Global Healthcare IT Market – North America To Dominate The Market During The Forecast Period 2020 – 2025
Healthcare technology is always changing and evolving. Hospitals that want to keep up need to stay on top of the latest tech trends and incorporate them into patient treatment, especially as quality of care becomes more crucial to profitability and survival.
Technology has brought about many improvements in health care that have a positive impact on the patient experience in hospitals. Some facilities are using tracking technology originally designed for supply chain management to make a big difference in lowering wait times and improving treatment across the continuum of care.
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Healthcare IT Market was valued at USD 134.11 billion in 2016 and is projected to reach USD 482.98 billion by 2025, growing at a CAGR of 15.3% from 2017 to 2025.
Health IT (health information technology) is the area of IT involving the design, development, creation, use and maintenance of information systems for the healthcare industry. Automated and interoperable healthcare information systems are expected to improve medical care, lower costs, increase efficiency, reduce error and improve patient satisfaction, while also optimizing reimbursement for ambulatory and inpatient healthcare providers.
Global Healthcare IT Outsourcing Market: By Type (Payers HCIT Outsourcing Market, Providers HCIT Outsourcing Market), By Application (Administration, Care Management, IT infrastructure Management), By End User Hospitals, Pharmaceutical and Biotechnology Industries, Insurance Industries, Clinical Research Organizations, Others), and Geography – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024
Market Outline: Global Healthcare IT Outsourcing Market
Outsourcing refers to the process in which the organizations select a third party to deliver the selected services such as data management, administrative services, and operational management. Healthcare IT encloses the software and technologies used in the healthcare environment. Nowadays, healthcare sector focus on outsourcing services to reduce the operation cost and providing customers with quality care.
Market Dynamics: Global Healthcare IT Outsourcing Market
Increase in medical tourism coupled with need for quality care for patients is a major factor drives the growth of global healthcare IT outsourcing market. Moreover, lack of in-house professionals for IT solutions, government initiations to provide the IT services with low cost, increase in the number of outsourcing companies around the globe, rise in focus on reducing the operational cost by the healthcare providers, and lack of infrastructure and funding for secured IT facilities are anticipated to surge the global healthcare IT market in future years. However, technology constraints such as lack of standardizations for data storage, high initial investment in healthcare IT services, and highly fragmented healthcare services are restrain the growth of healthcare IT outsourcing market.
Market Scope: Global Healthcare IT Outsourcing Market
Global healthcare IT outsourcing market is segmented based on type, application, and end user
Based on type, market is segmented into the following:
Payers HCIT Outsourcing Market
Providers HCIT Outsourcing Market
Based on application, the market is segmented into the following:
IT infrastructure Management
Based on the end user, the market is segmented into the following:
Pharmaceutical and Biotechnology Industries
Clinical Research Organizations
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Regional Analysis: Global Healthcare IT Outsourcing Market
Geographically, global healthcare IT outsourcing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America healthcare IT outsourcing market is poised to grow due to rise in focus in reducing the operational cost by healthcare providers, increase in the number of outsourcing industries, grow in number of insurance providers are propel the market. Europe healthcare IT outsourcing market is driving by rise in government initiations for providing the quality healthcare at low cost, increase in the number of end user industries, and adoption of innovative technologies and platforms by outsourcing companies to provide better services are bolster the market. However, Asia pacific healthcare IT outsourcing market has lucrative growth attributed to increase in medical tourism in Asia Pacific countries, rise in automation in healthcare sector, and low service cost provided by the market players are boost the market.
Competition Assessment: Global Healthcare IT Outsourcing Market
Some of the players in the global healthcare IT outsourcing market include:
Hewlett-Packard Company (U.S.)
Accenture Plc (Ireland)
McKesson Corporation (U.S.)
Allscripts Healthcare Solutions (U.S.)
Siemens Healthcare GmbH (Germany)
Tata Consultancy Services Ltd, (India)
Cognizant Technology Solutions (U.S.)
HCL Technologies (India)
GE Healthcare (U.K)
Atos SE (Germany)
International Business Machines (IBM) Corporation (U.S.)
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