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Healthcare It Consulting Market

Healthcare IT Consulting Market

by Consulting Type (Healthcare application analysis, design, and development, HCIT strategy and project/program management, HCIT integration and migration, HCIT change management, Healthcare/medical system and security set-up and risk assessment, Healthcare enterprise reporting and data analytics services, Healthcare business process management, Others), by End User (Healthcare providers, Healthcare payers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A09500
Pages: 320
Oct 2022 | 1724 Views
Author(s) : Vikita T , Onkar S
Tables: 142
Charts: 60
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Healthcare IT Consulting Market Research, 2031

The global Healthcare IT Consulting Market Size was valued at $21.9 billion in 2021, and is projected to reach $103.6 billion by 2031, growing at a CAGR of 16.7% from 2022 to 2031. Healthcare consulting helps organizations navigate the common challenges faced by the industry. These consulting bodies come in the form of major consulting firms with a specific healthcare branch. A healthcare consulting firm acts as a contracted third-party advisor to a given player in the healthcare sector. Rapidly evolving market dynamics, regulatory forces, and consumer expectations are continually adding new layers of complexity to the healthcare industry. Healthcare consulting expertise is built on a detailed understanding of each player across the value chain, from doctors & patients to payers, drug developers, and manufacturers. The healthcare consulting service is beneficial in many ways, such as fueling innovation, reducing costs, optimizing digital technologies, and achieving maximum, sustained value

[COVIDIMPACTSTATEMENT]

Healthcare IT Consulting Market

The key factors that drive Healthcare IT Consulting Market Growth are rise in the prevalence of cancer and chronic diseases. Moreover, increase in geriatric population, growth in adoption of digitalization in healthcare IT solutions, surge in investments in healthcare IT solution support or infrastructure by the government & private sector. Furthermore, the increased preference for HCIT solutions during the COVID-19 pandemic, the presence of large hospitals that demand integrated healthcare networks, the presence of major players offering healthcare consulting services, and high adoption rate of these services by healthcare organizations to improve patient care coordination, and business operations across the health systems are some of the key factors driving the growth of the healthcare IT consulting market.

However, the dearth of skilled professionals, high cost of consulting service, data security, and privacy concerns are some of the factors that hamper the market growth. Conversely, emerging healthcare IT consulting service in developing countries, and low-income countries lacking access to basic healthcare, and the surge in technological advancements in the field of smartphones and internet connectivity to improve clinical outcomes, patient experience, and patient engagement is expected to accelerate market growth and provide the lucrative Healthcare IT Consulting Market Opportunity in the upcoming years.

The healthcare IT consulting market is segmented on the basis of consulting type, end user, and region. By consulting type the market is segmented into HCIT strategy and project/program management, HCIT integration and migration, HCIT change management, healthcare/medical system & security set-up and risk assessment, healthcare enterprise reporting and data analytics services, healthcare business process management, healthcare application analysis, design & development, and others. By end user, the market is segmented into healthcare providers, healthcare payers and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By end user, on the basis of healthcare providers, the market is further sub-segmented into hospitals and physicians’ group, ambulatory care centers, diagnostic & imaging centers and others. On the basis of healthcare payers, it is further bifurcated into private payers and public payers.

Consulting type Segment review

By consulting type, the healthcare IT consulting market is segmented into HCIT strategy and project/program management, HCIT integration and migration, HCIT change management, healthcare/medical system & security set-up and risk assessment, healthcare enterprise reporting and data analytics services, healthcare business process management, healthcare application analysis, design and development and others. In 2021, the healthcare application analysis, design and development and others segment accounted for the largest Healthcare IT Consulting Market Share. The dominance of this segment can be attributed to the fact that IT application analysis, design, and development form the major component of all IT solution implementation projects. Additionally, every healthcare facility has different requirements which need careful designing, development, and implementation of customized solutions.

The HCIT strategy and project/program management segment is anticipated to grow at a significant rate during the forecast period owing to surge in trend of digitalization in healthcare, rise in demand for preventive care solutions are the major factors which drive the growth Healthcare IT Consulting Market Size in upcoming years.

Healthcare IT Consulting Market
By Consulting Type

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Healthcare application analysis, design, and development segment dominated the market in 2021, and is expected to continue this trend throughout the forecast period

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End User Segment Review

By end user, the Healthcare IT Consulting Industry is segmented into healthcare providers, healthcare payers, and others. The healthcare provider segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to rise in the prevalence of chronic diseases such as cancer and increase in the number of the healthcare IT consulting service providers across the world boosts the growth of the market are the key factors that drives the growth of market in upcoming years.

The healthcare payers’ segment is expected to witness considerable market growth during the forecast period, owing to rise in cost of healthcare system and urge to decrease wasteful spending and increase in use of healthcare IT solutions and implementation of various healthcare reforms, increase the demand of healthcare payers to provide consulting service to the pharmaceutical companies, hence boost the growth of the market.

Healthcare IT Consulting Market
By End User

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Healthcare providers segment dominated the market in 2021, and is expected to continue this trend throughout the forecast period

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Region Segment Review

Region wise, the healthcare IT consulting market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a majority of the healthcare IT consulting market share in 2021 and is anticipated to remain dominant during the forecast period. Some of the major factors contributing to the increased preference for HCIT solutions include the presence of key players providing healthcare consulting services to the large hospitals that require integrated healthcare networks and the high adoption rate of these services by healthcare organizations to improve patient care and business operations across the healthcare systems.

