Report ID: SQMG35D2016 | Region: Global | Published Date: November, 2022 | Pages: 157Global Orthobiologics Market
Report ID: SQSG35D2043 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Healthcare IT Outsourcing Market size was valued at USD 62.96 billion in 2021 and is expected to reach USD 103.78 billion by 2028, at a CAGR of 7.4% during the forecast period (2022-2028).
Outsourcing is a new phenomenon in the healthcare information technology market. A screening method is used by an organization to select the most successful outside service provider to run its management and administrative unit. Outsourcing IT services in the healthcare sector has proven to be an effective way to contain rising healthcare costs while meeting the growing demand for high-quality care. Healthcare IT outsourcing solutions have grown in popularity over time, attracting both large and small businesses. Some information management systems are completely outsourced, whereas others only outsource core application functions such as EMR, CRM, and billing system setup.
Hospitals all across the world are increasingly choosing to use electronic medical record systems. It facilitates operations by reducing paperwork, aids hospitals in maintaining accurate client information, and makes it simple to transfer these records to different stakeholders. Additionally, hospitals can outsource the hassle of keeping private medical records, which is often a preventable surplus liability. Due to cost reductions, the creation of global delivery models, and the availability of secure data access, the healthcare outsourcing sector has transformed corporate outsourcing operations. As a result, the use of healthcare outsourcing strategies has grown recently.
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The global healthcare IT outsourcing market is segmented on the basis of application, industry, product, and region. According to application, it is segmented into Provider (EHR, RCM, LIMS), Payer (CRM, Claims Management, Fraud Detection, Billing), Life Science (ERP, CTMS, CDMS), Operational (SCM, BPM), and Infrastructure (IMS, Cloud Computing). According to industry, it is divided into Healthcare System, Healthcare Insurance Industry, Pharmaceutical Industry, Clinical Research Organization, Biotechnology and others. According to product, it is categorized into Care Management, Administration, IT Infrastructure Management. Based on the region, the market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Application
Electronic health records (EHR), laboratory information management systems (LIMS), pharmacy information systems (PIS), and revenue cycle management (RCM) systems are the other subgroups of provider HCIT outsourcing. The sub-segments of payer HCIT outsourcing include customer relationship management (CRM), claim processing, billing system, and fraud and detection. Enterprise resource planning (ERP), clinical trial management systems (CTMS), clinical data management systems (CDMS), and R&D IT services are the four subcategories of life science HCIT outsourcing. The operational HCIT outsourcing sub-segments which are considered are business process management (BPM) and supply chain management (SCM). Infrastructure management services (IMS) and cloud computing are two notable sub-segments of the IT infrastructure outsourcing market.
The payers HCIT outsourcing segment is anticipated to increase at a solid CAGR throughout the projected period owing to considerable expansion. The landscape of healthcare hasn't undergone any big shifts. Regulation changes and growing prices have led to an increase in the cost of the majority of healthcare services. RMS embraced new technology and outsourcing-based business models.
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North America held the highest share in the global healthcare IT outsourcing market in 2021 and is expected to maintain its dominance during the forecast period. This can be attributed to its mature healthcare sector and superior reimbursement frameworks. As a result of its higher adoption of digital healthcare and growing corporate investment, the United States now holds majority of the North American region. Additionally, healthcare organisations in the U.S. are implementing paperless working practices, which has resulted in a massive influx of patient data. As a result, the majority of healthcare organizations are using outside service providers to manage such a massive volume of data.
Asia Pacific healthcare IT outsourcing market is expected to grow at the fastest CAGR during the forecast period. This is due to rising demand in developing nations like India. The market in India is being driven by a well-developed pharmaceutical and medical education system, a sizable English-speaking population, a low-cost base, and a huge IT talent pool. It is anticipated that the astounding expansion of the IT sector in Asia Pacific's developing nations, such as China, India, Singapore, and Indonesia, would open up new prospects for market participants in healthcare IT outsourcing. Additionally, the Asia Pacific healthcare IT outsourcing market will see increased growth in the next years due to reduced labour prices, manpower needs, and availability of highly experienced IT personnel.
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Global healthcare IT outsourcing market is highly competitive and somewhat fragmented. To maintain a competitive edge, major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major Players 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 others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global healthcare IT outsourcing market analysis, the requirement to manage cash flow in back-office operations and IT management systems of healthcare providers, payers, and the life science sector, as well as increasing global demand to reduce healthcare costs, is positively impacting the market. Furthermore, the healthcare industry has received strong government support in many different countries, and this support has resulted in a number of technological advancements in recent years. These technological advancements are expected to increase demand for healthcare IT solutions and the use of these services, which will help to upgrade the healthcare infrastructure. The markets in Asia- Pacific region is anticipated to be driven by the availability of trained personnel, low-cost service offerings, and rising use of new technology.
|Market size value in 2021||USD 62.96 billion|
|Market size value in 2028||USD 103.78 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Healthcare IT Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Healthcare IT Outsourcing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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