Healthcare IT Outsourcing Market Worth US$61.28 bn by 2023

Healthcare IT outsourcing is one of the practices which reduces the cost in the market. IT principally gains support from various government regulations and initiatives from government to underline the need for cost-efficient and high-quality healthcare services to offer the public. One of the larger emerging trends in the healthcare industry is to be third-party IT outsourcing. Additionally, demand for healthcare IT outsourcing is projected to increase due to rising need of reduction of in-house healthcare IT expenses. Additionally, growing investment in healthcare infrastructure is another factor leading to increase demand in the world healthcare IT outsourcing market. Increasing need for patient satisfaction and improved productivity and availability of services in reduced costs is forecasted to augment the demand for IT convergence in healthcare.

However, loss of trust due to confidentiality issues and data breach hampering adoption of healthcare IT outsourcing. Additionally, unreliable operation of service providers can limit growth of the market. Also, some language barriers and cultural differences are predicted to create problems in the market.

TMR observes, the global market for healthcare IT outsourcing will likely to attain the value of US$61.2 bn by the end of forecast period from US$34 bn in 2014 by expanding with the CAGR of 6.70% between 2015 and 2023.

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Increasing Administrative Processes to Experience Higher Growth

On the basis of application, the global healthcare IT outsourcing market is segmented in to care management, administration, and IT infrastructure services. Of these, administration segment accounted for nearly 37% of the shares in 2014 and expected to continue its dominance over the forecast period. This is attributable to the immense growth in the patient pool and rising investments in healthcare infrastructure globally has resulted in the increased number of healthcare administrative processes. This demand is likely to increase for next few years which is likely to fuel growth of the segment in the global healthcare IT outsourcing market. In terms of revenue, healthcare administration contributed US$12.5 bn in 2014, and thanks to these factors, the segment is projected to rise up to US$21.5 bn by the end of the forecast period.

On the basis of end use, the global healthcare IT outsourcing market is segmented in to healthcare providers and healthcare payers.

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Rising Initiatives in North America for Improvement in Healthcare Services to Drive Growth of Market

On the basis of the region, the global healthcare IT outsourcing market is segmented in to North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Of these, North America dominated the global healthcare IT outsourcing market and accounted for 40% shares of the market. The North America healthcare IT outsourcing market was valued at US$13.4 bn in 2014 and is expected to t attain value of US$21.2 bn by the end of 2023. The market is expected to expand with 5.10% over the forecast period from 2015 to 2023. This growth is attributable to rising initiatives by government in order to available the high quality healthcare services in lower prices mainly in the US. However, Asia Pacific is expected to expand with higher CAGR of near about 10.50% over the forecast period.

Some of the key players operating in the healthcare IT outsourcing market are IBM Corp., Tata Consultancy Services Ltd., Wipro Ltd., Cognizant Technology Solutions, and Accenture Plc.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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