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Hospital Outsourcing Market Worth $679.2 Billion By 2027 Expanding At A CAGR Of 10.4% | Grand View Research, Inc.

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Hospital Outsourcing Market Worth $679.2 Billion By 2027 Expanding At A CAGR Of 10.4% | Grand View Research, Inc.

July 07
10:13 2021
Hospital Outsourcing Market Worth $679.2 Billion By 2027 Expanding At A CAGR Of 10.4% | Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, complexity and lack of expertise in revenue cycle management, payroll processing, central supply management, and home care services are the key factors driving the market over the forecast period.

The global hospital outsourcing market size is expected to reach USD 679.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.4% from 2020 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.

However, lack of control, continuity, dependency, long turnaround than in-house, and limited commitment to client organizations are a few challenges being faced by the market, which are expected to impact its growth over the forecast period. 

Hospital Outsourcing Market Report Highlights

 The clinical services segment is expected to register the highest CAGR over the forecast period owing to an increase in outsourcing of laboratory and investigation services such as microbiology, x-rays, pathology, magnetic resonance imaging, radiology, and nuclear medicine

The private segment dominated the market and is expected to register the highest CAGR over the forecast period, owing to the cost restrictions followed by operational flexibility in the industry

North America dominated the market in 2019 and accounted for the largest revenue share of 71.1% due to the high penetration/affinity towards outsourcing within the region. Furthermore, it is flooded with numerous service providers that are competent in providing high quality and regulatory compliance.

The Middle East and Africa is expected to register the highest CAGR over the forecast period owing to the expansion of healthcare, leading to new healthcare facilities being opened over the next 10 years.

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Hospital Outsourcing Market Segmentation

Grand View Research has segmented the global hospital outsourcing market based on service, type, and region:

Hospital Outsourcing Services Outlook (Revenue, USD Billion, 2016 – 2027)
    • Healthcare IT
    • Clinical services
    • Business services
    • Transportation services
    • Others

Hospital Outsourcing Type Outlook (Revenue, USD Billion, 2016 – 2027)
    • Public
    • Private

Hospital Outsourcing Regional Outlook (Revenue, USD Billion, 2016 – 2027)
     North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • The U.K.
        • Spain
        • Italy
        • France
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Australia
    • Central and South America
        • Brazil
        • Argentina
    • Middle East & Africa
        • Saudi Arabia
        • South Africa

List of Key Players of Hospital Outsourcing Market
    • Allscripts
     Cerner Corporation
     The Allure Group
     Integrated Medical Transport
     Aramark Corporation
     LogistiCare Solutions, LLC
     Flatworld Solutions
    • Alere, Inc.
     ABM Industries Inc.

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About Grand View Research

Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.

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Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
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Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States

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