Global Healthcare IT Outsourcing Market Size, Share, Growth Analysis, By Application(Provider (EHR, RCM), By Industry(Healthcare System, Healthcare Insurance Industry), By Product(Care Management, Administration) - Industry Forecast 2024-2031

Report ID: SQMIG35D2174 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 101 | Figures: 75

Global Healthcare IT Outsourcing Market Insights

Global Healthcare IT Outsourcing Market size was valued at USD 66180.02 million in 2019 and is poised to grow from USD 70403.55 million in 2023 to USD 114778.53 million by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

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.

US Healthcare IT Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Healthcare IT Outsourcing Market Report Snapshots

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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. 'Accenture', 'Cognizant Technology Solutions', 'Infosys', 'Tata Consultancy Services (TCS)', 'Wipro', 'IBM Corporation', 'McKesson Corporation', 'HCL Technologies', 'Tech MahindraDell Technologies', 'Siemens Healthineers', 'Optum Inc.', 'Allscripts Healthcare Solutions', 'GE Healthcare', 'Philips Healthcare', 'DXC Technology', 'AGFA Healthcare', 'NTT Data Corporation', 'Fujitsu', 'Hewlett Packard Enterprise (HPE)'

The growing need to reduce healthcare costs globally, as well as the growing need to control cash flow in back-office administration and IT management systems of healthcare providers, payers, and the life science sector, are driving market growth.

The usage of cloud computing in the healthcare industry has significantly risen. The application of distant servers over the internet is the core of cloud computing in the healthcare industry. It facilitates the handling, processing, and storage of medical data. Cloud storage makes it simple for medical professionals and organisations to use web servers to safely store a vast quantity of data. In order to retain and safeguard their patient information, medical businesses have used cloud-based solutions since the EMR (Electronic Medical Records) Mandate came into effect. Improved privacy, cheaper costs, and better patient care through remote operation and cooperation are some benefits of the rising usage of cloud technology in healthcare.

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.

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Global Healthcare IT Outsourcing Market Size, Share, Growth Analysis, By Application(Provider (EHR, RCM), By Industry(Healthcare System, Healthcare Insurance Industry), By Product(Care Management, Administration) - Industry Forecast 2024-2031

Global Healthcare IT Outsourcing Market Insights

Global Healthcare IT Outsourcing Market Report Snapshots

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