Healthcare IT Consulting Market Expected to Reach $103.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Healthcare IT Consulting Market," The Healthcare IT Consulting Market Size valued at $21.9 billion in 2021, and is estimated to reach $103.6 billion by 2031, growing at a CAGR of 16.7% from 2022 to 2031.

A healthcare consultant helps healthcare providers and organizations overcome technological challenges to implement digital health software and hardware. The IT solutions then allow the organization to improve patient care. Healthcare consulting services vary from one business to another. Many offer a wide variety of services, including strategic consulting, cybersecurity, technology implementation, and cloud computing. The main goal of all of these segments within the wider healthcare consulting space is to guide management to make better decisions and, in effect, improve the organization’s profit potential.

Every healthcare organization potentially contracts with one of these advisory firms to assist in improving organizational competency, including healthcare providers such as hospitals, doctor's offices, and other facilities; managed care organizations and payors such as insurance companies and government entities; pharmaceutical companies; and managing medical equipment companies. Consequently, a healthcare consulting firm's job is to maximize productivity, generate higher revenue, and provide structural advancement.

The key factors that drive the growth of the market are rise in prevalence of cancer and chronic diseases. Moreover, increase in geriatric population, surge in adoption of technologically advanced healthcare IT consulting, and rise in investments in R&D propel the growth of the healthcare IT consulting market. Furthermore, high adoption of technologically advanced medical devices to provide real-time communication system, data integration facilities, increase in the healthcare expenditure and presence of major key players in the country and the strategies they adopt to provide work flow automation service boost the growth of the market. For instance, in January, 2022, Wolters Kluwer, Health launched Ovid Synthesis, a new suite of applications to power highly effective evidence-based workflows in the healthcare setting that complement Ovid’s premium medical content. The first Ovid Synthesis module, clinical evidence manager, is a cloud-based workflow management solution that offers healthcare organizations a unique, centralized dashboard view of all quality improvement (QI) research projects for easier tracking and collaboration among teams to ensure new clinical practice improvements are based on the latest medical evidence.

However, high investments and optimum coordination to develop an interoperable platform for utilization of data and surge in cases of cybercrime are the factors hinders the growth of the market. Furthermore, low doctor-to-patient ratio are expected to result into integration of healthcare IT solutions which is projected to create an opportunity for Healthcare IT Consulting Market Forecast.

On the basis of 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 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. In addition, every healthcare facility has different requirements which need careful designing, development, and implementation of customized solutions.

By end user, the market is segmented into healthcare payers, healthcare providers 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 disease such as cancer and increase in the number of the healthcare IT consulting service providers across the world are the Healthcare IT Consulting Market Trends that drives the growth of market.

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. Increased number of favorable initiatives by regional governments during the COVID-19 pandemic, increased preference for HCIT solutions, presence of large hospitals that demand integrated healthcare networks, presence of major players offering healthcare consulting services, and high adoption rate of these services by healthcare organizations to improve patient care and business operations across the health systems are some of the key factors driving the growth of healthcare IT consulting market in this region.

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 increase in 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 growth Healthcare IT Consulting Market Size in upcoming years.

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 findings of the study

• • By consulting type, the healthcare application analysis, design, and development segment were the highest contributor to the Healthcare IT Consulting Industry in 2021.
  • By end user, the healthcare provider segment dominated the market in 2021 and is expected to continue this trend during the forecast period.
  • By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.