases. Also, healthcare insurance firms, the medical manufacturing sector, and pharmacies need solutions to store data that can be retrieved and organized, thus the healthcare IT outsourcing sector plays a vital role. This market is expected to grow owing to increasing demand from healthcare facilities. Furthermore, the trend of healthcare IT outsourcing solutions has grown significantly among large organizations and has also attracted mid-sized organizations.
- The electronic health record (EHR) sub-segment from the type segment is anticipated to dominate for Healthcare IT Outsourcing Market. This software helps providers to diagnose patients more effectively, reduce medical errors, and provide safer care, thus attributing for the growth of Healthcare IT Outsourcing Market.
- The end-user segment is accounted for the largest market share in 2021. The industry segment is considered to be the fastest growing owing to the increasing use of care management systems in the Healthcare IT Outsourcing Market.
- North America is the largest regional segment. This surge is attributed to the rising demand for healthcare IT outsourcing in developed economies such as the U.S. and Canada.
Some of key players in Healthcare IT Outsourcing Market include, 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 (U.S.)..
The global COVID-19 pandemic has disrupted the workflow in the manufacturing sector. The virus has forced a number of IT companies to shut down and various sub-segments of the IT sector to slow down outsourcing and other software-related projects which have created a huge impact on the revenue cycles of these industries.
The growing healthcare sector has huge potential for IT outsourcing companies to flourish as it saves cost and reduces errors. This trend of outsourcing healthcare IT solutions has increased considerably among huge organizations and has also attracted mid-sized organizations over the recent years. The health insurance industry, healthcare systems industry, and pharmaceutical industry are driving the Healthcare IT outsourcing market. These industries are looking at the outsourcing model to enhance their focus on core business, reduce operational and maintenance costs, increase access to IT skilled and trained staff further reduce hiring and training costs, fluctuating share market risk, and quick implementation of new technologies.
The major driving forces of the Healthcare IT Outsourcing Market are viable solutions to curtail healthcare costs, shortage of in-house IT professionals, reduction in operational cost, and growing need for integral healthcare IT solutions. However the restraints of the market are end-user market restriction to development of standard IT platforms, rising incidences of data breach and loss of confidentiality, and cultural differences as well as language barriers.
North America is expected to dominate the global Healthcare IT Outsourcing Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support in the healthcare IT outsourcing industry is likely to generate demand in this region for this market to flourish in near future. An increase in software technologies for developing new projects for the healthcare industry in countries such as U.S. & Canada are further adding spotlight. Significant improvements in the clinical infrastructure, especially in the developing economies, are providing a thrust to the Healthcare IT Outsourcing Market growth.