Healthcare IT Consulting Market- Industry Trends 2018

Geographically, the healthcare IT consulting services market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2017, North America is expected to dominate the market, followed by Europe. The large share of the North American market is attributed to the 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, and the presence of a large number of IT solutions and services companies in the region.

Some prominent players in the HCIT consulting services market are Accenture plc (Ireland), Cognizant Technology Solutions Corporation (U.S.), Deloitte Touche Tohmatsu Limited (U.S.), Cerner Corporation (U.S.), Siemens Healthineers (Germany), McKesson Corporation (U.S.), Epic Systems Corporation (U.S.), IBM Corporation (U.S.), General Electric Company (U.S.), Tata Consultancy Services Limited (India), Koninklijke Philips N.V. (Netherlands), NTT DATA Corporation (Japan), Infor Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), and Oracle Corporation (U.S.).

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These companies are focusing on strategies such as product launches, expansions, agreements, collaborations, and acquisitions to increase their offerings in the market and cater to the increasing demand for HCIT consulting services.

The global healthcare information technology consulting market is expected to reach USD 45.42 Billion by 2022 from USD 18.38 Billion in 2017, at a CAGR of 19.8%. A number of factors such as 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 healthcare IT consulting market. On the other hand, end-user concerns regarding the confidentiality are restraining the growth of this market.

This report segments the global healthcare IT consulting services market into type, end user, and region. On the basis of type, the global HCIT consulting services 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 healthcare application analysis, design, and development segment is expected to register the highest CAGR during the forecast period. The large share 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.

The global healthcare IT consulting , by end user is segmented into healthcare providers, payers, and other end users. In 2017, the healthcare providers segment is expected to account for the largest share of the healthcare IT consulting market. The large share of this segment can primarily be attributed to factors like 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.

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