The global Healthcare IT Consulting Market is expected to register a CAGR of 19% during the forecast period, 2018 to 2023.
The changing government regulations in payments such as healthcare providers not getting paid for the treatment or care provided but for the healthcare outcomes has made the dependency of hospitals on healthcare IT consulting providers. This trend is expected to continue in the forecast period and have a positive effect on Healthcare IT Consulting Market.
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Top Leading Manufactures-
Accenture, Cerner Corporation, Cognizant, Mckesson Corporation, IBM Corporation,, Deloitte, Cerner Corporation, Siemens Healthineers, Allscripts Healthcare Solutions, Genpact Limited
Key Market Trends
Increasing Digitization in Healthcare
Healthcare has seen a dramatic change in the past few years with respect to serving the growing patient population. In the United States after implementation of the Affordable Care Act more than million Americans were insured. Apart from adding new revenue to health care providers, this has increased the pressure to cater efficiently to traditional business models. More healthcare providers are keen to invest in digital transformations of their business practices. This has given rise to the new division of IT health consulting. Third-party IT consulting support services include electronic health record, healthcare finance, pharmacy, billing, patient care, and prescription etc. The strong IT support with agile methods is a competitive advantage for healthcare providers in achieving better quality, controlling costs, increase profitability, and simplifying inventory management. There is a rise in opportunity for IT healthcare consulting.
The other factors such as increasing government support for healthcare IT solutions, changing the technology landscape, and Changing government policies and regulations are driving the Healthcare IT Consulting Market.
Data Privacy and Confidentiality
The adoption of electronic medical records (EMRs) is a major transformation in healthcare. Specialty IT consulting support has a key role to play in the maintenance and security of the patient data. Yet healthcare records are among the most prone to theft as the worth of medical information is more than the credit card data. The growing cyber-attacks in healthcare are due to not complying with HIPPA privacy rule and improper data encryption to safeguard the data.
The Ponemon Institute that conducts independent research on privacy, data protection, and information security policy states that the healthcare data breaches cost USD 6.2 billion per year. Almost 90% of healthcare organizations are prone to data theft.
With growing concern over the risk of unauthorized use or access to healthcare databases, the healthcare consulting companies are under pressure as they have to create enough confidence to prospective healthcare providers. Therefore data privacy and confidentiality is a major factor restraining the growth of the Healthcare IT Consulting Market.
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The US Lead the Market in the North America Region
The US Healthcare IT Consulting Market holds the largest market share in 2017 in North America region as there is a need to operate their businesses effectively and improve the patient experience. Due to changes in regulations and change in payments of Medicare, health care providers are increasingly dependent on IT healthcare consulting companies. With innovative approaches such as analytics, data security, and systems etc. healthcare providers are benefiting in increasing revenues and improving the patient experience. This is likely to contribute towards the growth of the Healthcare IT Consulting Market.
Recent Updates
Jun 2018: Genpact announced new customer experience enhancements to Genpact Cora, its modular, artificial intelligence (AI)-based platform that helps enterprises accelerate digital transformation at scale.
What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Global Healthcare IT Consulting Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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