Global Healthcare Information Technology (It) Outsourcing Market – Industry Trends and Forecast to 2029

Global Healthcare Information Technology (IT) Outsourcing Market, By Type (Provider HCIT Outsourcing, Electronic Health Record (EHR), Payer HCIT Outsourcing, Operational HCIT Outsourcing, Life Sciences HCIT Outsourcing, and IT Infrastructure Outsourcing), Application (Care Management, Administration and IT Infrastructure Management), End Use (Healthcare Provider System, Pharmaceutical, Biotechnology, Clinical Research Organization (CRO) and Health Insurance), – Industry Trends and Forecast to 2029

Market Analysis and Size

In the healthcare information technology market, outsourcing is a new phenomenon. It is a screening process in which an organisation chooses the most efficient third-party service provider to run its management and administrative unit. Outsourcing IT solutions in the healthcare industry has emerged as an effective way to reduce rising healthcare costs while meeting the growing demand for high-quality care. The trend of healthcare IT outsourcing solutions has grown significantly over the years, attracting both large and mid-sized organisations. In some cases, the entire information management system is outsourced, whereas in others, only key application services, such as EMR, CRM, and billing system implementation, are outsourced.

Data Bridge Market Research analyses that the Healthcare information technology (IT) outsourcing market is expected to reach the value of USD 51.93 billion by the year 2029, at a CAGR of 10.00% during the forecast period. The rising prevalence of chronic disorders, increased emphasis on research and development capabilities in medical devices and the adoption of advanced healthcare technologies, an increasing number of supportive government policies, and rising expenditure for the development of healthcare infrastructure, particularly in developing economies, are the major factors driving the growth of the healthcare information technology (IT) outsourcing market.

Market Definition

Healthcare information technology (IT) outsourcing, as the name implies, is a system of outsourcing IT activities from companies or individual service providers. This allows the healthcare institution to focus on internal activities rather than IT-related operations and technicalities. Outsourcing is a concept that is widely accepted by organisations of all sizes and shapes.

Report Scope and Market Segmentation

Healthcare Information Technology (It) Outsourcing Market Dynamics

Drivers

• The rise in the research and development expenditure

The increasing of research and development expenditures, as well as the increased outsourcing of research and development activities, are expected to drive growth in the healthcare information technology (it) outsourcing market during the forecast period.

• The increase in the digitization of economies

Another market growth determinant is the increasing digitization of economies, particularly those in emerging markets. Other important factors that will generate lucrative market growth opportunities include an increasing shortage of in-house IT professionals and a shift toward patient-centric systems.  

• Government investments for healthcare interoperability

The increase in the funding by the federal government to drive the adoption of these solutions further influence the market. Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the Healthcare information technology (IT) outsourcing market.

Opportunities

The rising pressure to reduce healthcare costs globally, as well as the growing need to manage cash flow in back-office administration and IT management systems of healthcare providers, payers, and the life science segment, are driving the growth of the healthcare IT outsourcing market. Lack of in-house IT expertise, increased demand for integrating solutions, increasing pressure on healthcare providers to meet the "Meaningful Criteria" set by the United States Federal Government, new ICD-10 coding conversion guidelines, an ageing population, and growing medical tourism in Asia are all likely to drive this market.

Restraints/Challenges

Rising instances of identity theft and security breaches will impede market growth. In addition, the market will face additional challenges due to the need for large capital investments and low profit margins. Unfavorable reimbursement policies and limited IT infrastructure in developing countries will also slow market growth.

This Healthcare information technology (IT) outsourcing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Healthcare information technology (IT) outsourcing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Healthcare information technology (IT) outsourcing Market

With the World Health Organization (WHO) officially declaring the COVID-19 outbreak a pandemic, a number of established pharmaceutical and biopharmaceutical companies have increased R&D and manufacturing efforts to develop and distribute SARS-CoV-2 test kits, vaccines, and drugs. Many pharmaceutical and biotechnology companies partnered with it outourcing companies through long-term agreements, partnerships, and collaborations around the world to accelerate the R&D process. In addition, outsourcing companies have created dedicated services for COVID-19 research. There have been a number of new service launches in 2020, as well as agreements, partnerships, and collaborations with various pharmaceutical companies and academic institutes for the research and development of COVID-19 vaccines, drugs, and diagnostics around the world.

Global Healthcare information technology (IT) outsourcing Market Scope

The Healthcare information technology (IT) outsourcing market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Provider HCIT outsourcing
• Electronic health record (EHR)
• Payer HCIT outsourcing
• Operational HCIT Outsourcing
• Life sciences HCIT outsourcing
• IT infrastructure outsourcing

Based on type, the 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..

Application

• Care management
• administration
• IT infrastructure management

Based on application, the healthcare information technology (IT) outsourcing market is segmented into care management, administration and IT infrastructure management.

End User

• Healthcare provider system
• Pharmaceutical,  biotechnology
• Clinical research organization (cro
• health insurance

On the basis of end user, the healthcare information technology (IT) outsourcing market is segmented into healthcare provider system, pharmaceutical, biotechnology, clinical research organization (CRO) and health insurance.

Healthcare information technology (IT) outsourcing Market Regional Analysis/Insights

The Healthcare information technology (IT) outsourcing market is analysed and market size insights and trends are provided by country, type, application and end user as referenced above.

The countries covered in the Healthcare information technology (IT) outsourcing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the anastomosis device market in terms of market share and revenue, and this dominance is expected to continue during the forecast period. This is due to the presence of cutting-edge IT technologies. Asia-Pacific, on the other hand, is expected to grow at the fastest rate during the forecast period, owing to rising government spending on healthcare and rising personal disposable income.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The healthcare information technology (IT) outsourcing market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Healthcare information technology (IT) outsourcing market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare information technology (IT) outsourcing market. The data is available for historic period 2010-2020.

Competitive Landscape and Healthcare information technology (IT) outsourcing Market Share Analysis

The healthcare information technology (IT) outsourcing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare information technology (IT) outsourcing market.

Some of the major players operating in the healthcare information technology (IT) outsourcing market are

• Allscripts Healthcare, LLC (US)
• Epic Systems Corporation (US)
• McKesson Corporation (US)
• Cerner Corporation (US)
• Siemens Healthcare GmbH (Germany)
• Carestream Health (US)
• Agfa-Gevaert Group (Belgium)
• athenahealth, Inc. (US)
• eClinicalWorks (US)
• GENERAL ELECTRIC (US)
• GREENWAY HEALTH, LLC. (US)
• Infor (US)
• Koninklijke Philips N.V. (Netherlands)
• NXGN Management, LLC (US)
• Oracle (US)
• Siilo (Netherlands)
• BigHealth (US)
• Vida Health (US)
• SWORD Health (US)
• NOVIGENIX SA (Switzerland)
• Lantum (UK)
• BD (US)
• Bioaxis (India)
• Ada Health GmbH (Germany)