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Hospital Outsourcing Market Size

Report ID: GMI10263
Published Date: Jul 2024
Report Format: PDF

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Hospital Outsourcing Market Size

Hospital Outsourcing Market size was valued at USD 351.5 billion in 2023 and is anticipated to witness growth at a CAGR of 9.6% between 2024 and 2032. The increasing demand for hospital services outsourcing is attributed to dynamic shift in the healthcare landscape, which is driven by several key factors. Hospitals are focusing on providing patient-centric services and operational efficiencies which are expected to accelerate market growth.

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Certain factors such as cost containment, operational efficiency, improved quality of patient care, and strategic focus on innovation are expected to offer favorable opportunity for market growth. Healthcare providers are under immense pressure to reduce costs while maintaining or improving the quality of patient care. By outsourcing non-core functions such as facility management, revenue cycle management, and IT services, hospitals can leverage the expertise and economies of scale of specialized outsourcing partners, resulting in cost savings and enhanced operational efficiency.

Further, technological advancements are majorly responsible for driving the demand for hospital services outsourcing. The rapid pace of innovation in healthcare technology, including electronic health records (EHR), telemedicine, and digital health solutions, requires specialized expertise and infrastructure to implement and manage effectively. For instance, in June 2023, U.S. Department of Veterans Affairs announced its plan to extend partnerships with Oracle for EHR modernization.

Hospital Outsourcing Market Report Attributes
Report Attribute	Details
Base Year:	2023
Hospital Outsourcing Market Size in 2023:	USD 351.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9.6%
2032 Value Projection:	USD 800.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	180
Segments covered:	Service Type, Size of Hospital, Type of Hospital, and Region
Growth Drivers:	Increased patient-centric and value-based approaches in healthcare Rising emphasis on cost containment Technological advancements Focus on core-competencies
Pitfalls & Challenges:	Data security concerns

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The hospital outsourcing market includes healthcare facilities, such as hospitals and clinics, contract external service providers to handle specific operational tasks and services. These services can include but are not limited to medical billing, clinical services, supply chain management, IT services, housekeeping, and facility management. The goal of outsourcing is to reduce costs, enhance efficiency, and allow healthcare providers to focus more on patient care and core medical services.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The hospital outsourcing market was valued at USD 351.5 billion in 2023 and is anticipated to witness 9.6% CAGR from 2024-2032 attributed to dynamic shift in the healthcare landscape.

The large-sized hospital segment in the market accounted for USD 173.2 billion in 2023 driven by the efficiency and focus on strategic initiatives.

North America hospital outsourcing market size was valued at USD 203.1 billion in 2023 and is predicted to grow at 9.8% CAGR during 2024-2032 backed by cost pressures, regulatory complexities, technological advancements, and competitive dynamics.

ABM Industries Inc., Allscripts, Aramark, Cerner Corporation, Crothall Healthcare, Integrated Medical Transport, Logisticare, McKesson Medical-Surgical Inc., and Medphine among others.