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Healthcare IT Outsourcing Market

Healthcare IT Outsourcing Market Size, Share & Segment by Application (Provider Outsourcing Market, Payer Outsourcing Market, Life Science Outsourcing Market, Operational Outsourcing Market, Infrastructure Outsourcing Market), By Industry (Healthcare System, Healthcare Insurance Industry, Pharmaceutical Industry, Clinical Research Organization, Biotechnology), by Regions and Global Forecast 2022-2028

Report Id: SNS/HC/2428 | July 2022 | Region: Global | 134 Pages

The Healthcare IT Outsourcing Market Size was valued at USD 7.61 billion in 2021, and expected to reach USD 12.87 billion by 2028, and grow at a CAGR of 7.9% over the forecast period 2022-2028.

The industry for healthcare IT is experiencing a rise in outsourcing. It's a screening procedure where a business chooses the most effective outside service provider to manage and run its administrative and management unit. With healthcare expenses on the rise and an increasing public demand for high-quality care, outsourcing IT services in the healthcare sector has become a viable option. Over time, large enterprises have become increasingly interested in the trend of healthcare IT outsourcing solutions, and mid-sized businesses have also become interested.

Healthcare IT Outsourcing Market

MARKET DYNAMICS

DRIVERS

  • Healthcare Costs Can Be Reduced Through Healthcare IT Outsourcing in Every Region

  • Lack of Internal IT Professional

  • The Federal Government's "Meaningful Use" Criteria Must Be Met in Order to Receive Incentives

  • The Healthcare IT Outsourcing Market is Driven by U.S.

  • Organizations providing accountable care

  • Costs of Operations Are Reduced

  • Increasing Demand for Healthcare IT Integration

  • Improved Clinical Results and Care Quality

RESTRAINTS

  • End-User Market Fragmentation Limits the Development of Standard IT Platforms

  • Increasing Numbers of Data Breach Incidents and Confidentiality Losses

OPPORTUNITIES

  • Software architecture-oriented programmers’ role in the consolidation of the healthcare system

  • Growing Data Security Concerns Present Opportunities for Private Cloud Computing Models

  • IT Outsourcing Can Be Highly Successful in Emerging Markets.

  • Systems for Converting to ICD-10

  • Patient-Centric Systems are the new focus

  • In India and Singapore, medical tourism is growing

CHALLENGES

  • Absence of a Common Platform

  • Performance Gaps in Relation to Expectations

IMPACT OF COVID-19

As a result of the World Health Organization (WHO) designating the COVID-19 outbreak as a pandemic, several well-known pharmaceutical and biopharmaceutical companies have stepped up their R&D and production efforts to create and market SARS-CoV-2 test kits, vaccines, and medications. To speed up the R&D process, numerous pharmaceutical and biotechnology corporations teamed up with it outsourcing firms through long-term contracts, partnerships, and collaborations on a global scale. In addition, outsourcing firms have developed special COVID-19 research services. For the global research and development of COVID-19 vaccines, medications, and diagnostics, there have been a number of new service releases as well as partnerships, agreements, and collaborations with other pharmaceutical firms and academic institutions.

By Application

The application market is further divided into IT provider outsourcing, HIT payer outsourcing, natural sciences HCIT outsourcing, operational healthcare IT outsourcing and healthcare IT outsourcing. Electronic health records (EHR), laboratory information systems (LIMS), pharmacy information systems (PIS), and revenue cycle management (RCM) systems are other categories under which outsourcing HCIT providers are divided. The following sub-segments are included in Payer HCIT Outsourcing: Customer Relationship Management (CRM), Claims Processing, Billing System, and Fraud & Detection. R&D IT services, clinical trial management systems, clinical data management systems, and enterprise resource planning (ERP) are the four categories of HCIT life sciences outsourcing. Outsourcing supply chain management (SCM) and business process management (BPM) are operational sub-segments of HCIT that were considered for study. The sub-segments of cloud computing and infrastructure management services (IMS) are the two most significant ones within the outsourcing of IT infrastructure

By Industry

The healthcare provider system, biotechnology, pharmaceuticals, clinical research organisations, and health insurance make up the market's industry segments. Hospitals, diagnostic centers, and clinics are also included.

COMPETITIVE LANDSCAPE

Some of the major key players are as follows: Allscripts Healthcare, LLC, Carestream Health, eClinicalWorks, Agfa-Gevaert Group, GENERAL ELECTRIC, Cerner Corporation, athenahealth, Inc., GREENWAY HEALTH, LLC., Infor, Koninklijke Philips N.V., NXGN Management, LLC, McKesson Corporation, Oracle, Siemens Healthcare GmbH, Epic Systems Corporation.

