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U.S. Is Expected To Dominate the Healthcare IT Outsourcing Market: The Rising Need to Decrease Healthcare Expenditure by 2024
Healthcare IT Outsourcing Market 2018-2024
Global Healthcare IT Outsourcing Market segment By Product Type (Provider (EHR, PIS, LIS, RIS, PACS, RCM, Others), Payer (Customer Management Systems, Claim Processing, Fraud Detection, Others), Life Sciences HCIT (CTMS, CDMS, ERP, Others), Operational HCIT (SCM, Business Process Outsourcing), HCIT Infrastructure (Cloud Services, Management Services)), By End User (Provider, Payer, Pharma & Biotech, Clinical Research Organization, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Trends and Forecast to 2024
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Market Segmentation:
The report segments the market based on product type and end-users. By product type the healthcare IT outsourcing segments the products based on their area of usage into provider HCIT, payer HCIT, life sciences HCIT, HCIT infrastructure and operation HCIT. The provider HCIT products include electronic health records, pharmacy information systems, laboratory information systems, radiology information systems, picture archiving and communication systems, revenue cycle management and others.
Payer HCIT market includes products such as customer management systems, claim processing, fraud detection and, others. Life science HCIT market includes customer management systems, claim processing systems, billing systems, fraud detection and others. Operational HCIT includes products such as supply chain management, business process management and others. HCIT infrastructure outsourcing in the healthcare IT outsourcing market includes products such as infrastructure management systems, cloud and others.
Based on the end-users of HCIT outsourcing the market is segmented into 5 segments healthcare providers, healthcare payers, pharma and biotech, clinical research organizations and others. Healthcare providers include all healthcare facilities such as physician clinics, hospitals, radiology labs, clinical labs, pharmacies among others. Healthcare payers mainly constitute of the healthcare insurance companies public and private. Pharma and biotech companies and clinical research organizations forms a significant part of this market.
Based on geography the healthcare IT outsourcing market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is expected to dominate the market due to the rising need to decrease healthcare expenditure which is forming the major share of the market. With the market in U.S. shifting to value based reimbursements a proper HCIT platform must be formed, and outsourcing of these processes is expected to significantly speed up the process.
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Market Competitors:
The players in this market are using mergers, acquisition and development of technology as penetration strategies. The Global Healthcare IT Outsourcing Market Report also includes new developments, future technological advancements, recent strategically decisions, expansions and product launches. The key players in the healthcare IT outsourcing market are Mckesson Corporation, Accretive Health, Inc., HCL Technologies, Inc., Anthelio Healthcare Solutions, Hewlett-Packard, Allscripts., Accenture Plc., Cognizant Technology Solutions, Dell, Inc., IBM Corporation, Infosys Limited, Siemens Healthcare, Tata Consultancy Services, Ltd., Wipro and Xerox Corporation among others.
The major and developed healthcare market is facing the challenge to curb with the rising cost of healthcare expenditure; to achieve this healthcare market is turning to management technologies and services. Healthcare providers are expected to lead the market and grow with the highest CAGR of 13.7% in the forecast period. This is owing to the gap in healthcare technology among providers, also the paradigm shift after affordable care act and value based reimbursement models all development in HCIT market will fuel the growth of provider HCIT outsourcing market.
The global healthcare industry, generate enormous amount of data. Healthcare industry requires electronic tracking devices/system to maintain the medical records, there billing information and to track information of patients. In order to maintain this data the healthcare industry requires the strong information technology services. This has resulted in an extraordinarily increased demand of IT infrastructure, which had helped them in keeping attention on their core service area.
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