The healthcare IT outsourcing market is featured by numerous mergers and acquisitions in order to gain substantial share in the global revenue of market.
The healthcare IT outsourcing market is featured by numerous mergers and acquisitions in order to gain substantial share in the global revenue of market. Recently, in 2018, the Access Healthcare Company, a leading provider of healthcare business process outsourcing services, announced that the company has acquired Pacific BPO, a premier provider of revenue cycle management services. 2,100 employees of Pacific BPO will be a part of Access Healthcare to be emerge as the largest healthcare IT outsourcing company. These mergers and acquisitions are intensifying the competition among the key players.
TMR observes, the global market for healthcare IT outsourcing will likely to attain the value of US$61.2 bn by the end of forecast period from US$34 bn in 2014 by expanding with the CAGR of 6.70% between 2015 and 2023.
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Here are some points that influencing growth of the global healthcare IT outsourcing market:
Government Initiatives for Advanced Healthcare Facilities to Drive: Healthcare IT outsourcing is one of the cost-saving practices observed in the industry. IT principally gains support from various government regulations and initiatives from government to underline the need for cost-efficient as well as high-quality healthcare services to offer the public. One of the larger emerging trends in the healthcare industry is to be third-party IT outsourcing. Additionally, demand for healthcare IT outsourcing is projected to rise due to rising need of reduction of in-house healthcare IT expenses.
Growing Investment in Healthcare Infrastructure to Bolster Growth: Growing investment in healthcare infrastructure is another factor that could increase demand in the world healthcare IT outsourcing market. Increasing need for patient satisfaction and enhanced productivity, and reduced costs is foreseen to augment the demand for IT convergence in healthcare.
Confidentiality Issues to Hamper Growth: Loss of trust due to confidentiality issues and data breach hampering adoption of healthcare IT outsourcing. Additionally, operation of service providers can limit growth of the market. Also, language barriers and cultural differences are envisaged to create problems in the market.
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