MARKET SEGMENTS:

By Application

  • Provider Outsourcing Market

  • Payer Outsourcing Market

  • Life Science Outsourcing Market

  • Operational Outsourcing Market

  • Infrastructure Outsourcing Market

By Industry

  • Healthcare System

  • Healthcare Insurance Industry

  • Pharmaceutical Industry

  • Clinical Research Organization

  • Biotechnology

Healthcare IT Outsourcing Market

REGIONAL ANALYSIS

In terms of revenue and market share, North America now dominates the anastomosis devices market and this dominance is expected to continue during the forecast period. Modern IT systems are to blame. On the other hand, Asia Pacific is expected to grow at the fastest rate during the projection due to increasing government spending on healthcare and rising personal disposable income.

REGIONAL COVERAGE

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Healthcare IT Outsourcing Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 7.61 Billion
Market Size by 2028 US$ 12.87 Billion
CAGR CAGR of 7.9% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Application (Provider Outsourcing Market, Payer Outsourcing Market, Life Science Outsourcing Market, Operational Outsourcing Market, Infrastructure Outsourcing Market)
• By Industry (Healthcare System, Healthcare Insurance Industry, Pharmaceutical Industry, Clinical Research Organization, Biotechnology)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Allscripts Healthcare, LLC, Carestream Health, eClinicalWorks, Agfa-Gevaert Group, GENERAL ELECTRIC, Cerner Corporation, athenahealth
Key Drivers • The Healthcare IT Outsourcing Market is Driven by U.S.
• Organizations providing accountable care
RESTRAINTS • End-User Market Fragmentation Limits the Development of Standard IT Platforms
• Increasing Numbers of Data Breach Incidents and Confidentiality Losses


Frequently Asked Questions (FAQ) :

Ans. Health Insurance Exchange Market Size was valued at USD 3.6 billion in 2021.

Ans Government grants spurring market expansion, Growing Demand to Drive Market Growth for Healthcare Cost Reduction are the key drivers of the Patient Flow Management Solutions market.

Ans. Due to its developed healthcare system, rising prevalence of chronic conditions, and increasingly informed customer base, North America is predicted to have the market's strongest growth. 

Ans. exaware – Technologies, CGI Inc., Accenture, Cognosante, Deloitte, hCentive, Infosys, Connecture, Xerox Corporation Ltd. are the key players of Health Insurance Exchange market.

Ans. Manufacturer and service provider, research institutes, university and private libraries, suppliers and distributers. 


Table of Content:

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine ware

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Healthcare IT Outsourcing Market Segmentation, By Application

8.1 Provider Outsourcing Market

8.2 Payer Outsourcing Market

8.3 Life Science Outsourcing Market

8.4 Operational Outsourcing Market

8.5 Infrastructure Outsourcing Market

 

9. Healthcare IT Outsourcing Market Segmentation, By Industry

9.1 Healthcare System

9.2 Healthcare Insurance Industry

9.3 Pharmaceutical Industry

9.4 Clinical Research Organization

9.5 Biotechnology

 

10. Regional Analysis

10.1 Introduction

10.2 North America

10.2.1 USA

10.2.2 Canada

10.2.3 Mexico

10.3 Europe

10.3.1 Germany

10.3.2 UK

10.3.3 France

10.3.4 Italy

10.3.5 Spain

10.3.6 The Netherlands

10.3.7 Rest of Europe

10.4 Asia-Pacific

10.4.1 Japan

10.4.2 South Korea

10.4.3 China

10.4.4 India

10.4.5 Australia

10.4.6 Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1 Israel

10.5.2 UAE

10.5.3 South Africa

10.5.4 Rest

10.6 Latin America

10.6.1 Brazil

10.6.2 Argentina

10.6.3 Rest of Latin America

 

11.Company Profiles

11.1 Allscripts Healthcare, LLC

              11.1.1 Financial

11.1.2 Products/ Services Offered

11.1.3 SWOT Analysis

11.1.4 The SNS view

11.2 Carestream Health

11.3 eClinicalWorks

11.4 Agfa-Gevaert Group

11.5 GENERAL ELECTRIC

11.6 Cerner Corporation

11.7 athenahealth, Inc.

11.8 GREENWAY HEALTH, LLC.

11.9 Infor

11.10 Koninklijke Philips N.V.

 

12.Competitive Landscape

12.1 Competitive Benchmark

12.2 Market Share analysis

12.3 Recent Developments

 

13.Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Step 4: QA/QC Process

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Step 5: Final QC/QA Process:

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