Healthcare IT Outsourcing Market Value to Be Worth US$ 61.2 Billion by 2024

Posted: Thursday, March 01, 2018 at 2:08 AM CST

Albany, NY -- (SBWire) -- 03/01/2018 --Unmet medical needs in emerging nations is a crucial driver of the global healthcare IT outsourcing market. As these nations boast abundant availability of skilled manpower, major players can seize increased share if they enter into strategic alliance with local players operating in these nations. Consequent to the rising IT outsourcing in the healthcare sector, the quality of patient care has increased. The industry has benefited from greater access to means if healthcare IT technologies as well.

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Based on application, IT infrastructure services, care management, and administration are the key market segments. By end use, the market can be bifurcated into healthcare providers and healthcare payers. Besides evaluating the various aspects chalking the market's progress across the aforementioned segments, the report profiles some of the major vendors in the healthcare IT outsourcing market. Strategies adopted by these companies, their market positioning, and development trends are identified in the report.

The report presents a detailed analysis of the global healthcare IT outsourcing market, covering various factors supporting its growth and those posing threat. The report is intended to enable stakeholders get a better and more comprehensive perspective of the market. The findings of the market study can prove helpful to companies, investors, policy makers, and regulatory authorities who aim at expanding their reach worldwide.

The trend of third-party outsourcing is making wave in the healthcare sector. With favorable regulations and initiatives by various governments aimed at promoting high quality but cost-efficient healthcare services, healthcare IT outsourcing is expected to pick pace in the coming years. The outsourcing solutions are designed to help curb expenses incurred on in-house healthcare. This has emerged as a crucial driving factor for the market and is unlikely to decline anytime in the near future.

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The spike in demand for IT outsourcing in the healthcare sector is indicative of the market's promising growth. However, with the integration of information technology, the threat of data break and loss of confidentiality is expected to scale. This factor will continue posing threat as long as healthcare IT outsourcing remains vulnerable to cyber threats. Additionally, the high fragmentation in the healthcare and medical sectors may create bottlenecks in the execution of IT platforms in the industries. This will in turn obstruct operations of service provides. Besides this, language barriers and cultural differences may hamper the market's growth to an extent in the coming years.

Regionally, Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa constitute the key market segments. Among these regions, North America had command over the dominant 40% of the global healthcare IT outsourcing market in 2014. Its dominance is expected to remain intact over the forecast period, as the region exhibits high adoption of advanced IT outsourcing solutions and boasts a sophisticated healthcare infrastructure.

However, its Asia Pacific counterpart is expected to showcase a stronger CAGR of 10.5% between 2015 and 2024.

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The escalating demand for outsourcing services in the healthcare sector has deepened the competition within the global healthcare IT outsourcing market. To capitalize on the prevalent opportunities, the vendors are looking to provide improved patient data management solution and develop their own analytical platforms. In addition, strategic partnerships and offering low-cost advanced solutions are considered crucial for players who aim consolidating the lion's share in the market.

Some of the leading companies profiled in the report are IBM Corporation, Accenture Plc., Cognizant Technology Solutions, Infosys Limited, L&T Infotech, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Wipro Limited. Healthcare IT, Tata Consultancy Services, HCL Technologies Ltd., and Infosys Limited.

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