Global Healthcare Information Technology (IT) Consulting Services Market, By Service Type (HCIT Strategy and Project/Program Management, Healthcare Application Analysis, Design and Development, HCIT Integration and Migration, HCIT Change Management, Healthcare/Medical System Security Set-Up, and Risk Assessment, Healthcare Enterprise Reporting and Data Analytics, Production Go-Live/ Post Go-Live Support, Healthcare Business Process Management, Regulatory Compliance, Others), End Users (Healthcare Providers, Healthcare Payer, Others) – Industry Trends and Forecast to 2030.
Healthcare Information Technology (IT) Consulting Services Market Analysis and Size
The demand for information technology in the healthcare industry is anticipated to enhance in the upcoming years. The increased demand is due to the benefits associated with information technology in healthcare. It was seen during the pandemic that Microsoft consulting services assisted in the secure and efficient distribution of the COVID-19 vaccine through its software named Vaccination Registration and Administration Solution (VRAS). It has been witnessed that the strategic management consulting segment dominated the market, with the largest revenue share of 49.0% in 2022.
Data Bridge Market Research analyses that the healthcare information technology (IT) consulting services market, which was USD 13.7 billion in 2022, would rise to USD 26.90 billion by 2030 and is expected to undergo a CAGR of 8.8% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Healthcare Information Technology (IT) Consulting Services Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Service Type (HCIT Strategy and Project/Program Management, Healthcare Application Analysis, Design, and Development, HCIT Integration and Migration, HCIT Change Management, Healthcare/Medical System Security Set-Up, and Risk Assessment, Healthcare Enterprise Reporting and Data Analytics, Production Go-Live/ Post Go-Live Support, Healthcare Business Process Management, Regulatory Compliance, Others), End Users (Healthcare Providers, Healthcare Payer, Others)
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Countries Covered
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U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Oracle (U.S.), Koninklijke Philips N.V. (Netherlands), Cognizant (U.S.), Accenture (Ireland), ICON plc (U.S.), Ergomed plc (U.K.), IQVIA (U.S.), Genpact (U.S.), Cerner Corporation (U.S.), Allscripts Healthcare, LLC (U.S.)., Epic Systems Corporation (U.S.), athenahealth, Inc. (U.S.), TATA Consultancy Services Limited (India), IBM Corporation (U.S.), LTIMindtree Limited (India), HCL Technologies Limited (India), Wipro (India), Microsoft (U.S.), Hexaware Technologies Limited (India)
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Market Opportunities
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Market Definition
Healthcare IT consulting services mainly focus on managing, automating, and monitoring different healthcare organizations' varied tasks and processes. These services are largely used to study the organization's profits, proficiency, and arrangement and provide ideas for improvement. These are very helpful in making better decisions and improving the profit potential. Healthcare IT consulting is utilized to enhance revenue generation, efficiency, and structural improvements with numerous specializations.
Global Healthcare Information Technology (IT) Consulting Services Market Dynamics
Drivers
- Increasing Digitalization in Healthcare
The increasing adoption of digitalization, such as cloud services and analytics in healthcare, is making healthcare professionals require healthcare IT consulting services to understand and access digital solutions. For instance, the global digital health sector is anticipated to earn $149.9 billion in 2022, which means a 16.3% growth compared to $128.80 billion in 2021. Thus, the increasing digitization in healthcare is boosting the growth of the healthcare IT consulting market. Thus, this factor boosts market growth.
- Increasing Technological Advancements by Market Players
Several major companies operating in the healthcare IT consulting market are primarily focused on launching new technological solutions to increase their market position. For instance, Snowflake, a U.S.-based cloud computing data cloud company, launched healthcare SaaS in 2022. It is a cloud-based data-sharing and consulting services platform. It combines the core data warehousing, the company's analytics, and business intelligence offerings with on-demand consulting services.
Opportunities
- Increasing Demand for Information Technology
There is a higher demand for information technology, boosting market growth. The high adoption rate of digitalization solutions such as artificial intelligence, big data, telehealth, and others in healthcare organizations is letting to higher demand for the same. These technologies help enhance systems, streamline physicians' work, decrease human error, increase patient outcomes, and lower the cost of services. Furthermore, consulting firms offer advisory services on choosing the best use of the technology which can be used to improve the organization. Thus, this factor boosts market growth.
