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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The COVID-19 pandemic is expected to have a positive impact on the global hospital outsourcing market in the coming years. This is due to the rise in outsourcing of services such as hybrid IT management, cleaning and disinfecting, security management, etc., as a result of the cost cutting initiatives amongst the private healthcare facilities. Specialized transportation services are also growing in demand, as added care is being taken during the transportation of the COVID-19 patients, as well as the elderly. Thus, the global hospital outsourcing market is expected to see significant growth due to the COVID-19 pandemic.
The detailed research study provides qualitative and quantitative analysis of hospital outsourcing market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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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.
- 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.
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Global Hospital Outsourcing Market:
- By Hospital Size
- Small and Medium Hospitals
- Large Hospitals
- By Service Type
- Information Technology Services
- Clinical Services
- Insurance Verification Services
- Recruitment Services
- Business and Administration Services
- Facility Management and Security Services
- Revenue Management Services
- Marketing Services
- Catering and Cafeteria Services
- Transportation Services
- Others
- By Hospital Type
- Public Hospitals
- Private Hospitals
- By End-User
- Clinics
- Nursing Homes and Assisted Living
- General Medical & Surgical Hospitals
- Specialty Hospitals
- Emergency and Other Outpatient Care Centers
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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