The healthcare IT outsourcing market is experiencing significant dynamics driven by several factors. Firstly, the increasing adoption of digitalization in the healthcare industry is fueling the demand for IT outsourcing services. Healthcare providers are outsourcing their IT functions to specialized service providers to improve operational efficiency, reduce costs, and enhance patient care. Additionally, the growing complexity of healthcare IT systems and the need for expertise in areas like data analytics, cybersecurity, and electronic health records are driving the market. Furthermore, the rise in healthcare expenditure, regulatory requirements, and the need to comply with evolving standards are compelling healthcare organizations to seek external IT support. The market is also influenced by factors such as technological advancements, the emergence of cloud computing, and the focus on interoperability and data exchange. Overall, the healthcare IT outsourcing market is expected to continue growing as healthcare organizations recognize the benefits of outsourcing IT services.
The global Healthcare IT Outsourcing Market was valued at US$ 59,990.37 Mn in 2021 and is forecast to reach a value of US$ 97729.36791 Mn by 2028 at a CAGR of 7.3% between 2022 and 2028.
Major Players in the Healthcare IT Outsourcing Industry:
1. Oracle Corporation:
Oracle Corporation was founded in 1977 and is headquartered in Redwood City, California. It is an American multinational computer technology corporation that specializes in developing and marketing database software and technology, cloud engineered systems, and enterprise software products. Oracle operates in more than 175 countries worldwide, providing a wide range of IT solutions and services. In recent years, Oracle has made significant developments in the field of healthcare IT outsourcing. In March 2022, Oracle announced a strategic collaboration with Mayo Clinic, a renowned healthcare organization, to develop and advance clinical trials. This collaboration aims to enhance patient care and drive innovation in healthcare research and delivery.
2. Siemens Healthineers:
Siemens Healthineers was founded in 1847 and is headquartered in Erlangen, Germany. It is a leading medical technology company that provides a broad portfolio of medical products, solutions, and services. Siemens Healthineers operates in more than 70 countries worldwide, supporting healthcare providers in improving patient outcomes and delivering efficient and effective healthcare services. In recent years, the company has focused on leveraging IT outsourcing to enhance its healthcare solutions. In October 2021, Siemens Healthineers announced a partnership with IBM Watson Health to enhance its Molecular Imaging and Diagnostics division. This collaboration aims to develop advanced imaging solutions by integrating artificial intelligence and data analytics into medical imaging processes.
3. Infosys Limited:
Infosys Limited was founded in 1981 and is headquartered in Bangalore, India. It is a global leader in consulting, technology, and outsourcing services. Infosys operates in more than 46 countries worldwide, serving clients in various industries, including healthcare. The company offers a range of IT solutions and services to healthcare organizations, helping them optimize their operations and improve patient care. In recent years, Infosys has focused on digital transformation and leveraging emerging technologies in the healthcare sector. In June 2022, Infosys announced a strategic partnership with GE Healthcare to develop and deliver digital solutions for the healthcare industry. This collaboration aims to enhance patient care, improve clinical outcomes, and drive operational efficiencies.
4. Dell Technologies Inc.:
Dell Technologies Inc. was founded in 1984 and is headquartered in Round Rock, Texas. It is a multinational technology company that provides a wide range of IT products, solutions, and services. Dell Technologies operates in more than 180 countries worldwide, serving customers in various sectors, including healthcare. The company offers healthcare IT outsourcing solutions that enable healthcare providers to optimize their IT infrastructure, enhance data security, and improve patient outcomes. In recent years, Dell Technologies has focused on leveraging emerging technologies, such as artificial intelligence and cloud computing, to transform healthcare delivery. In April 2023, Dell Technologies announced a collaboration with Pfizer, a leading pharmaceutical company, to accelerate the digital transformation of Pfizer's manufacturing and supply chain operations. This collaboration aims to improve operational efficiency and enhance the availability of critical healthcare products.
