As rapid transformation in the healthcare systems worldwide, Healthcare IT outsourcing is expected to witness healthy growth. Due to the vast diversity in applications of healthcare IT outsourcing, the market can be broken down, as most organizations in the IT space being involved with only specific core competencies. Even though, the Global Healthcare IT Outsourcing Market Share is predicted to Hit USD 73.1 billion by the end of 2024. However, the lack of adequate IT domain expertise and infrastructure for maintaining and storing data could impede the market growth rate.
The healthcare market space globally produces a huge volume of data every day. Thus electronic tracking, storage, and retrieval of this data in an efficient way have become a need of the hour. As a result, the healthcare IT outsourcing market is largely involved in the development of systems for billing codes, patient records, remote monitoring systems, and patient monitoring and care. The intricacy of a healthcare problem needs detailed association between IT developers and healthcare experts taking place in tandem to get a complete understanding of the system and its functionalities. However, this effort is expected to perform as a major growth constraint for the healthcare IT outsourcing market in the coming years. According to the report, the market was valued at nearly USD 46.8 billion in 2017.
Increasing the dependency of software and technology-based solutions in the healthcare industry along with trending healthcare management could fuel the healthcare IT outsourcing market growth over the projected timeframe. Based on the region, the North America healthcare IT outsourcing market is predicted to keep leading the biggest market share during the forecast period. Owing to the presence of a large number of leading healthcare business organizations in the region, each of which has highly specialized and innovative requirements in biomedical research, life science, genetics, insurance, disease research, forensics, and many more healthcare verticals could be the factor in accelerating the market growth.