Healthcare IT Consulting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Healthcare IT Consulting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The healthcare IT consulting market was valued at USD 30,884.79 million in 2020, and it is expected to reach USD 86,019.72 million by 2026, registering a CAGR of 18.69%, during the period of 2021-2026. Amid the COVID-19 pandemic, the health system of countries is majorly dependent on online services, such as telemedicine. Through video calls, patients are getting appointments with doctors, helping in treating and monitoring diseases, in turn, driving the healthcare IT market.

For instance, in India, in 2020, the Ministry of Health and Family Welfare, in coordination with the Niti Aayog, has issued telemedicine guidelines, and it is providing regular online practice sessions for paramedics, nurses, and primary healthcare workers about the procedures to be followed for the diagnosis, isolation, and communication of potential infections. Also, the increased use of technology, coupled with telemedicine through transparent guidelines, will improve access to healthcare even in remote locations in geographically diverse countries, like India.

Healthcare has witnessed considerable changes in the past few years in terms of serving the growing patient population. In the United States, after the implementation of ‘Affordable Care Act’, more than million Americans were insured. Healthcare IT consulting market is primarily driven by the rapid adoption of digitalization in healthcare across the globe. The strong IT support with agile methods is a competitive advantage for healthcare providers in achieving better quality, controlling costs, increase profitability, and simplifying inventory management.

The integration of IT consulting services with medicine is expected to deliver benefits, like identifying individuals who may benefit from the preventative care or lifestyle changes, classifying broad-scale disease profiling to identify predictive events and support prevention initiatives, analyzing patient characteristics, and analyzing the cost and outcomes of care to identify cost-effective treatments. For instance, according to the International Diabetes Federation, estimates that between 2019 to 2045, the global expenditures for diabetes treatment are expected to grow from USD 760 billion to USD 845 billion.

Furthermore, there is a rise in opportunity for IT healthcare consulting owing to the favourable government policies in developed and developing regions. The other factors such as increasing government support for healthcare IT solutions, changing the technology landscape over the forecast period. However, the high cost of deployment is expected to restrain the growth of the market.

Key Market TrendsHospitals and Ambulatory Care Centers Segment dominates the Market

The hospitals and ambulatory care centers are for digitalizing the business practices of IT infrastructure management, IT security services, resource planning, support services, mobile computing, and cloud-based solutions. With the implementation of scalable agile operations, healthcare providers have witnessed increased revenues.

With the implementation of scalable agile operations, healthcare providers have witnessed increased revenues. A greater and more seamless flow of information within the digital healthcare infrastructure can be achieved with the help of IT consulting in the hospitals.

A greater and more seamless flow of information within a digital healthcare infrastructure can be achieved with the help of IT consulting in hospitals. Some of the outsourced IT consulting services, include the development and maintenance of clinical platforms, analytics dashboards, IT procurement, network optimization services, and cloud services. Many hospitals are also taking support for revenue cycle management, Enterprise resource planning support service, and population health.

The transition from fee for service (FFS) to value-based care is increasing the pressure on care providers. Thus, hospitals and ambulatory care centers segment are expected to dominate the market over the forecast period.

The United States Lead the Market in North America Region

North America Projected to have Significant Market share. The growth is attributed to changes in regulations and changes in the payments of Medicare, the healthcare providers are increasingly dependent on the IT healthcare consulting companies.

The data published by US Department of Health and Human Services reported that annual visits to the emergency department were accounted for around 130 million in 2018 and Number of emergency department visits resulting in admission to critical care unit were reported at around 2.3 million. Thus, increase in the number of emergency department visits surges the demand for chronic care management, which is likely to boost the studied market growth.

In the United States, in 2021, the Centers for Medicare and Medicaid Services (CMS) administers Medicare program for adults aged 65 years and older and some people with disabilities and works in partnership with the state governments to administer both Medicaid and the Children’s Health Insurance Program (CHIP) programs for certain low-income populations. Such government funding programs providing healthcare services are likely to boost the market

The big and small healthcare providers are outsourcing this to the third-party providers, as they themselves cannot handle all the complex changes happening in the healthcare ecosystem. With innovative approaches, such as analytics, data security, and systems, etc., the healthcare providers are benefiting in increasing revenues and improving the patients’ experience.

This is likely to contribute to the growth of the healthcare IT consulting market in North America.

Competitive Landscape

The Healthcare IT Consulting market is highly competitive and experiencing healthy growth, due to greater adoption from smaller and mid-sized market players. Healthcare IT consulting market penetration is expected to increase in emerging markets, like APAC and Latin America, offering growth opportunities for new entrants. Some of the major companies in the market are Accenture, Allscripts Healthcare Solutions, Cerner Corporation, Cognizant, Deloitte, etc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Accenture
Allscripts Healthcare Solutions
Cerner Corporation
Cognizant
Deloitte
Epic Systems Corporation
Genpact Limited
IBM Corporation
Mckesson Corporation
Siemens Healthineers

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