Asia-Pacific was the second largest contributor to the Healthcare IT Consulting Industry in 2021, and is expected to register the fastest CAGR during the forecast period. The market growth in the Asia-Pacific region is supplemented by the growing demand for patient care and monitoring software devices, highly populated countries along with high birth rate and high prevalence of chronic diseases. In addition, the increasing patient awareness and presence of high unmet needs in these nations, especially in countries such as India and China, are expected to further drive the market growth.

Healthcare IT Consulting Market
By Region

2031
North America 
Europe
Asia-pacific
Lamea

North America segment dominated the market in 2021, and is expected to continue this trend throughout the forecast period

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The key players that operate in the healthcare IT consulting market are Allscripts Healthcare LLC, Cognizant, Deloitte, Epic System Corporation, General Electric Company, IBM Corporation, Koninklijke Philips N.V., McKesson Corporation, Oracle Corporation, Siemens AG.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the healthcare it consulting market analysis from 2021 to 2031 to identify the prevailing healthcare it consulting market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the healthcare it consulting market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global healthcare it consulting market trends, key players, market segments, application areas, and market growth strategies.

Healthcare IT Consulting Market Report Highlights

Aspects Details
Market Size By 2031 USD 103 billion
Growth Rate CAGR of 16.7%
Forecast period 2021 - 2031
Report Pages 320
Consulting Type
  • Healthcare application analysis, design, and development
  • HCIT strategy and project/program management
  • HCIT integration and migration
  • HCIT change management
  • Healthcare/medical system and security set-up and risk assessment
  • Healthcare enterprise reporting and data analytics services
  • Healthcare business process management
  • Others
End User
  • Healthcare providers
    • Type
      • Hospitals and physician groups
      • Ambulatory care centers
      • Diagnostic and imaging centers
      • Others
  • Healthcare payers
    • Type
      • Private payers
      • Public payers
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Allscripts Healthcare LLC, Cognizant Technology Inc., Koninklinjke Philips, General Electric Company, McKesson Corporation, Siemens AG, IBM Corporation, Epic Systems Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation
 

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This section provides various opinions of top-level CXOs in the healthcare IT consulting market. In accordance to several interviews conducted, the healthcare IT consulting market is expected to witness a significant growth in the future, owing to the integration of Electronic Healthcare Record (HER) along with surge in adoption of digital healthcare practice with the help of information technology, infrastructure management, IT security service and cloud-based service.

According to the perspectives of CXOs, healthcare IT consulting market is expected to witness a steady growth in the future. The rise in geriatric population and increase in number of healthcare service providers like clinics, hospitals & diagnostic centers are prioritizing the adoption of technologically advanced healthcare software in all the departments to ensure better workflows of tedious documentation, management of administrative staff as well as healthcare professionals and ease in accessing clinical patient data, required for decision making are anticipated to fuel the market growth. In addition, surge in investments in R&D by pharmaceutical companies, rise in healthcare expenditure, and transformation from fee for service (FFS) to the client centric care due to technological advancement are the key factors that drive the growth of the market.

However, high investment cost, data security, privacy concerns and increase in interoperability issues are projected to challenge the growth of the healthcare IT consulting market during the forecast period and hence, hamper the growth of the market. On the contrary, advancements in software technology, and rise in need of telehealth and remote patient monitoring in the emerging economies such as India, China, Mexico, and Brazil are expected to provide opportunities for the growth of the healthcare IT consulting market in future.

In addition, emerging markets are gaining importance for the majority of the healthcare IT consulting services. There has been a sharp increase in the demand for technologically advanced healthcare infrastructureto provide better healthcare services in developing countries. This is expected to partially offset the challenging conditions in the developed markets like North America and Europe. As per CXOs, North America is projected to lead the global healthcare IT consulting market during the forecast period, followed by Europe

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FREQUENTLY ASKED QUESTIONS?

A. The upcoming trends are are rise in the prevalence of cancer and chronic diseases. Moreover, increase in geriatric population, growth in adoption of digitalization in healthcare IT solutions, surge in investments in healthcare IT solution support or infrastructure by the government & private sector. Furthermore, the increased preference for HCIT solutions during the COVID-19 pandemic, the presence of large hospitals that demand integrated healthcare networks, the presence of major players offering healthcare consulting services, and high adoption rate of these services by healthcare organizations to improve patient care coordination, and business operations across the health systems are some of the key factors driving the growth of the healthcare IT consulting market.

A. The total market value of Healthcare IT Consulting Market is $21,880.59 million in 2021

A. North America is the largest regional market for Healthcare IT Consulting

A. The market value of Healthcare IT Consulting in 2031 was102,965.04 Million

A. Allscripts Healthcare LLC, Cognizant, Deloitte, Epic System Corporation, General Electric Company are the top companies to hold the market share in Healthcare IT Consulting

A. The base year for the report is 2021

A. Yes, Healthcare IT Consulting Market companies are profiled in the report

A. No, there is no value chain analysis provided in the Healthcare IT Consulting Market report

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