Healthcare IT Outsourcing Market - Global Industry Analysis

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Healthcare IT outsourcing market provides a consumer with the resources which allow access to the wide variety of industry data along with the consulting services on rapidly changing regulations, technology, analytics software, programs, and many more. Moreover, providers are focusing on providing customized services to their consumer to ensure proper management and integration of data along with securing the data from any kind of cyber attack. Healthcare IT outsourcing market is providing a strong platform for the better and faster collaboration among the wide range of healthcare providers and patients. Moreover, healthcare IT outsourcing market is estimated to provide effective, efficient, error-free, and affordable healthcare services which, in turn, will prove beneficial for both the healthcare provider and consumer.    

As per the World Health Organization, cardiovascular diseases are one of the main causes of death worldwide. About 17.5 million people died because of cardiovascular disease in 2015 representing 31% of all global deaths. Additionally, as per the World Health Organization estimates, worldwide, there were 14 million new cancer cases in 2012 and 8.8 million deaths resulted due to cancer in 2015. Globally, approximately 1 out of 6 deaths is caused due to cancer. Also, the global burden of these disorders is increasing further owing to the increasing geriatric population base across the world. According to the World Health Organization, the population of people aged 60 and above is projected to be twice by 2050 growing from 960 million globally in 2017 to 2.1 billion in 2050. Thus, healthcare IT outsourcing market has vast potential in terms of large patient pool and upsurge need for significant prominent data management platform which allow access to data from various platforms in real time. This is estimated to drive healthcare IT outsourcing market services over the estimated period.

The healthcare IT outsourcing market is segmented on the basis of application as, electronic health record (EHR), payer HCIT outsourcing market, operational HCIT outsourcing market, life sciences HCIT outsourcing market, and IT infrastructure outsourcing market. By application segment, electronic health record (EHR) is estimated to cover a prominent market value share as it provides a significant platform to store data of large patient pool and also allows the access of data through different interfaces in real time which makes it convenient for doctors to keep track of patient’s health. 

Based on industry, healthcare IT outsourcing market is segmented into healthcare provider system, health insurance, biotechnology, pharmaceutical, clinical research organization (CRO), and others. By industry segment, healthcare provider system is covering the large market value share, attributed to the facts of increasing stringent rules and regulations by the government and ruling authorities regarding healthcare solutions, integration of the hospital to provide more prominent services to the patient base along with the growing inclination towards patient-centric solutions.

North America is anticipated to be the dominant region in the healthcare IT outsourcing market over the forecast period. Favorable government policies supporting the invasion of new and advanced services, development in the healthcare infrastructure, and research grant by the government and ruling authorities are expected to propel the growth of the market in this region. Europe is the second largest market followed by the Asia Pacific. Large healthcare industry due to the large population base in the Asia Pacific region, especially in India, China, and Japan is the significant accelerating factor for the growth of the healthcare IT outsourcing market in this region. Therefore, Asia Pacific is anticipated to show the fastest CAGR growth during the forecast period, whereas Latin America market is estimated to grow at a slow to moderate rate during the forecast period. The Middle East and Africa are also expected to cover prominent market value share in the healthcare IT outsourcing market.

Some of the key players in healthcare IT outsourcing market include Cognizant Technology Solutions, Anthelio Healthcare Solutions, Allscripts Healthcare Solutions, Inc., Accretive Health, Inc., Accenture Plc., McKesson Corporation, Infosys Limited, International Business Machines (IBM) Corporation, Hewlett-Packard Company, HCL Technologies, Dell, Inc., Computer Sciences Corporation, Epic System, Xerox Corporation, Siemens Healthcare, and others.