The Hospital Outsourcing Market is expected to foresee significant growth. North America to lead the growth!
- Vikas Kumar
- September 13, 2022
- HEALTHCARE, NEWS
- Hospital Outsourcing Market Forecast, Hospital Outsourcing Market Growth, Hospital Outsourcing Market News, Hospital Outsourcing Market Report, Hospital Outsourcing Market Share, Hospital Outsourcing Market Size, Hospital Outsourcing Market Trend
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The hospital outsourcing market is expected to witness a CAGR of around 11% during the forecast period. Hospitals and clinics are progressively outsourcing inner activities to third-party service providers, such as medical billing processes and IT services because of the unavailability of skilled professionals in the healthcare industry. Furthermore, an absence of in-house expertise, capacities, and financial plan limitations are the significant issues faced by private hospitals in the healthcare industry. Contract medical service providers are an effective way to deal with breaking points such as issues in the private hospital because of the minimal expense administration offering. It helped to establish mutually beneficial relationships between hospitals and third-party service providers. Moreover, rising hospital administrations increasing the Electronic Medical Record (EMR) service by third-party service providers is also driving the growth of this market during the forecast period. For instance, according to the Centers for Diseases Control and Prevention (CDC), around 89.9% of physicians are using EMR/EHR systems in the U.S.
During the COVID-19 pandemic, the hospital information system takes sharp growth as there was a limitation imposed by the government on free movement and travel, shut down of the manufacturing unit, and limitations on the medical services contributed to adopting the teleconsultation and bringing the upliftment of information technology in healthcare centers. Furthermore, IT services in the healthcare sector has healthy growth after the covid-19 pandemic due to a large number of hospital administration and rapid growth in awareness.
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Based on service, the market has been categorized into healthcare IT, clinical services, business services, transportation service, and others. Amongst, the clinical services category is expected to witness significant growth during the forecast period as hospitals & clinics are expected to outsource their moist of services on a large scale to third-party service providers or collaborative partners.
Based on type, the market has been segmented into public and private. Among them, the private category is expected to have a significant growth rate in the market. Private hospital & clinic outsourcing offers opportunities for improved customer satisfaction owing to skilled professionals. Furthermore, the change in government regulations and the increasing complexity of the in-house functions are responsible for a significant number of private hospitals adopting the outsourcing model in the healthcare industry.
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For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. North America holds a lucrative market share owing to favorable government policies and the rising hospital administration, higher per capita income, and availability of major key players in the region are attributed to the growth of the market in the region. Furthermore, continuously increasing government expenditure in the region is responsible for the growth of the market. For instance, according to the Centers for Medicare & Medicaid Services (CMS), U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person.
Some of the major players operating in the market include Accenture plc, Allscripts Healthcare Solutions Inc., McKesson Corporation, Tata Consultancy Services Limited, Wipro Limited, Optum Inc., Dell, Cognizant, Siemens AG Company, ABM Industries Inc.
Hospital Outsourcing Market Segmentation
Market Insight, By Service
- Healthcare IT
- Clinical services
- Business services
- Transportation service
Market Insight, By Type
Market Insight, By Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Accenture plc
- Allscripts Healthcare Solutions Inc.
- McKesson Corporation
- Tata Consultancy Services Limited
- Wipro Limited
- Optum Inc.
- Siemens AG Company
- ABM Industries Inc.