The global healthcare IT outsourcing market is prognosticated in a report authored by Transparency Market Research (TMR) to find the competition grow intense due to telling increase in the count of service providers. In the new study, companies are expected to focus on offering quality patient care and patient data management systems as they develop their own analytical platform. This could also help them to offer customized solutions to healthcare providers and also payers on the global level. Larger companies may look to build tactical alliances with local firms in the Middle East and Africa and Asia Pacific for collecting significant shares of the market.
By the completion of 2023, the global healthcare IT outsourcing market could be valued at a US$61.2 bn, according to TMR. With respect to application, the administration segment is prophesied to lead the market and achieve a valuation of US$21.5 bn by the final forecast year. Regionally, North America could obtain a lion’s share of the market while being valued at a US$21.2 bn by the same year.
Government Initiatives Emphasizing on High-quality Healthcare Services Raise Demand
Healthcare IT outsourcing is considered as one of the top cost-saving practices observed in the industry. It principally gains support from various government regulations and initiatives underlining the need for making available cost-efficient as well as high-quality healthcare services to the public. In the healthcare industry, one of the larger emerging trends is said to be third-party IT outsourcing. Demand for healthcare IT outsourcing is projected to rise on the back of the need to reduce in-house healthcare IT expenses. Solutions offered in the world healthcare IT outsourcing market could significantly contribute to keep such expenses in check.
Growing investment in healthcare infrastructure is another factor that could increase demand in the world healthcare IT outsourcing market. Magnifying need to ensure higher level of patient satisfaction, enhanced productivity, and reduced costs is foreseen to augment the demand for IT convergence in healthcare.
The international healthcare IT outsourcing market is forecasted to have a positive outlook for the next few years. However, loss of trust due to confidentiality issues and data breach could hamper demand for healthcare IT outsourcing. Moreover, operation of service providers could be restricted due to limitation on standardizing IT platforms because of high fragmentation of the healthcare and medical industries. Additionally, language barriers and cultural differences are envisaged to create problems in the market.
However, healthcare IT outsourcing vendors could find demand in the faster-growing application of care management owing to rising requirement of quality care services and expanding patient pool. Application of healthcare IT outsourcing could see a rise in healthcare administration due to increasing focus on healthcare administrative processes including healthcare data management, operations management, asset management, and billing.