The global Healthcare IT Outsourcing market has been estimated to reach USD 45,011.83 million for 2017. The market is expected to register a CAGR of 7.32% during the forecast period, 2018 to 2023. North America dominates the market due to the growing pressure to cut healthcare costs and rise in application management services.
Lack of Infrastructure or Funding Needed For Better and Secured It Facilities
The adoption of IT is increasing in the healthcare industry, however, requires specific infrastructure to handle the amount of data that is collected and processed using such methods. Storing healthcare data is a tedious task because of amounts of data being generated every fraction of a second. Moreover, maintaining integrity of the data is a challenging job in itself in the modern era of cybercrime. People in the developing economies still lag behind, when it comes to adopting new technologies and using them. Moreover, the devices that aid healthcare IT come with large investments for installment and incur maintenance costs this makes IT outsourcing in these settings a better option. This drives the growth of the Healthcare IT outsourcing market.
Additionally, Increased patientcentric value based approach in healthcare, shortage of Inhouse properly trained IT professionals, Government's focus on introducing IT in healthcare, and Reduction in operational cost and healthcare cost are also driving Healthcare IT Outsourcing Market.
Threat to Data Security and Confidentiality
Confidentiality of patient data available in, both, offline and online domains in healthcare systems is a basic principle. The technological advancements in transforming healthcare system are creating data traffic, which poses a challenge to interpret and use that data. Moreover, the new emerging insurance models and electronic information transmission increase the complexity of managing protected health information PHI.
Lack of standard platform and Shortcomings in performance as compared to expectations are also acting as a restraint for Healthcare IT Outsourcing Market.
North America to Dominate the Market
The Healthcare IT Outsourcing Market is segmented by application Payer HCIT Outsourcing and Providers HCIT Outsourcing Market, end user Healthcare, Pharmaceuticals, Biotechnology, Research and others and by geography North America, Europe, AsiaPacific, South America and Middle East and Africa.
The market is dominated by North America with the largest share particularly due to high number of healthcare companies, highly innovative and unique requirements. Presence of skilled professionals for managing big data and growing population is covered under insurance policy as per HIPPA Act.
Key Developments in the Market
April 2017: Infosys Launched Infosys Nia The Next Generation Integrated Artificial Intelligence Platform.
June 2017: Accenture Introduced New Analytics Capabilities in the Accenture Life Sciences Cloud for RD .
March 2017: Oracle Health Sciences unveiled Oracle Health Sciences Data Management Workbench Cloud Service that promises to lower the cost and increase the traceability of clinical development by streamlining end to end clinical data flow across clinical RD .
February 2017: Accenture Launched the Intelligent Patient Service Exchange to Help Life Sciences Companies Integrate Technology Solutions into Their Patient Services Programs .
Key players: IBM, ORACLE, CERNER, MCKESSON, PHILIPS HEALTHCARE, SIEMENS HEALTHCARE, ACCENTURE, TATA CONSULTANCY SERVICES, DELL, INFOSYS and OTHERS.
REASONS TO PURCHASE THIS REPORT
Current and future Healthcare IT Outsourcing Market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter's five forces analysis
The treatment type that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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