At the Research and Markets report "Healthcare IT Outsourcing Market by Application & Industry - Global Forecast To 2018", North America accounts for the largest healthcare IT outsourcing market share with 72 percent. It is currently valued at $25 billion and is projected to reach $36 billion by 2018. When it comes to compound annual growth rate (CAGR), Asia-Pacific and RoW are predicted to post 8.1 percent and 7.8 percent in five years’ time. North America and Europe, on the other hand, are expected to post 7.6 percent and 7.2 percent CAGRs, respectively, over the same period.
The industry report included predictions about the healthcare sector which specifically covers hospitals, diagnostic laboratories, and clinics. Other segments are biotechnology, pharmaceutical, clinical research organizations, and health insurance.
Healthcare is one of the rapidly rising segments in the global outsourcing industry because of the growing demand for affordable and quality care and insurance. Management and administrative-related process are seen being outsourced to third party service providers. Majority of the healthcare IT outsourcing clients come from large healthcare organizations, but recently, it has seen a growing number of mid-sized clients as well. Some firms outsource IT processes in fragments such as implementation of EMR, billing systems, and CRM. Others prefer to outsource the entire information management system.
Globally, the healthcare IT outsourcing market, which is currently valued at $35 billion, is anticipated to post a CAGR of 7.6 percent and reach $50.4 billion by 2018. The key propellers of the healthcare sector are health insurance segment, healthcare systems segment, and pharmaceutical segment. These use outsourcing to reduce operational and maintenance costs, tap skilled and trained workforce worldwide, streamline processes, innovate, and mitigate risks.