Healthcare IT Consulting Services Market to Reach USD 42.10 Billion by 2028 - Powered by Advancement of IT Systems and Innovative Methods for Consulting | Vantage Market Research

WASHINGTON, June 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global HCIT Consulting Services Market finds that digitalization & advancements made in the healthcare sector is expediting market growth. Primarily driven by advancement of IT systems and innovative methods, the total Global HCIT Consulting Services Market is estimated to reach USD 42.10 Billion by 2028, up from USD 23.21 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 11.1%.

Furthermore, the increasing IT healthcare consulting due to administration policies is also anticipated to augment the growth of the Global HCIT Consulting Services Market, states Vantage Market Research, in a report, titled “HCIT Consulting Services Market by Type of Service (Digital Health Consulting, IT Consulting, Operations Consulting, Strategy Consulting), by End-User (Government Bodies, Healthcare Providers, Health Insurance Payers, Pharmaceutical & Biotechnology Companies), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Increasing Promising Government Policies to Fuel Global HCIT Consulting Services Market

The connection of IT consulting services with medicine is anticipated to provide advantages, like recognizing people who may profit from the preventative care or lifestyle modifications, organizing broad-scale disease profiling to determine predictive possibilities, sustain prevention initiatives, examining patient features, and exploring the cost & results of care to determine cost-effective therapies.  According to the International Diabetes Federation, estimates that between 2019 to 2045, the global costs for diabetes therapy are anticipated to increase. Furthermore, there is an advancement in IT healthcare consulting due to the promising government policies in developed and developing nations. The other aspects such as growing government approval for healthcare IT solutions, transforming the technology landscape over the projected period.

Increasing Technological Improvement to Stimulate the Market Growth

The improved use of technology, associated with telemedicine through transparent guidelines, will enhance access to healthcare even in small locations in geographically diverse nations, like India. Healthcare has noticed numerous changes in the past periods of serving the growing patient population. The Ministry of Health and Family Welfare, in coordination with the Niti Aayog, in India has administered telemedicine policies, and it is providing regular online practice sessions for paramedics, nurses, and primary healthcare employees about the methods to be followed for the diagnosis, isolation, and communication of potential infections. In the United States, after the implementation of ‘The Affordable Care Act, more than a million Americans were insured. Healthcare IT consulting market is mainly driven by the rapid adoption of digitalization in healthcare across the globe. The vital IT support with agile processes is a competitive advantage for healthcare providers in acquiring better quality, managing expenses, increasing profitability, and simplifying stock management.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the HCIT Consulting Services market is predicted to grow at a CAGR of roughly 11.1% during the forecast period.
• The HCIT Consulting Services market was estimated to be worth roughly USD 23.21 Billion in 2021 and is expected to reach USD 42.10 Billion by 2028; based on primary research.  
• On the basis of region, North America is projected to dominate the worldwide HCIT Consulting Services market.
  

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The HCIT Consulting Services market is segmented as follows:

• Type of Service
  • Digital Health Consulting
  • IT Consulting
  • Operations Consulting
  • Strategy Consulting
  • Financial Consulting
  • HR & Talent Consulting
• End-User
  • Government Bodies
  • Healthcare Providers
  • Health Insurance Payers
  • Pharmaceutical & Biotechnology Companies
  • Medical Device Companies
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The report on HCIT Consulting Services Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

North America Dominates the Global HCIT Consulting Services Market

North America has dominated the Global HCIT Consulting Services Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable as the clinics are nowadays benefiting because of healthcare IT consulting assistance like Enterprise Resource Planning (ERP) and payment cycle management among others in the region. Furthermore, favourable government initiatives and the offering of budgets for research are also expected to support the regional growth of the market.

Asia Pacific is likely to witness fastest growth in the HCIT Consulting Services Market during the forecast period. This is attributable to the innovative techniques, such as analytics, data security, systems, and others. The healthcare providers are aiding in increasing revenues and improving the patients’ experience are expected to support the growth of the HCIT Consulting Services Market in the near future.

Browse market data Tables and Figures spread through 130 Pages and in-depth TOC on "HCIT Consulting Services Market by Type of Service (Digital Health Consulting, IT Consulting, Operations Consulting, Strategy Consulting), by End-User (Government Bodies, Healthcare Providers, Health Insurance Payers, Pharmaceutical & Biotechnology Companies), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

List of Prominent Players in the HCIT Consulting Services Market:

• 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)
• IQVIA (US)
  

Recent Developments:

February 2020: Genesis HealthCare one of the post-acute care provider companies in the U.S. made a $79M deal with consulting company New Generation Health.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the HCIT Consulting Services Market?
• How will the HCIT Consulting Services Market change in the upcoming six years?
• Which application and product will take a lion’s share of the HCIT Consulting Services Market?
• What is the HCIT Consulting Services market drivers and restrictions?
• What will be the CAGR and size of the HCIT Consulting Services Market throughout the forecast period?    

This market titled “HCIT Consulting Services Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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