Hospital Outsourcing Market By Services (Healthcare IT, Clinical Services, Business Services, Transportation Services), By Type (Public, Private)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Hospital Outsourcing market gathered revenue around USD 275.5 Billion in 2020 and market is set to grow USD 680.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 11.4% during the prediction period 2021 to 2027.
Hospitals are increasingly outsourcing internal activities to third-party service providers to control the rising costs of providing services, focus on the core competencies, and avail access to service professionals.
Along with the financial benefits, outsourcing of hospital services promotes access to skilled personnel to take care of both clinical and non-clinical responsibilities. The availability of experienced and professionally qualified manpower is very important in the healthcare sector as it is a people-driven industry.
In the hospital industry, patient satisfaction mainly depends on the human touch and the services offered by the staff. Hence, the hospitality aspect plays a vital role, and finding clinically qualified labor with essential soft skills is a task, thus requiring external assistance.
In addition, hospitals outsource their internal activities to third-party service providers as it allows healthcare professionals to focus on patient needs and deliver quality care. Non- clinical services that are routinely outsourced are facility management, catering, laundry, and home care staffing.
The introduction of the value-based care reforms has increased pressure on the healthcare facilities to offer cost-effective care and reduce inpatient volumes in the facilities. To maintain profitability in such a situation, hospitals are outsourcing their services to reduce cost consumption.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Hospital Outsourcing market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Hospital Outsourcing market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 680.2 Billion by 2027|
|Growth Rate||CAGR of 11.4% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Service, type And Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Allscripts; Cerner Corporation; The Allure Group; Integrated Medical Transport; Sodexo; Aramark Corporation; LogistiCare Solutions, LLC; Flatworld Solutions; Alere, Inc.; ABM Industries Inc.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Hospital Outsourcing market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America accounted for the largest revenue share of 75.2% in 2020 owing to the presence of a large number of service providers in the region. In addition, increasing outsourcing of the local hospitals is further driving the hospital outsourcing market in the region. As hospitals are adopting the paperless working system in the developed countries such as the U.S., there is a huge inflow of patient data, to manage such a large amount of data most of the hospitals are hiring third-party service providers. This is expected to propel the growth of the market for hospital outsourcing in the region.
However, the Middle East and Africa is expected to register the fastest growth over the forecast period due to the increasing outsourcing of hospital services to countries such as Saudi Arabia. The availability of skilled resources, low-cost service offerings, and the increasing adoption of new technologies is expected to drive the market in the region.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Hospital Outsourcing Market include: Allscripts; Cerner Corporation; The Allure Group; Integrated Medical Transport; Sodexo; Aramark Corporation; LogistiCare Solutions, LLC; Flatworld Solutions; Alere, Inc.; ABM Industries Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Service
- Healthcare IT
- Clinical services
- Business services
- Transportation services
- By Type
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Hospital Outsourcing market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Hospital Outsourcing market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Hospital Outsourcing markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Hospital Outsourcing Market Study:
- Growth of Hospital Outsourcing in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Hospital Outsourcing and How to Navigate
- Key Product Innovations and Regulatory Climate
- Hospital Outsourcing Consumption Analysis
- Hospital Outsourcing Production Analysis
- Hospital Outsourcing and Management