According to the business intelligence report titled ‘Global Hospital Outsourcing Market Size study, by Type (Public, Private), by Service (Healthcare IT, Clinical Services, Business Services, Transportation Services, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global hospital outsourcing market was worth USD 271 billion in 2019 and is estimated to exhibit 10.4% CAGR over 2020-2027, subsequently reaching a valuation of USD 598 billion by the end of the study period.
 

Global hospital outsourcing market expansion can largely be attributed to rising preference of hospitals towards outsourcing core activities such as medical billing and IT services to third-party service providers, due to lack of skilled and trained professionals.
 

Further, favorable government initiatives aimed at shortening the divide between end-users and technology are further enhancing global hospital outsourcing market dynamics. Moreover, imposition of stringent regulations mandating the implementation of electronic health record (EHS) in healthcare centers, and rising number of patient visits in hospitals are adding substantial traction to the overall hospital outsourcing industry growth.
 

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Notably, developments in delivery model of services, reduced cost benefit, and facility of secured data access have encouraged the adoption of outsourcing solutions among healthcare providers.
 

On the contrary, growing concerns regarding data privacy and security among hospitals and healthcare establishments are expected to hinder market expansion during the analysis period.
 

Speaking of type, global hospital outsourcing industry is bifurcated into private and public. With regards to service, the industry vertical is categorized into transportation services, business services, clinical services, and healthcare IT among others.
 

Regionally, North America currently holds a significant portion of global hospital outsourcing market share and is touted to maintain a strong growth curve through 2027, owing to high concentration of industry vendors and increasing outsourcing activities among local hospitals.
 

Meanwhile, Asia-Pacific hospital outsourcing market is projected to register a strong annual growth rate over the forecast period. Surging healthcare costs in developing nations like India and China, along with ongoing development of healthcare industry are fostering the regional market expansion.
 

Elaborating on the competitive landscape, Cerner Corporation, ABM Industries, Inc., Allscripts Healthcare Solutions, Inc., The Allure Group, Inc., Sodexo Group, Integrated Medical Transport, LLC, Aramark Corporation, Flatworld Solutions Ltd., LogistiCare Solutions, LLC, and Alere, Inc are the major players influencing the worldwide hospital outsourcing market trends.