Global Hospital Outsourcing Market By Services (Healthcare IT, Clinical services, Business services, Transportation services and Other Services), By Type (Private and Public), By Region, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
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.
Hospital Outsourcing Market Size, By Services, 2020-2026
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.
Hospital Outsourcing Market Share, By Type, 2019
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.
|Market size value in 2019||USD 224.5 Billion|
|Market size forecast in 2026||USD 616.4 Billion|
|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|
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).
Recent Strategies Deployed in Hospital Outsourcing Market
- Jan-2020: Allscripts Healthcare extended its partnership with PIH Health, a healthcare system based in Whittier, California. Following the expansion, PIH broadened its solutions, services and outsourcing engagement with Allscripts through 2025. The partnership between PIH Health and Allscripts helped drive comprehensive care for our patient communities for nearly two decades.
- Sep-2018: LogistiCare Solutions completed the acquisition of Circulation, Inc., a company that provides customizable digital platform to coordinate non-emergency transportation for all areas of healthcare. The acquisition advanced the Company’s central mission of reducing transportation as a barrier to healthcare.
- Sep-2017: ABM acquired GCA Services Group, a leading provider of facility services in the education and commercial industries. This acquisition accelerated its Vision by creating a broader platform upon which it can grow profitably and further distinguish as an industry-focused solutions provider.
- Feb-2017: LogistiCare announced its partnership with a ride-sharing company, Lyft. The partnership improved LogistiCare's capacity for ensuring transportation services for its commercial, Medicare and Medicaid plan members by allowing clients to request Lyft services through LogistiCare's commercial, state and managed care organization clients.
- Dec-2016: Sodexo partnered with Alliance HealthCare Radiology, a division of Alliance HealthCare Services, Inc. The partnership created a fully integrated asset management lifecycle solution beyond the basic offering currently provided by the market.
- Jul-2016: Aramark integrated multiple systems into a new web-based platform, FacilityFit. FacilityFit was designed for helping hospitals and healthcare facilities in driving efficiency and predictability and improving the patient experience through better management of functions that touch patients every day, like room cleaning, heating and cooling, and building maintenance.
Scope of the Hospital Outsourcing Market Analysis
- Healthcare IT
- Clinical services
- Business services
- Transportation services
- Other Services
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- 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
- The Providence Service Corporation (LogistiCare Solutions, LLC)
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Hospital Outsourcing Market Related Reports:
What would be the value of global hospital outsourcing market by 2026?
The hospital outsourcing market size is projected to reach USD 616.4 billion by 2026.
What are the key factors that drive hospital outsourcing industry?
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.
Which segment dominated the hospital outsourcing market in 2019?
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.
At what CAGR is the hospital outsourcing market estimate to grow in the forecast period?
The expected CAGR of hospital outsourcing market is 14.7% from 2020 to 2026.
Which region shows maximum development growth of hospital outsourcing market over the forecast period?
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.
Who are the top market players in the hospital outsourcing industry?
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).