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Healthcare IT consulting market worth $45.42 billion by 2022

Healthcare IT consulting market worth $45.42 billion by 2022

The global healthcare IT consulting services market is expected to reach USD 45.42 Billion by 2022 from USD 15.48 Billion in 2016, at a CAGR of 19.8%. The base year considered for the study is 2016 and the forecast period 2017–2022.

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The report "Healthcare IT Consulting Market by Type (Strategy, Project Management, Integration, Migration, Security, Risk Assessment, Analytics, BPM, Regulatory), End User (Provider, Hospital, IDN, ACC, Home Care, Payer, Public, Private) - Forecast to 2022", The global HCIT consulting services market is expected to reach 45.42 Billion by 2022 from USD 18.38 Billion in 2017, at a CAGR of 19.8%. The growth of the market is attributed to the 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.

Cloud consulting, emerging markets, increasing consolidation in healthcare, and small rural hospitals are expected to offer significant growth opportunities for players in the coming years.

Browse 109 Market Data Tables and 40 Figures spread through 189 Pages and in-depth TOC on "Healthcare IT Consulting Market by Type (Strategy, Project Management, Integration, Migration, Security, Risk Assessment, Analytics, BPM, Regulatory), End User (Provider, Hospital, IDN, ACC, Home Care, Payer, Public, Private) - Forecast to 2022"

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Healthcare application analysis, design, and development segment to dominate the market in 2017

Based on 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; HCIT 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 others consulting services.

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In 2017, the healthcare application analysis, design, and development segment is expected to account for the largest share of the global HCIT consulting services market.

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. Every healthcare facility has different requirements, which need careful designing, development, and implementation of customized solutions.

Based on end user, the healthcare payers segment is projected to register the highest CAGR

Based on end user, the market is segmented into healthcare providers, payers, and other end users. In 2017, healthcare payers segment is expected to witness the highest growth during the forecast period.

The high growth rate of this segment can be attributed to factors like growing adoption of healthcare IT solutions by private and public payers, growing need for insurance payers to comply with various federal and regional laws and regulations, and growing focus of payers on reforming their business models for improved patient care delivery.

North America to dominate the market followed by Europe

In 2017, North America is expected to account for the largest share of the market. The large market 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, growing hospital consolidations, and the presence of a large number of IT solutions and services companies.

In 2017, Europe is expected to hold the second largest share in this market. Factors such as government initiatives in European countries for eHealth technologies, the need for multi-country integration regarding health information, and growing demand for improving the quality of care through effective utilization of healthcare IT solutions are expected to drive the growth of the market in this region.

The global HCIT consulting services market is highly fragmented with several big and small players. Prominent players in the market include 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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