Press release
Hospital Outsourcing Market 2024-2033: Market Share, Growth Analysis and Trends
The hospital outsourcing market size is expected to see rapid growth in the next few years. It will grow to $730.99 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to patient-centric services, increased complexity in healthcare services, flexibility and scalability, cybersecurity concerns, population health management. Major trends in the forecast period include technological advancements, digital transformation, rise of business process outsourcing (BPO) in healthcare, growing adoption of IT outsourcing, focus on revenue cycle management outsourcing.
Market Overview -
Hospital outsourcing is a process in which some processes of a hospital are assigned to another vendor or a smaller facility that has expertise and specialization in the specific area. This helps to provide support to hospital processes and smooth running of the hospitals.
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Hospital Outsourcing Market Surges With Diabetic Cases
The increase in diabetic patient flow in hospitals is expected to propel the growth of the hospital outsourcing market going forward. Hospitals opt for outsourcing services when there is an increase in patients and the hospital infrastructure is not capable of handling a large number of patients. This is a result of the rise in chronic illnesses, including diabetes, cardiovascular disease, and others, which are increasing the number of patients being admitted to hospitals and, eventually, placing greater pressure on medical procedures. For instance, according to the International Diabetics Federation (IDF) report, a Belgium-based diabetic organization, in the year 2021, approximately 537 million adults in-between the age group 20-79 years were living with diabetes and it is estimated to rise to 643 million by 2030 and 783 million by 2045. Therefore, the increase in diabetic patient flow in hospitals is driving the growth of the hospital outsourcing market.
Competitive Landscape -
Major companies operating in the hospital outsourcing market report are Johnson & Johnson, Abbott Laboratories, MMM Group, 3M Company, Sodexo S.A., Becton Dickinson and Company, Aramark Corporation, ABM Industries Incorporated, Miele Group, Fortive Corporation, Cerner Corporation, Steris Plc, bioMérieux S.A., Getinge AB, AllScripts Healthcare Solutions Inc., LogistiCare Solutions LLC, Alere Inc., Ansell Limited, Cantel Medical, Sotera Health LLC, TriMedx LLC, Halyard Health Inc., Metall Zug AG, Tri Source International Inc., Sterigenics International LLC, Belimed AG, The Allure Group, Flatworld Solutions, Matachana Group, Integrated Medical Transport Inc., Honeywell International Inc., Pal International Ltd., PDI Inc., Reckitt Benckiser Group plc, Schülke & Mayr GmbH
Transforming Hospital Revenue Cycles With Advanced Technologies
Major companies operating in the hospital outsourcing market are developing advanced technologies, such as digital platforms, to improve revenue cycle outcomes, thereby increasing their profitability in the market. A digital platform is a technology-enabled solution designed to streamline and optimize various administrative and financial functions within healthcare organizations. For instance, in October 2023, Omega Healthcare, a US-based healthcare services company, launched the Omega Digital Platform. The platform employs AI, RPA, ML, bots, and NLP. Omega Healthcare's solutions enhance efficiency in revenue cycle tasks, minimizing human intervention and reallocating resources. The goal is to achieve outcomes such as lowering coding costs with over 95% accuracy and reducing accounts receivable days, ultimately optimizing revenue for providers, payers, pharma, and clinical research organizations. Omega's proprietary technology and analytics aim to boost efficiencies, cut costs, expedite cash flow, and enhance financial outcomes.
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Key Segments -
The hospital outsourcing market covered in this report is segmented -
1) By Hospital Type: Private, Public
2) By Hospital Size: Small and Medium Hospitals, Large Hospitals
3) By Services: Healthcare IT, Clinical Services, Business Services, Transportation Services, Other Services
4) By End-Users: Nursing Homes and Assisted Living, Specialty Hospitals, General Medical and Surgical Hospitals, Emergency and Other Outpatient Care Centers, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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