Global Healthcare Information Technology (IT) Outsourcing Market – Industry Trends and Forecast to 2030

Healthcare Information Technology (IT) Outsourcing Market Analysis and Size

In the healthcare information technology market, outsourcing is a new phenomenon. It is a screening process in which an organisation chooses the most efficient third-party service provider to run its management and administrative unit. Outsourcing IT solutions in the healthcare industry has emerged as an effective way to reduce rising healthcare costs while meeting the growing demand for high-quality care. The trend of healthcare IT outsourcing solutions has grown significantly over the years, attracting both large and mid-sized organisations. In some cases, the entire information management system is outsourced, whereas in others, only key application services, such as EMR, CRM, and billing system implementation, are outsourced.

Data Bridge Market Research analyzes that the healthcare information technology (IT) outsourcing market , which was USD 444,774.40 million in 2022, is likely to reach USD 1,799,390.27 million by 2030, and is expected to undergo a CAGR of 16.80% during the forecast period. “Provider HCIT outsourcing” dominates the type segment of the market due to the advancements in technology that have led to the development of various product. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Healthcare information technology (IT) outsourcing, as the name implies, is a system of outsourcing IT activities from companies or individual service providers. This allows the healthcare institution to focus on internal activities rather than IT-related operations and technicalities. Outsourcing is a concept that is widely accepted by organisations of all sizes and shapes.

 Healthcare Information Technology (IT) Outsourcing Market Dynamics

Drivers

• Rapid adoption of electronic health records and other healthcare IT solutions

Patient data is complex, confidential, and often unstructured. Incorporating this information into the healthcare delivery process is a challenge that must be met in order to realize the opportunity to improve patient care. Although Electronic Health Record (HER) has been in use for over a decade, the market has recently accelerated due to government initiatives in different countries to improve patient data security.

Regulatory requirements imposed by HITECH have spurred the adoption of EHR and EMR. Another important factor, which is fueling the growth of the market is the increasing number of Responsible Care Organizations (ACOs), increasing the demand for EHRs and EMRs.

In addition, IT services help to integrate various end-users throughout the healthcare system, including hospitals, nursing units, pharmacies, and health insurance companies. However, integrating this data and its availability in real-time is essential for healthcare professionals to ensure effective decision-making. Therefore, with the anticipated growth of the EHR systems in the coming years, hospitals will focus strongly on enhancing their capacity by integrating different hospital systems with EHR, thereby creating development opportunities for the healthcare information technology (IT) integration market.

• Growing demand for telehealth services and remote patient monitoring solutions

Currently, telehealth services are being requested for monitoring and consulting purposes. Advances in healthcare solutions have helped to deliver educational content and ensure uninterrupted communication between patients and healthcare providers. The successful operation of remote patient monitoring solutions depends on the successful integration of medical and Information and Communications Technology (ICT) devices that enable the delivery of medical services over long distances.

Since doctors and nurses spend most of their time working without computers in hospitals, it is difficult for them to carry patient records with them on the go. As a result, many market players have started offering mobile platforms, such as mobile apps, for healthcare IT solutions.

With advancements in technology, these solutions play an important role in improving remote monitoring and patient compliance, and subsequently, their quality of life. Therefore, the growing demand for remote monitoring solutions and remote devices is expected to drive the growth of global healthcare information technology (IT) integration solution providers in the coming years.

Opportunity

• Data integration related challenges

Information related to patients has been created from different departments. At all points of treatment within the healthcare organization, making it a more highly information-intensive industry and reliable patient records, however, it is essential to give reliable information by combining huge amounts of data in order to produce comprehensive and trustworthy patient records because a variety of medical equipment and diagnostic instruments are used in healthcare systems, and is a growing need to connect all of these systems to assist healthcare practitioners in responding quickly at various care delivery points.

As healthcare organizations are increasingly adopting various healthcare IT systems, there is a greater need to integrate different types of IT systems into the IT architecture of the organization to ensure the optimum utilization of these systems and aid in accurate decision-making. The successful combination of healthcare IT systems with other systems is a focus of IT infrastructure development projects in healthcare organizations.

Restraints/Challenges

• Issues associated with interoperability

The heterogeneity of health information systems possesses major challenges for the successful implementation and use of health informatics solutions. Many countries do not have specific IT standards for storing and exchanging data, which leads to interoperability issues. While there are many different data storage, transport, and security standards, implementing and integrating these interoperability standards presents a major challenge for care providers and health and medical IT solution providers. Due to the lack of a single health information system to meet all the administrative, clinical, technical, and laboratory requirements of major healthcare providers, interoperability requirements and interoperability standards have become important.

