The global healthcare IT outsourcing market size reached US$ 46.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 76.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.7% during 2023-2028.
Healthcare information technology (IT) outsourcing refers to the process of hiring external service providers to manage, regulate, and mechanize operations in medical organizations. It involves services, such as medical transcriptions, virtual assistants, healthcare coding and billing, insurance claim, and customer support. Healthcare IT is widely used by healthcare providers, biopharmaceutical industries, and clinical research organizations (CROs) to address issues and follow up claim processes. The solution helps increase accuracy and productivity, minimize errors and administrative costs, and enhance security and consumer engagement. It also provides access to trained professionals, improves patient care, ensures compliance, saves time, and protects patient data.
Healthcare IT Outsourcing Market Trends:
- The increasing need to reduce healthcare costs across the globe is creating a positive outlook for the market. Healthcare IT outsourcing helps minimize costs and improve processes without sacrificing patient satisfaction within health systems. Additionally, the growing prevalence of chronic and lifestyle-based diseases and the increasing demand for safety and confidentiality of patient information is favoring the market growth. In line with this, the rising adoption of healthcare IT outsourcing to assist in revenue cycle management (RCM) due to the significant rise in operating costs of healthcare facilities and medical billing companies is acting as another growth-inducing factor. Apart from this, the integration of artificial intelligence (AI) and machine learning (ML) to analyze data, streamline supply delivery and disinfection, suggest outcomes, and provide timely risk scores and precise resource allocation, are providing an impetus to the market growth. Furthermore, the COVID-19 pandemic surged the employment of IT outsourcing in the healthcare industry to provide accurate patient information and link patient records, which is propelling the market growth. Other factors, including extensive research and development (R&D) activities, increasing patient-centric and value-based approaches in healthcare, the growing need to efficiently manage healthcare data, and rising governmental support, are anticipated to drive the market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global healthcare IT outsourcing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and end user.
Breakup by Type:
- Payers HCIT Outsourcing
- Hospital Information System (HIS)
- Laboratory Information System (LIS)
- Radiology Information System (RIS)
- Electronic Medical Records (EMR)
- Providers HCIT Outsourcing
- Revenue Cycle Management (RCM) System
- Healthcare Analytics
Breakup by End User:
- Healthcare Provider System
- Biopharmaceutical Industry
- Clinical Research Organization
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, Allscripts Healthcare Solutions Inc, Dell Technologies Inc., Infosys Limited, International Business Machines, Koninklijke Philips N.V., Optum Inc. (UnitedHealth Group Incorporated), Siemens Healthineers AG, Tata Consultancy Services, Wipro Limited and Xerox Corporation.
Key Questions Answered in This Report:
- 1. What was the size of the global healthcare IT outsourcing market in 2022?
- 2. What is the expected growth rate of the global healthcare IT outsourcing market during 2023-2028?
- 3. What are the key factors driving the global healthcare IT outsourcing market?
- 4. What has been the impact of COVID-19 on the global healthcare IT outsourcing market?
- 5. What is the breakup of the global healthcare IT outsourcing market based on the type?
- 6. What is the breakup of the global healthcare IT outsourcing market based on the end user?
- 7. What are the key regions in the global healthcare IT outsourcing market?
- 8. Who are the key players/companies in the global healthcare IT outsourcing market?