HCIT Consulting Services Market

Market Synopsis:

Global HCIT Consulting Services market is valued at USD 23.21 Billion in 2021 and is projected to attain a value of USD 42.10 Billion by 2028 at a CAGR of 13.55% during the forecast period, 2022–2028. Growing digitization in healthcare, increased acceptance of big data analytics, IoT, and cloud deployment, favourable changes in the HCIT environment, government support for HCIT solutions, and the requirement for data security are the primary drivers driving the growth of HCIT Consulting Services market. Concerns about data protection and the hidden costs of consulting services, on the other hand, are projected to stifle industry expansion in the future years.

The pandemic has had a significant impact on independent consulting, resulting in decreased business, lower revenue, and project delays. However, pharmaceuticals and healthcare were among the three main industries (along with chemicals and agriculture) that were least affected by the pandemic. Healthcare providers, payers, pharma & biotech businesses, medical device companies, and government agencies have all adopted innovative technologies, solutions, and services to tackle the outbreak, going beyond traditional routes to improve workflows. As a result, businesses would hire healthcare consultants to help them optimize their budgets, build better value propositions, and assess their financing sources.

Increasing Consolidation in the Healthcare Industry

The number of merger and acquisition transactions in the healthcare industry has been steadily increasing over the last several years. Synchronizing the digital and IT infrastructure of several businesses during merger activities is a difficult issue. IT departments are responsible for data migration and synchronization, as well as the continuing management of electronic medical records. Furthermore, old and incompatible systems must be re-modified across the expanding company, which is a costly and time-consuming operation. There are also issues in intra-enterprise communication and data exchange, as well as the increased need for access to patient data at any time and from any location.

Increasing Number of Hidden Costs of Consulting Services

Most healthcare consultants specialize in a particular area of expertise (operations, strategy, finance, etc.) or a particular industry. When a significant change is required to achieve company goals or solve complicated business problems, companies seek the help of consultants. These abilities may not be available within the company, or full-time staff may not be able to facilitate the change or solution. As a result, consulting firms lease their skills to a client for a certain length of time with specific outcomes and goals in order to assist the organisation in moving forward. Cost reductions and the business value that can be achieved from consulting are frequently harmed by poor planning and financial allocation for consulting services.

Market Segmentation:

The HCIT Consulting Services market is segmented by Consulting Type (HCIT Change Management, Healthcare Business Process Management, HCIT Integration and Migration, Healthcare/Medical System Security Set-Up and Risk Assessment. Healthcare Enterprise Reporting and Data Analytics, Other Types), by End-User (Hospitals and Ambulatory Care Centers, Diagnostic and Imaging Centers, Public and Private Payers, Other End-users). Based on Region, the HCIT Consulting Services Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the HCIT Consulting Services Market

In terms of revenue, North America had the highest share of the HCIT Consulting Services market in 2021. Asia Pacific, on the other hand, is predicted to grow at the fastest rate during the forecast period. The availability of government funding for the development of state-wide and national healthcare information exchange, the increased preference for HCIT solutions, the increased number of favorable initiatives by regional governments during the COVID-19 pandemic, the presence of large hospitals that demand integrated healthcare networks, the presence of major players offering healthcare consulting services, and the high adoption rate of these services by healthcare organizations during the COVID-19 pandemic are some of the factors escalating market growth.

Key Players:

Some of the key players in this market are Accenture (Ireland), Cognizant (US), Deloitte (UK), McKinsey & Company (US), PwC (UK), EY (UK), Huron Consulting Group Inc. (US), KPMG (Netherlands), Boston Consulting Group (US), Bain & Company, Inc. (US), and IQVIA (US) are some of the major players in this market.

The HCIT Consulting Services market is segmented as follows:

HCIT Consulting Services Market is tabulated as follows: