The healthcare industry has witnessed a huge transformation from principally paper-based and manually-operated procedures to digitally-enabled connected processes and operations in the past few years. Factors such as growing government interventions to encourage technology-driven affordable healthcare services and improving healthcare infrastructure across developing countries have led to a vast rise in the money spent on making core administration in the healthcare sector technologically-rich and more effective. Moreover, rising patient-base across the globe and increasing healthcare spending will drive the need to outsource IT solutions for optimal healthcare management and a greater focus on core administrative operations.
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Transparency Market Research states that in terms of value, the global technology spending on core administration in healthcare will increase at a CAGR of over 5.7% during the period between 2016 and 2024.
Healthcare Payers Take Lion’s Share in Global Spending on Technology on Core Administration
On the basis of end users, the global technology spending on core administration in healthcare market is segmented into payers and providers. The payer segment is further divided into insurance companies, and government whereas the provider segment is further segmented into hospitals and other providers.
The payers segment accounted for the larger chunk of spending on core administration in healthcare, holding a nearly 88% of the overall market in 2015. The segment is also expected to remain the most lucrative end-user segment over the forecast period, with the segment expected to exhibit a 5.9% CAGR over the period between 2016 and 2024. The usage of a variety of data management and processing solutions for core administrative services such as fraud detection, claim management, and research and development has significantly increased across private and public insurance companies and government agencies in the past years.
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The trend is expected to remain strong over the forecast period as well, with the payer end-use segment accounting for over 89% of the total spending on technology for core administration across the healthcare sector over the forecast period. Spending on technology for core administration across healthcare providers such as hospitals is expected to expand at a 4.4% CAGR from 2016 through 2024.
North America to Continue to Remain Leading Spender
Geographically, North America is the leading spender on technology for core administration in healthcare. Of the total funds devoted for making core administration technology-rich in the healthcare industry, over 50% were spent in North America. The region is expected to remain ahead of other regional markets in terms of technology spending the core administration in the healthcare sector over the forecast period as well. Factors such as rising scarcity of resources for undertaking patient-centric processes and the lack of technologically skilled healthcare staff for managing administrative processes will play a key role in highlighting the need for technological optimization of healthcare processes in the region.
North America is a steadily growing market, but will continue to account for a bigger stake compared to other regional markets, expanding at a 5.7% CAGR from 2016 through 2024. Asia Pacific will emerge as the most promising investment destination for technology in core administration for the healthcare industry over the said period. Technology spending in this area will swell at a promising 6.7% CAGR from 2016 to 2024 in Asia Pacific.
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The region has emerged as the IT outsourcing destination due to growing public–private funding structures and low in-house expertise for healthcare IT. The robust and active medical tourism industry, rising spending power of the consumer on technologically advanced services, and rising international investments in the healthcare industry will continue to drive spending on technology in the Asia Pacific healthcare sector.
Some of the players in the global core administration system in healthcare are Plexis Healthcare Systems, DST Systems, Inc., HealthEdge Software, Inc., ikaSystems Corporation, TriZetto Corporation, Health Solutions Plus, Inc., Aldera Holdings, Inc., Wonderbox Technologies, UPP Technology, Inc., and HealthAxis Group, LLC.
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