Hospital Outsourcing Market 2021
Global Hospital Outsourcing Market is expected to Grow at a CAGR of 12.28% Over the Forecast Period, Owing to the Increase in Number of Cost Saving Initiatives without Compromising on Service Quality amongst the Healthcare Facilities, says Absolute Markets Insights
An erudite analysis of global Hospital Outsourcing Market has been recently added by Absolute Markets Insights to its comprehensive repository. The market study report is inclusive of present market scenarios, historical records, and future predictions. An accurate data of several market aspects such as type, size, application, and end user are included in the report for providing extensive business knowledge to readers. Moreover, the study provides a 360-degree overview of the competitive landscape of the industries. The report thus helps companies to gauge the threats and challenges faced by businesses.
Outsourcing is emerging as a prominent strategy for controlling the costs incurred for providing services such as catering, revenue management, IT management, etc., amongst the healthcare facilities. A third-party contractor is given the responsibility of managing non-core services in the healthcare industry. As the contractor specializes in these services, the costs can be reduced considerably without the reduction in service quality. These factors are leading to the growth of the global hospital outsourcing market
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Major Key Players:
Some of the players operating in the hospital outsourcing market are 3M, ABM, ACC Medlink, AdvantEdge Healthcare Solutions, Allscripts Healthcare, LLC, Apollo Sindoori, Aramark, Cerner Corporation, CIRFOOD, Clean Team, Cleaning Services Group, Inc., e-care India, Fast Guard Service, First Class Valet, Flatworld Solutions Pvt. Ltd., Grupa Impel, Healthcare Resource Group, Inc., Integrated Medical Transport, Maxicus, ModivCare Solutions, LLC., OCS Group limited, Optum, Inc., R1 RCM, Inc., Red Bean Hospitality, Sodexo, SSR Techvision, Stathakis, The Budd Group, TRIMEDX, XPressGuards.com, amongst others.
Key findings of the report:
In terms of revenue, global hospital outsourcing market was valued at US$ 217.51 Bn in 2019 and is anticipated to grow at a CAGR of 12.82% over the forecast period.
North America accounted for the highest market share in the global hospital outsourcing market in 2019. The higher number of both private and public hospitals in countries like the U.S. and Canada that are seeking outsourcing services, especially IT outsourcing, transportation outsourcing, security outsourcing, etc., is a major reason for the larger share of North America in the global hospital outsourcing market. Furthermore, the region contains numerous third-party hospital service providers.
The IT hospital outsourcing services accounted for a significant share in the global hospital outsourcing market in 2019. The higher costs associated with hiring IT management stuff, coupled with the rise in adoption of technology amongst the healthcare facilities that require around the clock monitoring plays a prominent role in the outsourcing of these services to third-party hospital IT service providers. But, the revenue cycle management services are expected to grow considerably during the forecast years in the global hospital outsourcing market.
Large organizations were the most prominent outsourcers of hospital services, especially in regions like North America and the Middle East.
By Hospital Size
Small and Medium Hospitals
By Service Type
Information Technology Services
Insurance Verification Services
Business and Administration Services
Facility Management and Security Services
Revenue Management Services
Catering and Cafeteria Services
By Hospital Type
Nursing Homes and Assisted Living
General Medical & Surgical Hospitals
Emergency and Other Outpatient Care Centers
Rest of North America
Rest of Europe
Rest of Southeast Asia
Rest of Asia Pacific
Middle East and Africa
Rest of Middle East & Africa
Rest of Latin America
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