“Healthcare IT Consulting market projected to register a CAGR of 19.8% from 2017 to 2022”
The global Healthcare IT Consulting market, which includes services like technical consulting, implementation and post implementation support services, is expected to reach USD 45.42 billion by 2022 from USD 18.38 billion in 2017, at a CAGR of 19.8%. Growing digitization in healthcare, rapidly changing HCIT landscape, government support for healthcare IT solutions, growing HCIT expenditure, lack of skilled IT professionals in the healthcare industry, growing venture capital investments in health IT, and the need for data security are driving the growth of the global Healthcare IT Consulting market. On the other hand, end-user concerns regarding the confidentiality of vital information may hinder the growth of the market in the coming years.
“The healthcare application analysis, design, and development segment is expected to witness high growth during the forecast period”
Based on service type, the global Healthcare IT Consulting market is segmented into HCIT strategy and project/program management; healthcare application analysis, design, and development; HCIT integration and migration; change management; healthcare/medical system & security set-up and risk assessment; healthcare enterprise reporting and data analytics services; production go-live/post go-live support; healthcare business process management; regulatory compliance; and other consulting services. The growth 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.
“Healthcare Providers to dominate the global Healthcare IT Consulting market in 2017”
Based on end user, the global Healthcare IT Consulting market is segmented into healthcare providers, payers, and other end users. The healthcare providers segment is expected to dominate this market with the largest share in 2017. The large share of this segment can primarily be attributed to the rising healthcare costs, growing adoption of HCIT solutions by providers as a means to bring down costs, growing adoption of electronic medical records (EMRs) to improve patient care, increasing hospital consolidation, changing and increasing stringency of regulations for HCIT provider solutions, and growing adoption of HCIT solutions by ACCs, home healthcare centers and diagnostic centers.
“North America to dominate the market and Asia to witness high growth during the forecast period”
In 2017, North America is expected to account for the largest share of the global Healthcare IT Consulting market. Factors such as government initiatives to enhance adoption of HCIT solutions, increasing government expenditure on HCIT, changing and stringent legislative requirements and accreditations necessary for healthcare IT solutions, growing hospital consolidations, and the presence of a large number of IT solutions and services companies are supporting the growth of the global Healthcare IT Consulting market in the region. Asia-Pacific is expected to register the highest CAGR during the forecast period. The high growth in this regional segment is attributed to the government initiatives to establish standards, regulations, and infrastructure to encourage adoption of HCIT, growing digitization in healthcare, and expansion opportunities for market players.
The primary interviews conducted for this report can be categorized as follows:
• By Company Type: Tier 1 – 44%; Tier 2 - 36%; Tier 3 - 20%.
• By Designation (Supply Side): C-level- 22%; D-level- 28%; others- 50%.
• By Region: North America–48%; Europe-21%; Asia-36%; RoW-5%.
List of Companies Profiled in the Report
• Koninklijke Philips N.V.
• IBM Corporation
• General electric (GE) company
• Siemens Healthineers (a division of Siemens Ag)
• Cerner Corporation
• McKesson Corporation
• NTT DATA Corporation
• ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
• Deloitte Touche Tohmatsu Limited
• Epic Systems Corporation
• Cognizant Technology Solutions Corporation
• Infor, Inc.
• Oracle Corporation
• Accenture plc.
• Infosys ltd.
The report provides an overview of the global Healthcare IT Consulting market. It aims at estimating the market size and future growth potential of this market across different segments such as type, end user, and region. The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of the revenue numbers for the overall global Healthcare IT Consulting market and its subsegments. This report will help stakeholders to understand the competitor landscape better and gain insights to position their businesses better and make suitable go-to-market strategies. The report also will help the stakeholders understand the pulse of the market and provide them with information regarding key market drivers, restraints, challenges, and opportunities.