5. Philips Healthcare:
Philips Healthcare is a division of Royal Philips, a Dutch multinational conglomerate. The healthcare division focuses on providing innovative medical solutions and services. Philips Healthcare was founded in 1891 and is headquartered in Amsterdam, Netherlands. The company operates in more than 100 countries worldwide, serving healthcare providers and patients globally. Philips Healthcare offers a comprehensive portfolio of healthcare IT solutions, including imaging systems, patient monitoring, and telehealth solutions. In recent years, the company has made significant advancements in healthcare IT outsourcing. In January 2023, Philips Healthcare announced a strategic partnership with Google Cloud to develop AI-based solutions for precision diagnosis and personalized treatment in healthcare. This collaboration aims to leverage data analytics and artificial intelligence to improve clinical decision-making and patient outcomes.
6. Accenture:
Accenture is a multinational professional services company that provides a wide range of consulting, technology, and outsourcing services. The company was founded in 1989 and is headquartered in Dublin, Ireland. Accenture operates in more than 120 countries worldwide, serving clients in various industries, including healthcare. The company offers healthcare IT outsourcing solutions that enable organizations to streamline operations, improve patient engagement, and drive innovation. In recent years, Accenture has focused on digital transformation and the adoption of emerging technologies in healthcare. In September 2022, Accenture announced a collaboration with Microsoft to develop cloud-based solutions for healthcare providers. This collaboration aims to accelerate the digital transformation of healthcare organizations and enhance patient-centric care delivery.
7. Cerner:
Cerner Corporation was founded in 1979 and is headquartered in North Kansas City, Missouri. It is an American supplier of health information technology solutions, services, devices, and hardware. Cerner operates in more than 35 countries worldwide, providing IT solutions to healthcare organizations. The company's offerings include electronic health records, population health management, and revenue cycle management solutions. In recent years, Cerner has focused on advancing interoperability and data analytics in healthcare. In February 2022, Cerner announced a collaboration with Amazon Web Services (AWS) to accelerate healthcare interoperability and enhance data sharing. This collaboration aims to leverage AWS's cloud infrastructure and Cerner's health IT expertise to improve data exchange and drive better patient outcomes.
8. Tata Consultancy Services (TCS):
Tata Consultancy Services (TCS) was founded in 1968 and is headquartered in Mumbai, India. It is an Indian multinational information technology services and consulting company. TCS operates in more than 46 countries worldwide, serving clients in various industries, including healthcare. The company offers a comprehensive range of IT services, including healthcare IT outsourcing solutions. TCS helps healthcare organizations optimize their IT infrastructure, implement digital solutions, and enhance patient experience. In recent years, TCS has focused on leveraging emerging technologies, such as artificial intelligence and blockchain, to transform healthcare delivery. In May 2021, TCS announced a partnership with a leading European pharmaceutical company to develop a blockchain-based solution for clinical drug trials. This collaboration aims to enhance transparency, security, and efficiency in clinical trials.
9. McKesson Corporation:
McKesson Corporation was founded in 1833 and is headquartered in Irving, Texas. It is an American healthcare company that provides pharmaceuticals, medical supplies, and health IT solutions. McKesson operates in more than 15 countries worldwide, serving healthcare providers, pharmacies, and manufacturers. The company offers a wide range of healthcare IT outsourcing solutions, including electronic health records, medication management, and supply chain management. In recent years, McKesson has focused on leveraging technology to improve medication safety and optimize healthcare operations. In July 2022, McKesson announced a collaboration with Verily, an Alphabet company, to develop innovative solutions for medication management. This collaboration aims to leverage data analytics and digital technologies to improve medication adherence and patient outcomes.
10. International Business Machines Corporation (IBM):
IBM was founded in 1911 and is headquartered in Armonk, New York. It is an American multinational technology company that provides a wide range of IT products, services, and consulting. IBM operates in more than 175 countries worldwide, serving clients in various industries, including healthcare. The company offers healthcare IT outsourcing solutions that enable organizations to transform their operations, leverage data analytics, and enhance patient care. In recent years, IBM has focused on leveraging artificial intelligence and blockchain technology in healthcare. In December 2022, IBM announced a collaboration with a leading healthcare provider to develop an AI-powered clinical decision support system. This collaboration aims to enhance clinical decision-making and improve patient outcomes by leveraging IBM's advanced AI capabilities.
Definition- Healthcare IT outsourcing refers to the practice of delegating healthcare-related information technology services and tasks to external service providers, enabling healthcare organizations to access specialized expertise, reduce costs, and improve operational efficiency.
