Healthcare IT Outsourcing Market to Reach US$61.28 bn by 2023
According to a new market report published by Transparency Market Research titled “Healthcare IT Outsourcing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” the global healthcare IT outsourcing market was valued at US$34.03 bn in 2014 and is expected to expand at a CAGR of 6.7 percent from 2015 to 2023, reaching US$61.28 bn by end of the forecast period.
North America led the global healthcare IT outsourcing market in 2014, accounting for around 40% of market revenue. The region is expected to continue to be the largest market throughout the forecast period, supported by existing government norms for affordable care to all and ICD-10 mandates for advanced diagnostics. This growth is further aided by the rise in overall patient base and the region’s high healthcare spending figures. North America also witnessed high demand from healthcare payers for deploying outsourced IT services, with the rise in the number of health insurers.
Major portion of healthcare IT outsourcing market revenue in Europe primarily originates from countries such as France, Germany, and the U.K. This is the result of rising technology-driven healthcare services and technology mandates set forth by governments. Moreover, growing patient centric healthcare services with increased focus on quality is further driving the growth of IT outsourcing in the region. The region is experiencing continued growth in overall healthcare spending due to high disposable incomes. Rising geriatric population reflects the need for advanced patient monitoring systems, which creates the scope for better healthcare IT outsourcing services in the region.
Asia Pacific is expected to emerge as the fastest growing region of the global healthcare IT outsourcing market due to the high demand for advanced healthcare services from the growing population and their rising income levels. As a result of leading IT outsourcing vendors having their existing headquarters in Asia Pacific, healthcare payers and providers in the region have better access to high-end IT technologies. Governments pushing reforms to raise healthcare standards and smart city developments creates better opportunities for healthcare IT outsourcing in Asia Pacific. In 2014, Japan, China, and India were the major contributors to the market for healthcare IT outsourcing in Asia Pacific.
In 2014, GCC countries and South Africa were the major contributors to the healthcare IT outsourcing market in MEA. During the coming years, the demand for healthcare IT outsourcing will be fuelled by growing investments in healthcare infrastructural projects in the region. Rise in medical tourism in the region and increasing healthcare infrastructure projects in some parts of the region further creates good scope for outsourced healthcare IT services.
In Latin America, Brazil and Mexico collectively contributed a significant portion of the total healthcare IT outsourcing market in the region. The healthcare ecosystem here is largely supported by public funding. Growing health insurance enrollments with rising disposable incomes of consumers has further aided the growth of healthcare IT outsourcing in the region.
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