Healthcare IT Consulting Services Market would rise to USD 26.90 billion by 2030

The market analysis provides a clear picture of the various segments which are used to estimate the fastest business growth. A professional and comprehensive Healthcare IT Consulting Services Market report will include a thorough study that focuses on the primary and secondary market drivers, as well as competitor analysis, key segments, and geographic analysis. This industry report uses the base year as well as the historical year to make accurate estimations and calculations. The Healthcare IT Consulting Services Market Analysis Report provides a detailed study of production capacity, import and export, as well as consumption for major regions around the world.

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.

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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.

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.

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.

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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)

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

Key Advantages of the Report: 

• This study provides an analytical overview of the industry, including current trends and future predictions to identify potential investment opportunities.
• The report offers insights into key drivers, limitations, and prospects, along with a comprehensive market share analysis.
• The report quantitatively assesses the current market, shedding light on its growth prospects.
• A Porter’s five forces analysis gauges the bargaining power of buyers and suppliers in the market.
• The report delivers an in-depth market analysis that considers competitive dynamics and forecasts the future competitive landscape.

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What to Anticipate from the Report – A 7-Point Guide:

• The report delves into the holistic strategy and innovation within the market ecosystem.
• It highlights prominent market drivers and obstacles, providing clarity on technological standardization and regulatory frameworks.
• The report evaluates various implementation models and examines numerous use cases.
• Serving as a valuable resource, the report offers essential industry insights, showcasing information on new investments, stakeholders, relevant contributors, and market participants.
• Through the forecast period, the report conducts a thorough market analysis, referencing historical developments, ongoing events, and future growth prospects.

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