The Global Hospital Outsourcing Market size is expected to reach $616.4 billion by 2026, rising at a market growth of 14.7% CAGR during the forecast period. Hospitals are progressively outsourcing internal activities to third-party service providers to curb the increasing expenses of giving different types of services, focus on the core abilities, and get access to service experts.
Alongside the monetary advantages, outsourcing of hospital services promotes access to talented faculty to deal with both clinical and non-clinical duties. The accessibility of experienced and professionally qualified manpower is significant in the healthcare area because it is a people-driven industry. Intricacy and absence of expertise in revenue prove management, payroll processing, central supply management, and home care services are the leading elements boosting the market over the forecast period. Notwithstanding, the increasing concern for data security, social, and language hindrances are anticipated to limit the development of the market for hospital outsourcing over the forecast period.
Currently, the hospital industry is seeing an increase in the outsourcing of in-house services attributable to the government order to deploy Electronic Medical Records (EMR), expanding healthcare expenses, and deployment of complex ICD-10 coding frameworks. Expanding patient flow and the rising pressure of medical cycles, for example, insurance qualification and records of patient registration are anticipated to drive the development of the market.
Moreover, Hospitals outsource their internal activities to third-party service providers as it permits healthcare experts to concentrate on the requirements of patients and deliver quality care. Non-clinical services that are regularly outsourced are facility management, cooking, laundry, and home care staffing.
| Report Attribute | Details |
|---|---|
| Market size value in 2019 | USD 224.5 Billion |
| Market size forecast in 2026 | USD 616.4 Billion |
| Base Year | 2019 |
| Historical Period | 2016 to 2018 |
| Forecast Period | 2020 to 2026 |
| Revenue Growth Rate | CAGR of 14.7% from 2020 to 2026 |
| Number of Pages | 150 |
| Number of Tables | 270 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Services, Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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The launch of the value-based care reforms has expanded pressure on the healthcare offices to offer low-cost care and decrease inpatient volumes in the offices. To keep up benefits in such a situation, hospitals are outsourcing their services to decrease cost consumption.
Free Valuable Insights: Global Hospital Outsourcing Market to reach a market size of $616.4 Billion by 2026
Based on Services, the market is segmented into Healthcare IT, Clinical services, Business services, Transportation services and Other Services. Based on Type, the market is segmented into Private and Public. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AllScripts Healthcare Solutions, Inc., 3M Company (3M Health Information Systems), TriMedx, LLC (Aramark Healthcare Technologies), Abbott Laboratories, ABM Industries, Inc., Sodexo S.A., Flatworld Solutions Pvt. Ltd., Integrated Medical Transport LLC, The Allure Group, and The Providence Service Corporation (LogistiCare Solutions, LLC).
Market Segmentation:
By Services
By Type
By Geography
Companies Profiled
The hospital outsourcing market size is projected to reach USD 616.4 billion by 2026.
There are several reason that cause high demand of this market one of them is the lack of experienced experts and resources to handle the hospital processes.
The Healthcare IT market dominated the global hospital outsourcing market by Services in 2019, growing at a CAGR of 14.1 % during the forecast period.
The expected CAGR of hospital outsourcing market is 14.7% from 2020 to 2026.
The Middle East and Africa are anticipated to enlist the highest development over the forecast period because of the expanding outsourcing of hospital services to nations, for example, Saudi Arabia.
AllScripts Healthcare Solutions, Inc., 3M Company (3M Health Information Systems), TriMedx, LLC (Aramark Healthcare Technologies), Abbott Laboratories, ABM Industries, Inc., Sodexo S.A., Flatworld Solutions Pvt. Ltd., Integrated Medical Transport LLC, The Allure Group, and The Providence Service Corporation (LogistiCare Solutions, LLC).
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