Published By : 29 Dec 2016 | Published By : QYRESEARCH
The global healthcare IT outsourcing market is highly competitive with the presence of a large number of players providing various inventive services. Several healthcare IT outsourcing companies are concentrating on the development of their personal analytical platforms to improve patient data management and the quality of patient care systems. Furthermore, owing to factors such as growing compliance pressure from governments and rising demand for customized patient care, leading technology vendors are getting into strategic partnerships and mergers to strengthen their portfolio and position in the market. For instance, IBM Corporation is focusing on providing personalized healthcare IT solutions along with incessant enhancement of their cognitive computing forum, Watson. The leading companies operating in the global healthcare IT outsourcing market are IBM Corporation, Tata Consultancy Services, McKesson Corporation, Accenture Plc., Cognizant Technology Solutions, Allscripts Healthcare Solutions Inc., Wipro Limited, L&T Infotech, Infosys Limited, and HCL Technologies.
Care Management to Gain Traction by 2023
On the basis of application, the global healthcare IT outsourcing market is segmented into care management, healthcare administration, and IT infrastructure management. Amidst these, in 2014, healthcare administration emerged dominant with a share of 36.8% in the global healthcare IT outsourcing market. However, by the end of 2023, the care management segment is expected to take over the healthcare administration with a share of 37.4% in the same year.
Healthcare IT Solutions to Help Combat High Costs
The pressure on healthcare service providers is rising extensively with the growing number of patients and outsourcing of the IT solutions emerging as a mean of cost saving. . The growing need for high level IT convergence along with cost reductions, higher productivity, and higher patient satisfaction levels is another factor pushing the growth of the market. However, the growth of the market is likely to be negatively impacted by the varied regulatory circumstances across the globe.
The global market for healthcare IT outsourcing is anticipated to witness a 6.7% CAGR from 2015 to 2023. The market’s opportunity is expected to be worth US$61.2 bn by the end of 2023 from a valuation of US$34 bn in 2014.