Healthcare IT Consulting Global Market Report 2024

Healthcare IT consulting involves contracting with consulting firms that serve as third-party advisors for entities in the healthcare sector. These consultants play a crucial role in helping organizations make informed decisions and enhance their profit potential. The focus of healthcare IT consulting is on optimizing efficiency, revenue generation, and making structural improvements. Specializations within the healthcare consulting sector have evolved to include strategic consulting, technology implementation, HR and people management, improvements in patient care, enhanced staff communication and workflow, and the implementation of competitive practices.

Key types of healthcare IT consulting include HCIT change management, healthcare business process management, HCIT integration and migration, establishment of healthcare or medical system security, and risk assessment, as well as healthcare enterprise reporting and data analytics, among others. HCIT change management involves an organized and structured approach, employing methods that enable healthcare organizations to seamlessly transform workflows. The various components involved in healthcare IT consulting encompass services, software, and hardware. End-users of these consulting services include hospitals and ambulatory care centers, diagnostic and imaging centers, public and private payers, and other entities within the healthcare landscape.

The healthcare IT consulting market research report is one of a series of new reports that provides healthcare IT consulting market statistics, including healthcare IT consulting industry global market size, regional shares, competitors with a healthcare IT consulting market share, detailed healthcare IT consulting market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare IT consulting industry. This healthcare IT consulting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare it consulting market size has grown rapidly in recent years. It will grow from $54.55 billion in 2023 to $64.59 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth observed during the historic period can be attributed to various factors, including an emphasis on regulatory compliance, the implementation of Electronic Health Records (EHR), efforts to enhance interoperability, a focus on security and privacy in healthcare information, and initiatives in population health management.

The healthcare it consulting market size is expected to see rapid growth in the next few years. It will grow to $129.19 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The anticipated growth in the forecast period can be attributed to several key factors, including the expansion of telemedicine, advancements in genomics and precision medicine, increased attention to cybersecurity and data protection, heightened preparedness for pandemics, and a focus on achieving healthcare equity. Major trends expected during this period encompass the adoption of digital transformation strategies, the implementation of interoperability solutions, integration of data analytics and artificial intelligence (AI), increased adoption of cloud technology and hosting, and the establishment of health information exchange (HIE) systems.

The anticipated surge in healthcare IT consulting market growth is attributed to the increasing digitization in the healthcare sector. Digitization involves converting information into a digital format. As healthcare adopts digitalization, including analytics and cloud services, professionals in the field require healthcare IT consulting services to comprehend and access digital solutions. A report by StockApps.com reveals that the global digital health sector is projected to generate $149.9 billion in 2022, indicating a 16.3% growth compared to the $128.80 billion in 2021. This underscores the significant impact of growing digitization on the healthcare IT consulting market.

The expansion of telemedicine services is poised to drive growth in the healthcare IT consulting market. Telemedicine services involve the remote delivery of healthcare, medical consultations, and clinical services utilizing telecommunications technology, predominantly the Internet and video conferencing tools. Integrating technologies such as video conferencing, EHR systems, and remote monitoring tools is crucial for telemedicine services. A report from the Centers for Disease Control and Prevention in October 2022 revealed that 37.0% of adults had utilized telemedicine services in the previous 12 months of 2021. Notably, there were variations based on gender and age, with women and older adults showing higher utilization rates. The rise of telemedicine services underscores their impact on propelling the healthcare IT consulting market.

A prominent trend gaining traction in the healthcare IT consulting market is technological advancement. Key market players are dedicated to developing innovative technological solutions to fortify their positions. In March 2022, Snowflake, a US-based cloud computing data cloud company, launched healthcare SaaS, a cloud-based platform offering data-sharing and consulting services. This platform integrates the company's analytics, core data warehousing, and business intelligence offerings with on-demand consulting services. Notably, the incorporation of machine learning and other applications aims to assist healthcare companies in expediting the implementation of applications, reflecting the influence of technological advancement on the healthcare IT consulting market.

Leading companies in the healthcare IT consulting market are innovating by introducing new products like Software as a Service (SaaS) platforms to expand their customer base, boost sales, and enhance revenue. SaaS, a cloud-based software delivery model, allows providers to host and offer software applications to customers via the Internet. An example is Epic Systems Corporation, a US-based healthcare software company, which unveiled Garden Plot in March 2022. This SaaS platform caters specifically to independent medical groups, aiming to simplify access to Epic tools for providers navigating complex system transitions. Garden Plot provides small, independent groups with Epic access, including necessary software and third-party components, along with the benefits of Epic's interoperability network, all while minimizing operational overhead. Epic positions Garden Plot as an alternative for groups seeking collaboration when the Community Connect program is not viable. Epic emphasizes that this model can enhance interoperability by facilitating patient record sharing with nearby hospitals. Garden Plot includes integrated products from vendors such as Availity, Biscom, Change Healthcare, Healthwise, Intelligent Medical Objects, Iron Bridge, Lyniate, OSG Billing Services, Solarity, Sphere, Surescripts, and Wolters Kluwer.

In July 2022, Healthcare Performance Group Inc., a US-based company specializing in EHR technology consulting, acquired Health Data Specialists LLC for an undisclosed sum. This strategic move allows HPG to optimize EHR platform capabilities, enhance overall enterprise performance, and support various client initiatives, including project management, optimization, legacy system support, managed services, and more. Health Data Specialists, a US-based company in healthcare IT consulting services, aligns with HPG's goals for advancing technology solutions in the healthcare sector.

Major companies operating in the healthcare it consulting market include Accenture PLC, Allscripts Healthcare Solutions Inc., Cerner Corporation, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, International Business Machines Corporation, Tata Consultancy Services Limited, General Electric Company, Epic Systems Corporation, Siemens Healthineers AG, McKesson Corporation, Koninklijke Philips N.V., HCL Technologies Limited, Hexaware Technologies Limited, Larsen & Toubro Infotech Limited, Microsoft Corporation, Wipro Limited, Oracle Corporation, Infosys Limited, Bain & Company Inc., The Boston Consulting Group Inc., Ernst & Young Global Limited, Genpact Limited, KPMG International Limited, McKinsey & Company Inc., Nordic Consulting Group A/S, PA Consulting Group Limited, Pivot Point Consulting LLC, PricewaterhouseCoopers International Limited, ScienceSoft USA Corporation, SIS International Group Inc., Stella Rising LLC, TechAhead Software Pvt. Ltd., Veraqor Inc., ZS Associates India Pvt. Ltd., GeBBS Healthcare Solutions Inc., Optum Inc., Huron Consulting Group Inc., The Chartis Group LLC

North America was the largest region in the healthcare IT consulting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare IT consulting market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the healthcare IT consulting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The healthcare IT consulting market includes revenues earned by entities by providing security and compliance analysis, IT environment optimization guidance, compliance guidance services, strategy consulting, and enterprise IT tech consulting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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