Hospital Outsourcing Market: Current Analysis and Forecast (2022-2028)
$4999 – $8699
Emphasis By Service (Healthcare IT, Clinical services, Business services, Transportation service, and Others); Type (Public and Private); and Region/Country
The hospital outsourcing market has captured significant market demand and is expected to grow at a CAGR of 11% during the forecast period. Hospital outsourcing is a growing and effective approach that the medical industry can use to control the rising costs and complexity of providing services like billing services, staff management, and transcription. Third-party outsourcing market players provide better management of one or more of a healthcare organization’s business, clinical, or hospitality services with outsourcing. Moreover, the hospital outsourcing market is anticipated to witness a lucrative growth rate during the forecast period due to factors such as increasing patient pool in the hospitals an increase in the outsourcing of in-house services such as medical billing and IT services, increasing healthcare costs, and implementation of complex ICD-10 coding systems. For instance, according to Forbes Media LLC., the number of codes in the WHO version of IDC-11 given that the US version also includes treatment codes and has previously included a larger number of diagnostic codes as well. ICD-11 has over 55,000 diagnostic codes, four times the number of diagnostic codes contained in the WHO’s ICD-10.
Some of the major companies operating in the medical coding 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.
Insights Presented in the Report
“Amongst service, clinical services category is expected to witness considerable growth during the forecast period”
Based on service, the market has been categorized into healthcare IT, clinical services, business services, transportation service, and others. Amongst these, the clinical services category is expected to witness considerable growth during the forecast period. This is mainly due to the rising patient pool in the hospitals or digitalization in the healthcare sector attracts the hospital outsourcing market mainly due to complexity and lack of expertise in revenue cycle management, payroll processing, central supply management, and home care services. For instance, as per the American Hospital Association (AHA) Hospital Statistics 2021 report, around 36,241,815 admissions were reported in all the hospitals in the United States in 2020. There is a high demand for medical billers and coders in the market studied. Hence these key factors will contribute to the growth of the hospital outsourcing market during the forecast period.
“Amongst type, private category held a significant share in 2020”
Based on the type, the market has been categorized into public and private. Among them, the private category is expected to witness a significant growth rate in the hospital outsourcing market. This is mainly due to, private hospitals & clinics seeing an upsurge in outsourcing in-house activities because of the mandatory government rules of keeping up with electronic medical records (EMR). Besides, rising patient flow, rising healthcare costs, and increasing burden of many processes like keeping up with records of patients’ registrations and check-outs and insurance-related records are the different issues for which hospitals & clinics are progressively outsourcing their in-house administrations. Consequently, the rising demand for outsourcing services in hospitals is altogether adding to the development of the worldwide hospital outsourcing market. For instance, in July 2019, Cerner Corporation and Amazon Web Services (AWS) partnered to drive healthcare IT innovations. This is expected to lower operational budgets and improve clinical efficiency for healthcare organizations.
“North America to witness significant growth during the forecast period”
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 America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. North America is attributed to various factors such as growing patient volume due to the COVID-19 pandemic, and growing adoption of EHRs. As hospitals are adopting the paperless working system in developed countries such as the U.S., there is a huge inflow of patient data. Moreover, many hospitals are hiring third-party service providers for business services, transportation services, or a large amount of data management in the healthcare sector driving the growth of the market in the region during the forecast period. For instance, according to the Office of the National Coordinator for Health Information Technology (ONC), 86% of non-Federal general acute care hospitals had adopted a 2015 Edition certified electronic health record (EHR).
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Hospital Outsourcing Market|
|2.2.||Research Methodology of the Hospital Outsourcing Market|
|5||IMPACT OF COVID-19 ON THE HOSPITAL OUTSOURCING MARKET|
|6||HOSPITAL OUTSOURCING MARKET REVENUE (USD BN), 2022-2028F|
|9.1.3.||Rest of North America|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of the World|
|11||HOSPITAL OUTSOURCING MARKET OPPORTUNITIES|
|12||HOSPITAL OUTSOURCING MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14.1.1.||Porter’s Five Forces Analysis|
|15.2.||Allscripts Healthcare Solutions Inc.|
|15.4.||Tata Consultancy Services Limited|
|15.9.||Siemens AG Company|
|15.10.||ABM Industries Inc.|
Research Methodology for the Hospital Outsourcing Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the hospital outsourcing market were the three major steps undertaken to create and analyze the adoption of hospital outsourcing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the hospital outsourcing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the hospital outsourcing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the hospital outsourcing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as service and type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hospital outsourcing market. Further, we conducted factor analysis using dependent and independent variables such as various service and type of hospital outsourcing equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hospital outsourcing market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the hospital outsourcing market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally.
The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the hospital outsourcing market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the hospital outsourcing market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the hospital outsourcing market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the service and type in the hospital outsourcing market.
The main objective of the Hospital Outsourcing Market Study
The current & future market trends of the hospital outsourcing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the hospital outsourcing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of service and type.
- Define and analysis of the regulatory framework for the hospital outsourcing market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the hospital outsourcing market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the hospital outsourcing market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry