Global Healthcare IT Outsourcing Market Size, Insight, Trends & Forecast To 2023

Market Research Reports Search Engine (MRRSE) has added a fresh market intelligence report to its comprehensive collection of research studies. “Healthcare IT Outsourcing Market (By Application - Care Management, Administration, and IT Infrastructure Management; By End-use - Healthcare payers and Healthcare Providers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” offers a detailed analysis, presenting insights into the key trends and dynamics that are influencing the growth of the market. In addition, the product segmentation, geographical scenario and competitive landscape of the market have been discussed in the study which describe the future growth. In 2014, the market’s opportunity was worth US$34 bn, which is expected to rise at a CAGR of 6.70% between 2015 and 2023 and reach an estimation of US$61.2 bn by the end of the forecast period.

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The global healthcare IT outsourcing market has registered a significant rise over the last decade. The cost-efficiency these outsourcing solutions offer to healthcare providers, as well as payers, has increased their adoption across the world in the recent times. The growing need for an enhanced level of IT convergence with reduced costs, improved productivity, and a higher level of patient satisfaction is likely to drive their demand substantially over the coming years.

Healthcare Administration to Remain Dominant Application Area of Healthcare IT Outsourcing

Healthcare administration, IT infrastructure management, and care management are the three main application areas of healthcare IT outsourcing. In 2014, these services were mostly utilized in administration, which held a share of nearly 37% in their overall application.

The immense growth of the patient pool and the rising investments in healthcare infrastructure across the world resulted in the increased number of healthcare administrative processes, such as billing, asset management, operations management, and healthcare data management for both healthcare providers and payers, boosting the application these services in healthcare administration. Analysts expect a continuous growth in this trend over the next few years, ensuring the dominance of this segment.

In terms of revenue, healthcare administration contributed US$12.5 bn in 2014, which is projected to rise up to US$21.5 bn by the end of the forecast period. Apart from this, the demand for healthcare IT outsourcing is also expected to experience robust growth in the care management segment in the coming years.

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Unmet Medical Need in Asia Pacific to Provide Potential Opportunities to Market Players

Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa are the key regional markets for healthcare IT outsourcing across the world. In 2014, North America led the global market with a share of over 40%. The rise in the initiatives and mandates by governments to make quality healthcare available for people at much lower rates, such as the U.S. Affordable Care Act-2010, has increased the adoption of healthcare IT outsourcing by healthcare providers in this region.

The opportunity in the North America healthcare IT outsourcing market stood at US$13.4 bn in 2014. Expanding at a CAGR of 5.10% during the period from 2015 to 2023, it is likely to worth US$21.2 bn by the end of 2023. Although North America will remain the biggest adopter of this service in the coming years, Asia Pacific is projected to register the fastest rise at a CAGR of 10.50% during the forecast period. The unmet medical needs in developing countries of Asia Pacific is anticipated to provide potential growth opportunities to market players over the next few years.

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