HEALTHCARE IT OUTSOURCING MARKET ANALYSIS

Market Challenges And Opportunities

Global Healthcare IT Outsourcing Market Drivers:

Increase in adoption of healthcare IT solutions across the globe is expected to augment growth of the global healthcare IT outsourcing market during the forecast period. For instance, health IT improves quality of healthcare delivery, decreases medical errors, increases patient safety, and strengthens the interaction between healthcare providers and patients. In February 2022, MyHealthcare announced the launch of its MyHealthcare Enterprise Application (MHEA) for hospitals and healthcare institutions towards digitalization of healthcare in India.

Increase in patient-centric & value-based approaches in healthcare is expected to boost growth of the global healthcare IT outsourcing market over the forecast period. For instance, in May 2021, Optum and Bassett Healthcare Network collaborated to enhance Bassett's clinical and operational performance and advance the delivery of high-quality, convenient, and affordable healthcare for patients across Central New York.

Global Healthcare IT Outsourcing Market Opportunities:

Government mandates & support for healthcare IT solutions is expected to provide significant growth opportunities for players in the global healthcare IT outsourcing market. For instance, in August 2021, Prime Minister of India Narendra Modi announced the launch of the National Digital Health Mission (NDHM) on the 74th Independence Day. PM Modi planned to digitize personal medical records and connect diagnostic centers, medical institutions, and state medical records. NDHM will provide people living in a remote location easy access and appointment to the nearest district hospital.

Outbreak of COVID-19 (global pandemic) is expected to offer lucrative growth opportunities for players in the healthcare IT outsourcing market. For instance, the demand and use of HCIT (healthcare IT) solutions has increased due to the pandemic. Moreover, healthcare technology has advanced at an accelerated rate as a result of the amplified care needs brought on by the COVID-19 pandemic. In short, digital healthcare has witnessed a spike within the healthcare system, which in turn has increased the use of healthcare IT solutions.

Global Healthcare IT Outsourcing Market Restraints:

Lack of standard platform is expected to hamper growth of the global healthcare IT outsourcing market. Healthcare interoperability refers to timely and secure access, integration and use of electronic health data so that it can be used to optimize health outcomes for individuals. The present healthcare IT system lacks efficient interoperability, which makes it difficult for one provider to access information that was originally documented by another.

Rising incidences of data breach and loss of confidentiality is expected to hinder growth of the healthcare IT outsourcing market. For instance, in the healthcare sector, the 2022 Cost of the Data Breach report has found that nearly half (47%) of the breaches analyzed exposed customer personal data, such as name, contact details, SSN, date of birth, passwords, or healthcare data, representing the most common type of breached record in the report.