Healthcare IT Outsourcing Market Regulations and Competitive Landscape Outlook to 2025

Healthcare Information Technology encompasses all technologies and software based solutions that are utilized in modern healthcare environment. There are infinite capabilities and opportunities in the field of Healthcare IT over the world. With the fastest transformations taking place in developed countries such as United States and the Big 5 in Europe. Outsourcing of IT to countries where cheaper solutions may be obtained has been greatly exploited by companies in developed countries. Countries such as India, China, Indonesia and Singapore have been IT outsourcing hubs for other nations since the capital required to be spent in developing IT solutions in these regions is only a fraction of what may be demanded in developed countries. Skilled intelligent resources are available at very low labor costs due to a significant currency exchange hence; outsourcing has become one of the largest opportunities that has increased the economy of several nations in past few years. Major areas where healthcare IT may be employed includes biomedical research and development such as pharmaceutical research, genetics and proteomics, life science IT, biotechnology, biosimulation and disease research among others. In a rising trend, numerous applications of IT can be found in hospitals and healthcare facilities management, forensics and insurance as well.

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The market for Healthcare IT outsourcing can be segmented by applications and End Users such as for Hospitals, the popular solutions encompass Hospital Information Systems, Electronic Health Records, Pharmacy Information, Laboratory Information Systems, Hospital Inventory Management, E-Prescription, Expensive Equipment Monitoring, Revenue Cycle Management, Clinical Decision Support and others recent applications such as picture archiving and communication systems or PACS. For Pharmaceutical and Life Science Research, the popular IT solutions include, eClinical Solutions, Clinical Database Management, drug modeling, biosimulation, patent study and enquiry, drug database integration, lab integration, laboratory equipment solutions. In other healthcare areas such as Insurance, major applications include provider facing, complex interaction and clearing houses, real-time eligibility verification, and eClaims. Several other areas include medical device software,smart cards, asset tracking and patient tracking, telemetric systems and remote patient monitoring.

Due to the diverse number of applications, the market for Healthcare IT outsourcing is highly fragmented, with a large number of core competencies in each organization. This trend is also similar and in tandem with the overall IT market. Realizing an IT solution for a complex healthcare problem requires in-depth understanding of the complete system since it requires healthcare experts to work in tandem with the developers. The Healthcare IT market is led by North America with the largest share particularly due to a high number of healthcare companies in the region, highly innovative and unique requirements.Major factors driving the growth of outsourcing healthcare IT solutions is presence of skilled labor, management of big data, affordability in the region, necessity of reducing increasing costs in research and development, meeting demands of an ever increasing population, increasing automation in healthcare, need of complex analytical tools in healthcare environment and burgeoning fields in healthcare such as medical devices.

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Notable companies in the sector operating over the world include HCL Technologies, Cognizant Technology Solutions, Wipro Ltd, Hewlett-Packard, McKesson Corporation, Accenture Plc, Infosys Ltd, Tata Consultancy Services Ltd, Dell Inc., TriZetto, GeBBS Healthcare Solutions, GE Healthcare, Siemens Healthcare, RelayHealth, AllScripts, SureScripts, Zensar Healthcare IT, Carestream Solutions, Google Inc, Syntel, SAP and several others contribute to a significant share of the global market.

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