The global healthcare information technology (IT) outsourcing market involves delegating technology-related processes and services by healthcare organizations to external service providers. This outsourcing encompasses a spectrum of IT functions, including application development, infrastructure management, data analytics, and support services. It enables healthcare entities to focus on core competencies while leveraging the expertise and resources of specialized IT service providers. As healthcare organizations seek to enhance their technological capabilities, IT outsourcing emerges as a strategic approach to meet the industry's evolving demands.
Data Bridge Market Research analyzes that the Global Healthcare Information Technology (IT) Outsourcing Market, which was USD 4,44,774.40 million in 2022, is expected to reach USD 1,799,390.27 million by 2030 and is expected to undergo a CAGR of 16.80% during the forecast period of 2023 to 2030.
"Rapid adoption of electronic health records and other healthcare IT solutions drive the market growth"
The rapid adoption of electronic health records (EHR) and other healthcare IT solutions signifies a transformative shift in managing patient information. Despite EHR's decade-long presence, integrating complex, confidential, and often unstructured patient data into healthcare delivery remains a significant challenge. The ongoing adoption reflects the industry's commitment to leveraging technology for enhanced patient care. EHRs streamline data access, improve communication among healthcare providers, and contribute to more informed decision-making, fostering a comprehensive and efficient approach to healthcare management.
What restraints the growth of the global healthcare information technology (IT) outsourcing market?
" Issues associated with interoperability hamper the market growth"
Interoperability issues within health information systems hinder the seamless implementation and utilization of health informatics solutions. The absence of standardized IT protocols for data storage and exchange across many countries results in significant challenges. The diverse data storage, transport, and security standards create complexities in integration for care providers and medical IT solution providers. The lack of a unified health information system exacerbates interoperability challenges, impeding the efficient meeting of administrative, clinical, technical, and laboratory requirements. This fragmentation hampers the market by complicating the adoption and integration of healthcare IT solutions.
Segmentation: Global Healthcare Information Technology (IT) Outsourcing Market
The global healthcare information technology (IT) outsourcing market is segmented on the basis of type, application, and end user.
- On the basis of type, the global healthcare information technology (IT) outsourcing market is segmented into provider HCIT outsourcing, electronic health record (EHR), payer HCIT outsourcing, operational HCIT outsourcing, life sciences HCIT outsourcing, and IT infrastructure outsourcing
- On the basis of application, the global healthcare information technology (IT) outsourcing market is segmented into care management, administration, and IT infrastructure management
- On the basis of end user, the global healthcare information technology (IT) outsourcing market is segmented into healthcare provider system, pharmaceutical, biotechnology, clinical research organization (CRO), and health insurance
Regional Insights: North America is expected to dominate the Global Healthcare Information Technology (IT) Outsourcing Market
North America is expected to dominate the global healthcare information technology (IT) outsourcing market in terms of market share and revenue. The region's dominance is attributed to the prevalence of cutting-edge IT technologies. With a robust infrastructure and technological advancements, North America is poised to lead in outsourcing healthcare IT services, emphasizing its pivotal role in shaping the market landscape and driving innovations in the healthcare IT sector.
Asia-Pacific is expected to dominate the global healthcare information technology (IT) outsourcing market, exhibiting the fastest growth rate during the forecast period. The region's prominence is attributed to increasing government healthcare spending and a surge in personal disposable income. As Asia-Pacific takes the lead in adopting outsourced IT solutions, its dynamic market growth is fueled by a combination of robust financial investment and enhanced affordability for advanced healthcare information technology services.
Recent Developments: Global Healthcare Information Technology (IT) Outsourcing Market
- In August 2022 Cognizant was selected by AXA U.K. and Ireland, as a technology partner to consolidate, modernize, and manage part of its IT operations. Cognizant's integrated IT services, including service desk support, end-user computing, application development, cloud operations, and IT infrastructure management, support AXA's transformation for a digitally enabled, secure, and cost-effective IT environment, contributing to business expansion
- In July 2022, NXGN Management, LLC, demonstrated its NextGen Office at the APMA conference. Integrated into the APMA Registry, NextGen Healthcare showcased its EHR, providing clinically relevant insights and gaining recognition within the APMA community. This strategic move allowed the company to exhibit its products and enhance visibility within the APMA
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-healthcare-it-outsourcing-market
The Prominent Key Players Operating in the Global Healthcare Information Technology (IT) Outsourcing Market Include:
- Allscripts Healthcare, LLC (U.S.)
- Epic Systems Corporation (U.S.)
- McKesson Corporation (U.S.)
- Cerner Corporation (U.S.)
- Siemens Healthcare GmbH (Germany)
- Carestream Health (U.S.)
- Agfa-Gevaert Group (Belgium)
- athenahealth, Inc. (U.S.)
- eClinicalWorks (U.S.)
- GENERAL ELECTRIC (U.S.)
- GREENWAY HEALTH, LLC. (U.S.)
- Infor (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- NXGN Management, LLC (U.S.)
- Oracle (U.S.)
- Siilo (Netherlands)
- BigHealth (U.S.)
- Vida Health (U.S.)
- SWORD Health (U.S.)
- NOVIGENIX SA (Switzerland)
- Lantum (U.K.)
- BD (U.S.)
- Bioaxis (India)
- Ada Health GmbH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global healthcare information technology (IT) outsourcing market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Healthcare Information Technology (IT) Outsourcing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
