Outsourcing IT requirements has proven to be exceptionally advantageous to healthcare organizations. Back-office work such as data entry and payroll can also be outsourced to reliable business process outsourcing companies. Key benefits such firms get include reduction in operation costs, and access to advanced solutions. In addition, considerable time can be saved to focus on other administrative tasks.
According to a report from Precision Business Insights, the global healthcare IT outsourcing market is expected to grow at a better Compound Annual Growth Rate (CAGR) rate during the forecast period 2018 to 2024.
Key factors that drive the growth of this global market in future years are –
- Increase in medical tourism coupled with the need for quality care for patients
- Lack of in-house professionals for IT solutions
- Government initiations to provide the IT services at low cost
- Increase in the number of outsourcing companies around the globe
- Rise in focus on reducing the operational cost by the healthcare providers
- Lack of infrastructure and funding for secured IT facilities
However, technology constraints that restrain the growth of the market include lack of standardization for data storage, high initial investment in healthcare IT services, and highly fragmented healthcare services.
The report divides the market on the basis of type, application, and end user. Based on type, the market is divided into –
- Payers HCIT Outsourcing Market
- Providers HCIT Outsourcing Market
Based on application, the market is segmented into
- Administration
- Care Management
- IT infrastructure Management
End users of the market include hospitals, pharmaceutical and biotechnology Industries, insurance industries, clinical research organizations and others.
Some of the key players mentioned in the report are
- Hewlett-Packard Company (U.S.)
- Accenture Plc (Ireland)
- McKesson Corporation (U.S.)
- Allscripts Healthcare Solutions (U.S.)
- Siemens Healthcare GmbH (Germany)
- Tata Consultancy Services Ltd, (India)
- Cognizant Technology Solutions (U.S.)
- HCL Technologies (India)
- GE Healthcare (U.K)
- Atos SE (Germany)
- International Business Machines (IBM) Corporation (U.S.)
Geographically, this global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these regions, the North American market is poised to grow – owing to rise in focus in reducing the operational cost by healthcare providers, increase in the number of outsourcing industries, and growth in the number of insurance providers.
Factors such as rise in government initiations for providing quality healthcare at low cost, increase in the number of end user industries, and adoption of innovative technologies and platforms by outsourcing companies to provide better services are boosting the Europe healthcare IT outsourcing market. At the same time, the Asia pacific market has lucrative growth attributed to increase in medical tourism in Asia Pacific countries, rise in automation in the healthcare sector, and low service cost provided by the market players.
