Market Size of Global Healthcare IT Outsourcing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Healthcare IT Outsourcing Market Analysis
The healthcare IT outsourcing market is expected to register a CAGR of nearly 8.3% during the forecast period (2022-2027).
During the Covid-19 pandemic, there was an increase in the demand for healthcare IT solutions to keep accurate patient information, link patient records, and ensure interoperability and cyber security. According to the study titled 'Generation of a Fast Healthcare Interoperability Resources (FHIR)-based Ontology for Federated Feasibility Queries in the Context of COVID-19: Feasibility Study' published in the JMIR publication in April 2022, the German Corona Consensus Dataset (GECCO) specified how data for COVID-19 patients will be standardized across German hospitals in Fast Healthcare Interoperability Resources (FHIR) profiles. The study demonstrated that FHIR profile automatic ontology generation was possible for COVID-19 patients. Thus COVID-19 had a significant impact on the growth of the market during the pandemic period.
The market is expected to grow due to the rising pressure to reduce healthcare costs, globally, and the increasing need to manage cash flow in back-office administration and IT management systems are the major factors driving the growth of the healthcare IT outsourcing market. The healthcare IT investment is estimated to grow faster due to strong government support in various countries for the healthcare industry, which has led to several technological innovations in recent years and is bound to foster the demand for healthcare IT solutions and increase the use of these services, to upgrade the healthcare infrastructure.
Additionally, in May 2020, Microsoft Corporation invested around USD 1.5 billion in a five-year investment plan in Italy that will deliver access to local cloud services and other facilities under the 'AmbizioneItalia' initiative. This is expected to increase the amount of digitalization and the need for cyber security and data integrity and analytics boosting the growth of the market during the forecast period.
Additionally, the increased patient-centric and value-based approaches in healthcare, shortage of in-house trained IT professionals, government focus on introducing IT in healthcare, and reduction in operational and healthcare costs are driving the market.
However, the threat to data security and confidentiality, lack of a standard platform, and shortcomings in performance, as compared to expectations, act as a restraining factor for the growth of the market.
