Global Hospital Outsourcing Market

Hospitals are gradually outsourcing core activities to third-party service providers, like IT services and medical billing. The hospitals primarily outsource medical billing and IT services to third-party service providers because of the dearth of expertise and unavailability of trained professionals in the industry. Furthermore, the hospital outsourcing industry has further transformed outsourcing processes owing to the developments of global delivery models, reduction in costs, and facility of secured data access. Consequently, the adoption of hospital outsourcing techniques has been increasing over the last few years. Moreover, the rise in the number of patient visits in hospitals and other healthcare organizations, along with surging healthcare costs are the few factors responsible for the CAGR of the market during the forecast period. According to Statista, in 2018, there were almost 116 million patients visited the health care centers, representing an increase from 74 million patients visit in the year 2009. Similarly, as per the source, in 2018, there were nearly 8.3 billion persons were visited hospitals in China, up from 5.5 billion person-times since 2009. Moreover, the rising federal mandate to implement electronic health records (EHR) is further amplifying the market growth all over the world. For instance: the Health Information Technology for Economic and Clinical Health (HITECH) Act was established in 2009, to motivate the execution of EHR. This act was intended at rising overall EHR utilization by providing government support to bridge the gap amongst the end-user and technology. Therefore, these factor is accelerating the adoption of hospital outsourcing services since it provides more advanced offerings to the healthcare organizations for patient’s medication. However, the data security and privacy concern are some of the prime factors inhibiting the market growth over the forecast period of 2020-2027.

Global Hospital Outsourcing Market is valued approximately at USD 271 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.4% over the forecast period 2020-2027 and is estimated to reach USD 598 billion by 2027.

The regional analysis of the global Hospital Outsourcing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in outsourcing activities of the local hospitals, along with the wide presence of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising consolidation in the healthcare industry along with surging healthcare costs across developing nations, such as China and India, would create lucrative growth prospects for the hospital outsourcing market across the Asia-Pacific region.

Major market players included in this report are Allscripts Healthcare Solutions Inc, Cerner Corporation, The Allure Group Inc, Integrated Medical Transport, Sodexo Group, Aramark Corporation, LogistiCare Solutions LLC, Flatworld Solutions, Alere Inc, and ABM Industries Inc.

The detailed segments and sub-segment of the market are explained below:

By Type: Public, Private

By Service: Healthcare IT, Clinical Services, Business Services, Transportation Services, Others

Review the report at https://www.bizwitresearch.com/

Data drives better decisions
Bizwit Research & Consulting LLP