- Growing Rate of Acquisitions between Organizations and Market Players
There have been different acquisitions by market players that help in the expansion of the market. For instance, Healthcare Performance Group Inc., a US-based company operating in consulting expertise for EHR technology, acquired Health Data Specialists LLC in 2022. Through this acquisition, HPG will best use EHR platform capabilities, increase stronger performance across the enterprise, and support clients' initiatives such as optimization, legacy system support, project management, managed services, and others. Thus, it is helping in the market growth.
Restraints/Challenges
- Issue With Data Invasion and Privacy
Although these consulting services are in higher demand, there is still a big issue with data invasion. The data are not completely secured, and growing end-user concerns associated with confidentiality in healthcare consulting services may impede market growth. Thus, this acts as a major factor in the market hindrance.
This healthcare information technology (IT) consulting services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare information technology (IT) consulting services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
• In 2022, Deloitte acquired Entrago, a consulting firm based in the U.S., to increase its consulting capabilities in finance, healthcare, and public services. This is yet another major investment in health sector expertise and solutions.
Global Healthcare Information Technology (IT) Consulting Services Market Scope
The healthcare information technology (IT) consulting services market is segmented on the basis of service type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service Type
- HCIT Strategy and Project/Program Management
- Healthcare Application Analysis
- Design and Development
- HCIT Integration and Migration
- HCIT Change Management
- Healthcare/Medical System Security Set-Up and Risk Assessment
- Healthcare Enterprise Reporting and Data Analytics
- Production Go-Live/ Post Go-Live Support
- Healthcare Business Process Management
- Regulatory Compliance
- Others
- Pharmacies and Diagnostic
- Pathological Laboratories
End User
- Healthcare Providers
- Hospitals
- Physician groups
- Integrated delivery networks (idns)
- Ambulatory care centers
- Home healthcare agencies
- Nursing homes
- Assisted living facilities
- Diagnostic and imaging centers and others
- Healthcare Payer
- Private Payers
- Public Payers
- Others
- Third Party Administrators
- Research Centers
- Academic Medical Centers
- Government Bodies
Healthcare Information Technology (IT) Consulting Services Market Regional Analysis/Insights
The healthcare information technology (IT) consulting services market is analyzed and market size insights and trends are provided by service type and end-user as referenced above.
The countries covered in the healthcare information technology (IT) consulting services market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare information technology (IT) consulting services market due to increased government initiatives to improve the adoption of HCIT solutions and strict legislative requirements and accreditations necessary for healthcare IT solutions. Furthermore, there is a high demand for regulatory consulting services in the region among several health care organizations, strengthening the region's market growth.
Asia-Pacific is expected to witness significant growth due to increasing regional expansions in business by health care organizations and the wide presence of a significant number of consultants. Furthermore, in the past five years, there has been an improvement in the number of new launches of drugs and medical devices in the region, further enhancing the demand for consulting services.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The healthcare information technology (IT) consulting services market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare information technology (IT) consulting services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare information technology (IT) consulting services market. The data is available for historic period 2011-2021.
Competitive Landscape and Healthcare Information Technology (IT) Consulting Services Market Share Analysis
The healthcare information technology (IT) consulting services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare information technology (IT) consulting services market.
Some of the major players operating in the healthcare information technology (IT) consulting services market are:
- Oracle (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Cognizant (U.S.)
- Accenture (Ireland)
- ICON plc (U.S.)
- Ergomed plc (U.K.)
- IQVIA (U.S.),
- Genpact (U.S.)
- Cerner Corporation (U.S.)
- Allscripts Healthcare, LLC (U.S.)
- Epic Systems Corporation (U.S.)
- athenahealth, Inc. (U.S.)
- TATA Consultancy Services Limited (India)
- IBM Corporation (U.S.)
- LTIMindtree Limited (India)
- HCL Technologies Limited (India)
- Wipro (India)
- Microsoft (U.S.)
- Hexaware Technologies Limited (India)
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