Healthcare IT Consulting Global Market Report 2024: Key Drivers, Trends And Opportunities
Healthcare IT Consulting Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Is The Healthcare IT Consulting Industry Showing Any Growth?
Recent years have witnessed a significant rise in the healthcare IT consulting market size. It is projected to grow from $54.55 billion in 2023 to $64.59 billion in 2024, exhibiting a compound annual growth rate CAGR of 18.4%. Factors that contributed to the growth during the historic period include regulatory compliance, ehr implementation, interoperability, security and privacy, and population health management.
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What Will Be The Market Size And Growth Rate of The Healthcare IT Consulting Industry in 2028?
Looking ahead, the healthcare IT consulting market size is set to experience swift growth. Market predictions suggest it will reach $129.19 billion in 2028, achieving a compound annual growth rate CAGR of 18.9%. This growth during the forecast period can be linked to diverse factors such as telemedicine growth, advancements in genomics and precision medicine, growing concerns around cybersecurity and data protection, pandemic preparedness measures, and attention to healthcare equity. The period is expected to see various trends emerging such as digital transformation strategies, interoperability solutions, data analytics and AI integration, increasing cloud adoption and hosting, and health information exchange hie.
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What Are The Growth Propellers In The Healthcare IT Consulting Market?
The escalating digitalization in healthcare is expected to spur the healthcare IT consulting market's growth. Digitization involves transforming information into a digital format. The surge in the adoption of digitalization in healthcare, including analytics and cloud services, has resulted in healthcare professionals requiring IT consulting services to comprehend and tap into digital solutions. According to StockApps.com, the global digital health sector is expected to achieve $149.9 billion in 2022, a 16.3% growth as compared to $128.80 billion in 2021.
Who Are The Major Players In The Healthcare IT Consulting Market?
Notable 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, and more.
What Are The Emerging Trends In The Healthcare IT Consulting Market?
Staying ahead of the competition necessitates technological advancements, a major trend gaining traction in the healthcare IT consulting market. For instance, in March 2022, Snowflake, a cloud computing data cloud company based in the US, introduced healthcare SaaS. This is a cloud-based, data-sharing and consulting services platform that integrates the company's core data warehousing, analytics, and business intelligence offerings with on-demand consulting services. The new cloud service also incorporates machine learning and other applications to assist healthcare companies in reducing application implementation time.
How Is The Healthcare IT Consulting Market Segmented?
The healthcare IT consulting market covered in this report is segmented by:
1 By Type: HCIT Change Management, Healthcare Business Process Management, HCIT Integration And Migration, Healthcare or Medical System Security Set-Up And Risk Assessment, Healthcare Enterprise Reporting And Data Analytics, Other Types
2 By Component: Services, Software, Hardware
3 By End User: Hospitals And Ambulatory Care Centers, Diagnostic And Imaging Centers, Public And Private Payers, Other End Users
What Insights Can We Gather About The Regional Landscape of The Healthcare IT Consulting Market?
As of 2023, North America held the dominant position in the healthcare IT consulting market. Asia-Pacific, however, is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare IT consulting market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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