Hospital Outsourcing Global Market Report 2024

The hospital outsourcing market size has grown rapidly in recent years. It will grow from $382.76 billion in 2023 to $437.94 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The increase observed in the historical period can be ascribed to cost containment, a focus on core competencies, regulatory compliance, globalization, risk mitigation, and quality improvement.

The hospital outsourcing market size is expected to see rapid growth in the next few years. It will grow to $730.99 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The expansion anticipated in the forecast period can be linked to patient-centric services, increased complexity in healthcare services, flexibility and scalability, cybersecurity concerns, and population health management. Major trends projected for the forecast period encompass technological advancements, digital transformation, the rise of business process outsourcing (BPO) in healthcare, growing adoption of IT outsourcing, and a focus on revenue cycle management outsourcing.

The increasing flow of diabetic patients in hospitals is expected to boost the growth of the hospital outsourcing market. Hospitals turn to outsourcing services when faced with a surge in patients that exceeds the capacity of their infrastructure. The rise in chronic illnesses, including diabetes and cardiovascular disease, has led to an increase in hospital admissions. According to the International Diabetes Federation, approximately 537 million adults aged 20-79 years had diabetes in 2021, projected to rise to 643 million by 2030 and 783 million by 2045. The growing flow of diabetic patients in hospitals is a driving force behind the growth of the hospital outsourcing market.

The increasing growth in the geriatric population is poised to drive the growth of the hospital outsourcing market. The geriatric population, comprising elderly or senior citizens, is on the rise, as reported by The United States Census Bureau. Hospital outsourcing provides specialized care, utilizes technology for remote services, and offers cost-effective solutions to address the unique challenges faced by older adults. The country's median age rose by 0.2 years to 38.9 years in 2022, indicating a continued aging trend. Therefore, the rising growth in the geriatric population is driving the growth of the hospital outsourcing market.

Major companies are developing advanced technologies, such as digital platforms, to improve revenue cycle outcomes and increase profitability. In October 2023, Omega Healthcare, a US-based healthcare services company, launched the Omega Digital Platform, employing AI, RPA, ML, bots, and NLP. This platform aims to enhance efficiency in revenue cycle tasks, reduce human intervention, and optimize revenue for various healthcare organizations.

Major companies are focusing on investments to increase profitability. Investments in hospital outsourcing involve financial commitments in services provided by external entities to manage specific functions or processes within a hospital. For instance, Warburg Pincus LLC, a US-based equity firm, is set to invest in Everise, a US-based healthcare services outsourcing company, at a valuation of approximately $1 billion. This strategic investment aims to propel Everise as an industry leader through mergers and acquisitions, leveraging Warburg Pincus' extensive network and resources in Asia and the US.

In March 2021, Omega Healthcare, a US-based company operating in outsourced revenue cycle management and hospital support services, acquired Himagine Solutions Inc. for an undisclosed amount. This acquisition expands Omega Healthcare's service capabilities globally, providing an integrated end-to-end solution. Omega Healthcare aims to leverage Himagine's expertise in clinical documentation improvement (CDI) for coding audits and chart abstraction for medical registries, including US cancer and trauma registries. Himagine Solutions Inc. is a US-based company offering hospital outsourcing services such as medical coding, coding audits, and registry management.

Major companies operating in the hospital outsourcing market report are Johnson & Johnson, Abbott Laboratories, MMM Group, 3M Company, Sodexo S.A., Becton Dickinson and Company, Aramark Corporation, ABM Industries Incorporated, Miele Group, Fortive Corporation, Cerner Corporation, Steris PLC, bioMérieux S.A., Getinge AB, AllScripts Healthcare Solutions Inc., LogistiCare Solutions LLC, Alere Inc., Ansell Limited, Cantel Medical, Sotera Health LLC, TriMedx LLC, Halyard Health Inc., Metall Zug AG, Tri Source International Inc., Sterigenics International LLC, Belimed AG, The Allure Group, Flatworld Solutions, Matachana Group, Integrated Medical Transport Inc., Honeywell International Inc., Pal International Ltd., PDI Inc., Reckitt Benckiser Group PLC, Schülke & Mayr GmbH.

North America was the largest region in the hospital outsourcing market in 2023. The regions covered in the hospital outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospital outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of hospitals in the hospital outsourcing market are private and public. A private hospital refers to a hospital that is not owned by the government, these hospitals provide various types of services and activities conducted for the development and smooth function of hospitals. The various sizes of hospitals include small and medium hospitals and large hospitals that provide several services such as healthcare IT, clinical services, business services, transportation services, and others. The various end-users include nursing homes and assisted living, specialty hospitals, general medical and surgical hospitals, emergency and other outpatient care centers, and others.

The hospital outsourcing market research report is one of a series of new reports that provides hospital outsourcing market statistics, including hospital outsourcing industry global market size, regional shares, competitors with a hospital outsourcing market share, detailed hospital outsourcing market segments, market trends and opportunities, and any further data you may need to thrive in the hospital outsourcing industry. This hospital outsourcing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hospital outsourcing market includes revenues earned by entities by providing medical administration, medical transcription, it systems management and consultancy services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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