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Global Healthcare IT Outsourcing Market $78.3 Billion by 2031

The global market for healthcare IT outsourcing predicted to reach $78.3 billion by 2031, growing at a CAGR of 5.9% over the forecast period, driven by availability as well as early adoption of low-cost, third-party technology services in the emerging countries. 

Global Healthcare IT Outsourcing Market
  • Ever evolving market dynamics, mounting cost pressures and need for quicker development cycles have put tremendous pressure on healthcare software vendors, resulting in a quantum leap in healthcare IT outsourcing over a period of time.
    • With growing geriatric population and new implementations from the Affordable Care Act, companies are increasingly seeking digital solutions to improve operating efficiencies, cut costs and assist in regulatory compliance.
    • The global pandemic has affected all sectors and disrupted not only supply chains but also had a particular impact on the range of services provided and the whole service sector.
  • Outsourcing in healthcare has become increasingly common as health system administrators seek to enhance profitability and efficiency while maintaining clinical excellence.
    • Demand for data storage, cloud technology, analytics, interoperability, cyber security, smart medical devices and electronic health record management are driving the healthcare IT outsourcing industry growth.
      • For example, the advances in health information technology (HIT) systems made it easier to roll an entire oncology practice on to a few hard drives. In fact, filing data by computer has become so fast, so efficient, and so comprehensive, that internet penetration is at an all-time high, both in terms of hours logged online and users on the Web.

Managed healthcare IT services can provide healthcare organizations (HCOs) with the right mix of security, scalability, reliability and flexibility for innovation.

  • The key benefits of IT outsourcing in healthcare include reducing and controlling operating costs, improving company focus, gaining access to world-class capabilities, freeing up internal resources for other purposes, and utilizing resources are not available internally.
    • The application development area in outsourcing includes electronic medical records (EMR) / electronic health records (EHR), laboratory information management systems (LIMS), and software oriented architecture such as business process management (BPM), warehousing, operations management, security, and customer relationship management (CRM) solutions.
    • Despite the many benefits of outsourcing in terms of cost reduction and efficiency improvement, sometimes it may be ineffective or even harmful. Therefore, if outsourcing is not possible, internal upgrades are recommended. 

The global healthcare IT outsourcing market report provides market size ($million 2021 to 2031), market share, growth trends and forecast (CAGR%, 2024 to 2031). 

The global outsourcing in healthcare IT market segmented by application (healthcare IT administration, healthcare management, healthcare IT infrastructure management), end user (payers, providers), and geography.

  • Based on the applications, the HIT administration segment accounted for the largest share of the total healthcare IT outsourcing market, attributed to the large and growing number of healthcare administrative processes, such as asset management, billing, healthcare data management and operations management for both healthcare payers and providers.
  • By end users, the healthcare service providers segment held the largest revenue segment of the global healthcare IT outsourcing market, owing to growing overall patient base and rising government initiatives for quality healthcare services, demand for IT outsourcing on the higher end.

The global healthcare IT outsourcing market research report is divided by geography (regional and country based) into North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LA) and Rest of the World.

  • Geographically, the North America region dominated the global healthcare IT outsourcing market, followed by the Europe region, due to increasing healthcare spending and growing government initiatives for affordable healthcare in the developed regions.
    • Outsourcing in healthcare initially evolved in areas of non-direct patient care, such as information technology and revenue cycle services, with virtually every US hospital using outsourcing for at least one business function as of 2020.
      • For example, the percentage of hospitals outsourcing cybersecurity services increased from 16% in 2015 to 86% in 2020.

The global outsourcing in healthcare IT market report also provides the detailed market landscape (market drivers, restraints, opportunities), market attractiveness analysis and profiles of major competitors in the global market including company overview, financial snapshot, key products, technologies and services offered, and recent developments.

Major competitors operating in the global outsourcing in healthcare IT market and included in this report are Accenture Plc., IBM Corporation, Cognizant Technology Solutions, Tata Consultancy Services Ltd., Infosys Limited, L&T Infotech, Allscripts Healthcare Solutions, Inc., McKesson Corporation, HCL Technologies Ltd., and Wipro Limited.

  • Application
    • Healthcare IT Administration
    • Healthcare Management
    • Healthcare IT Infrastructure Management
  • End User
    • Payers
    • Providers
  • Geography
    • North America (U.S., Canada)
    • Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
    • Asia Pacific (Japan, China, India, Rest of APAC)
    • Latin America (Brazil, Mexico, Rest of LA)
    • Rest of the World
  • Company Profiles
    • Accenture plc
    • Allscripts Healthcare Solutions, Inc.
    • Cognizant Technology Solutions
    • HCL Technologies Ltd.
    • IBM Corporation
    • Infosys Limited
    • L&T Infotech
    • McKesson Corporation
    • Tata Consultancy Services Ltd.
    • Wipro Ltd.

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