Healthcare IT Outsourcing Market: Increased Regulations and Mandates Bode Well for Market Growth
The increasing count of healthcare IT sourcing service providers has increased the extent of competition in the global healthcare IT outsourcing market. A number of vendors are putting in efforts to make their individual analytical platforms for enhancing quality patient care systems and patient data management so to provide healthcare providers and payers with customized solutions.
Healthcare IT Outsourcing Industry Forecast:
The global healthcare IT outsourcing market is predicted to touch US$61.2 bn by 2024. On the basis of application, healthcare administration is the leading healthcare IT outsourcing application in the market. On the other hand, the application segment of care management is predicted to experience swift growth in forthcoming years owing to the rising inclination toward quality care services and the growing pool of patients globally
Growing Medical Needs to Bring Asia Pacific at the Forefront
In terms of end user, healthcare providers have emerged as the top end users in the healthcare IT outsourcing market. In the coming years, however, the segment of healthcare payers is predicted to supersede the segment of healthcare providers in the global healthcare IT outsourcing market.
On the basis of geography, North America held a dominant share in the market in the past. This is due to the increasing mandates and initiatives taken by governments in various nations of North America for making quality healthcare easily available of individuals at economical rates. These initiatives include the U.S. Affordable Care Act-2010, which has raised the implementation of healthcare IT outsourcing by healthcare providers residing in North America.
Although, healthcare IT sourcing has been extensively employed in North America, still Asia Pacific is expected to exhibit the most elevated growth rate in the coming years. This is owing to the growing medical needs in the emerging Asia Pacific nations presenting lucrative opportunities to players in forthcoming years.
Low Cost Involved in Healthcare IT sourcing will Make it Outpace in-house healthcare IT solutions
There is a dearth of resources of healthcare providers to run the administrative operations and in-house healthcare IT facilities involve a lot of money, time, and effort to run. To resolve this issue, healthcare IT outsourcing has come up as an effective way to impede the soaring costs of in-house healthcare IT solutions. This is a prime factor providing impetus to the overall development of the healthcare IT outsourcing market. In addition, the increasing regulations and mandates in a number of nations globally will positively influence the development of the market, states a TMR analyst.
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On the other hand, factors such as the fragmented condition of healthcare industry in some of the nations owing to the increasing count of already present small players may restrain the growth of the overall healthcare IT outsourcing market. This is because of the fact that the small players in this market have their own strategies for outsourcing of IT-based solutions and owing to a number of budgetary restraints, these players aren’t able to engage in healthcare IT outsourcing.
In addition, regulatory compliance is amongst the key challenges faced by healthcare organizations and restricts them from employing outsourced cloud computing because of increasing concerns of data privacy and security. “Hence, different regulatory environment in different nations may also negatively impact the growth of this market
Nevertheless, the developing healthcare infrastructures in numerous countries has come up as a key opportunity in the growth of the overall healthcare IT outsourcing market.