Development firms are taking advantage of the rising demand for IT services in the healthcare industry, with a primary focus on low-cost data analytics and cloud solutions.
In its report, Transparency Market Research has predicted that the global healthcare sector would create $61.2 billion business opportunity for information technology firms over the next seven years.
To cash in on the demand, vendors are quickly wrapping up partnerships deals with smaller service providers and focusing on developing low-cost advanced solutions. Analytics and cloud are key focus areas of outsourcing service vendors currently.
Rising investments in healthcare infrastructure, combined with an aging population and a lack of human resources to personalize the service, has increased the number of healthcare administrative processes, such as billing and asset management.
“The growing need for an enhanced level of IT convergence with reduced costs, improved productivity, and a higher level of patient satisfaction is likely to drive their demand substantially over the coming years,” the report added.
Considering the report, IBM Corp, TCS, Wipro, Cognizant Technology Solutions, and Accenture are leading the market, but Infosys, L&T Infotech, HCL Technologies and McKesson Corp have intensified their efforts to enlarge their market share.
With the storage of healthcare data becoming a norm in some advanced countries, IT outsourcing firms are finding a greater role to play. In addition, some governments, such as the Obama administration, are striving to to make quality healthcare available for people at much lower rates.
Thanks to President Barack Obama’s Affordable Care Act, North America accounted for 40% of the revenue for healthcare IT service providers in 2014.
Although North America will remain the biggest adopter of this service in the coming years, Asia Pacific is projected to register the fastest rise in the years to come.