Vendors also follow different data formats and standards due to poor knowledge or lack of technical knowledge of the defined standards, which makes it difficult to share real-time data with partner systems, which increases the cost of healthcare IT integration. Issues with data quality and integrity, non-compliance with established standards, lack of qualified professionals, and variation in uptime between healthcare providers are among the issues acting as major obstacles to implementing a fully interoperable healthcare IT infrastructure. These factors are expected to restrain the growth of the market.

• Compliance and regulatory challenges

The healthcare industry is highly regulated, with stringent laws and regulations, such as HIPAA in the United States. Healthcare IT outsourcing providers must adhere to these regulations, and ensuring compliance can be complex. Non-compliance can result in legal penalties and reputational damage for healthcare organizations.

• Regulatory Compliance Solutions

Companies often invest in software and solutions that help them navigate and comply with occupational health and safety regulations related to respiratory hazards. These solutions assist in managing compliance records and safety data.

This  healthcare information technology (IT) outsourcing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the  healthcare information technology (IT) outsourcing market Contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In August 2022, Cognizant announced that it has been selected by AXA UK & Ireland as a technology partner to help consolidate, modernize and manage part of its IT operations. AXA UK & Ireland is transforming its technology ecosystem to create a more digitally-enabled, modern, and agile IT environment that is data-rich, secure, and sustainable with lower overall cost. Cognizant will provide integrated IT services spanning service desk support and maintenance, end-user computing, application development and maintenance, cloud operations, and IT infrastructure management. This has helped the company to expand its business
• In July 2022, NXGN Management, LLC, have demonstrated its award-winning NextGen Office, the only Electronic Health Record (EHR) integrated into the American Podiatric Medical Association (APMA) Registry, at the group’s annual conference held on July 28 to 31 in Orlando. NextGen Healthcare is a founding partner of the APMA Registry, which provided clinically relevant insights to NextGen Healthcare clients. This has helped the company to show its products in APMA and get recognition

Global Healthcare Information Technology (IT) Outsourcing Market Scope

The healthcare information technology (IT) outsourcing market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Provider HCIT outsourcing
• Electronic Health Record (EHR)
• Payer HCIT Outsourcing
• Operational HCIT Outsourcing
• Life Sciences HCIT Outsourcing
• IT Infrastructure Outsourcing

Application

• Care Management
• Administration
• IT Infrastructure Management

End User

• Healthcare Provider System
• Pharmaceutical,  Biotechnology
• Clinical Research Organization (CRO)
• Health Insurance

Healthcare Information Technology (IT) Outsourcing Market Regional Analysis/Insights

The healthcare information technology (IT) outsourcing market is analysed and market size insights and trends are provided by country, type, application and end user as referenced above.

The countries covered in the healthcare information technology (IT) outsourcing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and rest of South America as part of South America.

North America is expected to dominate the anastomosis device market in terms of market share and revenue due to the presence of cutting-edge IT technologies. Asia-Pacific, on the other hand, is expected to grow at the fastest rate during the forecast period, due to rising government spending on healthcare and rising personal disposable income.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The healthcare information technology (IT) outsourcing market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Healthcare Information Technology (IT) Outsourcing market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the   Healthcare Information Technology (IT) Outsourcing market. The data is available for historic period 2010-2020.

Competitive Landscape and Healthcare Information Technology (IT) Outsourcing Market Share Analysis

The healthcare information technology (IT) outsourcing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Healthcare Information Technology (IT) Outsourcing market.

Some of the major players operating in the healthcare information technology (IT) outsourcing market are:

• Allscripts Healthcare, LLC (U.S.)
• Epic Systems Corporation (U.S.)
• McKesson Corporation (U.S.)
• Cerner Corporation (U.S.)
• Siemens Healthcare GmbH (Germany)
• Carestream Health (U.S.)
• Agfa-Gevaert Group (Belgium)
• athenahealth, Inc. (U.S.)
• eClinicalWorks (U.S.)
• GENERAL ELECTRIC (U.S.)
• GREENWAY HEALTH, LLC. (U.S.)
• Infor (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• NXGN Management, LLC (U.S.)
• Oracle (U.S.)
• Siilo (Netherlands)
• BigHealth (U.S.)
• Vida Health (U.S.)
• SWORD Health (U.S.)
• NOVIGENIX SA (Switzerland)
• Lantum (UK)
• BD (U.S.)
• Bioaxis (India)
• Ada Health GmbH (Germany)

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