Healthcare IT Outsourcing Market to Witness Robust Expansion throughout the Forecast 2018 – 2028

IT in healthcare includes all software and technology based solutions that are vital for a healthcare environment. With rapid transformation in the healthcare systems of the United States, and major countries of Europe, Healthcare IT outsourcing is anticipated to witness healthy growth.

Inadequate Funding and Data Storage Infrastructure to Constrain Healthcare IT Outsourcing Market

Owing to the great diversity in applications of healthcare IT outsourcing, the market can be broken down, with most organizations in the IT sector in the business being involved with only specific core competencies. The lack of adequate IT domain expertise and infrastructure for maintaining and storing data is expected to hinder the growth rate of the market.

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The global healthcare market generates a massive amount of data every day. Therefore electronic tracking, storage and retrieval of this data in an efficient way has become a need of the hour. The healthcare IT outsourcing market consequently is largely involved in the development of systems for billing codes, patient records, remote monitoring systems and patient monitoring and care.

On the other hand, the complexity of a healthcare problem requires detailed collaboration between IT developers and healthcare experts occurring in tandem to gain a complete understanding of the system and its functionalities. This is anticipated to act as a major growth constraint for the healthcare IT outsourcing market in the near future.

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Software Improvements are a Major Focus for Key Players in the Healthcare IT Outsourcing Market

Major healthcare IT outsourcing market players including Accenture PLC, Allscripts Healthcare Solutions Inc., Cognizant Technology Solutions, HCL Technologies and Dell Inc. are increasingly focusing on software improvements for IT systems being used in the healthcare market.

  • Accenture has introduced new platform with capabilities in analytics for life sciences healthcare research and development purposes aimed towards improvements in performance in clinical trials known as the Clinical Operations Insights Platform. The system improves on predictive and descriptive analytics, which is claimed to improve results in clinical trials by up to 30 percent.
  • Oracle Health Sciences has revealed its Data Management Workbench Cloud Service that is claimed to significantly lower costs and improve on traceability in clinical study developments, through a process which streamlines data flow across R and D in clinical tests.
  • HCL created a medical device enhancement system for women’s healthcare for the Global Medical Devices Company, to devise design improvements for devices that are already existing in the market through integrated approach involving analysis of adverse events and competition.

Presence of Major Healthcare Players to Boost Healthcare IT Outsourcing Market in North America

The North America healthcare IT outsourcing market is anticipated to continue with the biggest market share owing to the large number of leading healthcare business firms present in the region, each of which have highly specialized and innovative requirements in biomedical research, genetics, life science, disease research, insurance, forensics and many more healthcare verticals. In addition, the growing pressure to cut healthcare costs, and the demand for application development, outsourcing of infrastructure and management services are also expected to boost market growth.

Developing economies in Asia such as China, India, Indonesia and Singapore have grown rapidly as leading IT outsourcing hubs for other countries owing to factors such as significantly reduced labor costs, highly skilled human resources, and a high difference in currency exchange in comparison to that of developed countries.

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Segmentation of the Global Healthcare IT Outsourcing Market

Healthcare IT outsourcing can be categorized on the basis of end users and applications. On the terms of end users, healthcare IT outsourcing can be divided into hospitals (hospital information systems, electronic health records, pharmacy information, laboratory information systems, inventory management, revenue cycle management and PACS) Pharmaceutical and life science research (e-clinical solutions, clinical database management, patent study and enquiry, lab integration, and laboratory equipment solutions) On the terms of applications healthcare IT outsourcing can be divided in to insurance, medical device software, patient tracking, remote monitoring and telemetric systems.

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