Outsourcing can be defined as the process in which an organization selects the most efficient third party to deliver some selected services like data management, operational management or administrative services. Outsourcing is a new phenomenon in the healthcare sector, as is IT. It won‰Ûªt be an exaggeration to say that IT in healthcare is the real cause of the emergence of this outsourcing phenomenon and has certainly resulted in the steep growth in this market.
Global Healthcare IT Outsourcing Market-Market Dynamics
The healthcare industry is in its transformation phase, moving towards a patient-centric and value-based approach, and this transformation has helped in the growth of this market. The report details several factors driving and restraining the market. In addition, it discusses the opportunities faced by the market players. Some of these are listed below.
Some of the factors contributing to the growth of this market are:
Shortage of in-house properly trained IT professionals
Lack of infrastructure or funding required for better and secured IT facilities.
Government focus on introducing IT in healthcare and eagerness to provide any support needed for implementation of this
Need to reduce operational cost for healthcare providers in order to move a step ahead in cutting healthcare cost
Need to improve efficiency
The technology also has certain constraints to overcome, such as lack of standardization in terms of entering data or storing it. This creates a significant gap between what the healthcare provider expects and what the third party has and this gap adversely affects the relationship between them.
The technology has several opportunities as well. Implementation of trends in the medical-IT field, such as precision medicines, EHR, analytics-driven personalized medicines, clinical DSS, health and disease management, the emergence of smaller innovative players and emerging economies present significant opportunities for this sector.
The global healthcare IT outsourcing market is segmented on the basis of application (payers HCIT outsourcing market (hospital information system (HIS), laboratory information system (LIS), radiology information system (RIS), electronic medical records (EMR)), providers HCIT outsourcing market (revenue cycle management (RCM) system, healthcare analytics, supply chain management)), end-user (healthcare, pharmaceuticals, biotechnology, research, and others), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
The primary stakeholders of this technology are healthcare IT firms, healthcare analytics vendors, care organizations, health insurance providers, healthcare payers, healthcare providers, research firms and venture capitalists.
Market analysis for the Healthcare IT Outsourcing Market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the healthcare IT Outsourcing market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
1.1. Study deliverables
1.2. Market Definition
1.3. Sizing Units
1.4. Base Currency
1.5. Review and forecast period years
1.6. General Study Assumptions
1.7 Report Description
2. Research Methodology
2.2. Analysis Methodology
2.3. Econometric forecast models
2.4. Research Assumptions
3. Executive Summary
4. Key Inferences
5. Market Overview & Industry Trends
5.1. Current market scenario
5.2. Technology Overview
5.3. New developments
5.4. Investment analysis
5.5. PorterFive Force Analysis
5.5.1 Bargaining Power of suppliers
5.5.2 Bargaining power of buyers
5.5.3 Degree of competition
5.5.4 Threat of substitution
5.5.5 Threat of new entrants
6. Drivers, Restraints, Opportunities & Challenges Analysis (DROC)
6.1. Market Drivers
6.1.1 Increased patient-centric & value- based approach in healthcare
6.1.2 Shortage of In-house properly trained IT professionals
6.1.3 Lack of infrastructure or funding needed for better and secured IT facilities
6.1.4 Government's focus on introducing IT in healthcare
6.1.5 Reduction in operational cost and healthcare cost
6.2. Market Restraints
6.2.1 Threat to data security and confidentiality
6.2.2 Lack of standard platform
6.2.3 Shortcomings in performance as compared to expectations
6.3 Market Opportunities
6.3.1 Emerging smaller and innovative IT player
6.3.2 Emerging economies with huge population base
6.4. Key Challenges
6.4.1 Bridging the trust gap among healthcare providers and third party
7. Global Healthcare IT outsourcing Market Segmentation
7.1 By Application
7.1.1 Payers HCIT Outsourcing Market
188.8.131.52 Hospital Information System (HIS)
184.108.40.206 Laboratory Information System (LIS)
220.127.116.11 Radiology Information System (RIS)
18.104.22.168 Electronic Medical Records (EMR)
7.1.2 Providers HCIT Outsourcing Market
22.214.171.124 Revenue Cycle Management (RCM) System
126.96.36.199 Healthcare Analytics
188.8.131.52 Supply Chain Management
7.2 By End User
8. Global Healthcare IT Outsourcing Market by Geography - Regional shares and forecast
8.1 North America
8.2.4 Spain & Portugal
8.3.4 South Korea
8.4. Middle East and North Africa (MENA)
8.5. Latin America
9. Competitive Landscape
9.1 Mergers & Acquisitions
9.2 New Product Launches
9.3 Agreements, Collaborations & Partnerships
10. Key Vendors
10.5 Philips Healthcare
10.6 Siemens Healthcare
10.8 Tata Consultancy Services
11. Analyst outlook for Investment Opportunities
12. Future outlook of the market