Market Trends of Healthcare IT Consulting Industry
This section covers the major market trends shaping the Healthcare IT Consulting Market according to our research experts:
Hospitals and Ambulatory Care Centers Segment Dominates the Market
Hospitals and ambulatory care centers are beginning to digitalize the business practices of IT infrastructure management, IT security services, resource planning, support services, mobile computing, and cloud-based solutions. With the implementation of scalable agile operations, healthcare providers have witnessed increased revenues. A greater and more seamless flow of information within the digital healthcare infrastructure can be achieved with the help of IT consulting in the hospitals.
Some of the outsourced IT consulting services include the development and maintenance of clinical platforms, analytics dashboards, IT procurement, network optimization services, and cloud services. Many hospitals are also taking support for revenue cycle management, enterprise resource planning support service, and population health.
The transition from fee-for-service (FFS) to value-based care is increasing the pressure on care providers. Thus, the hospitals and ambulatory care centers segment is expected to dominate the market over the forecast period.
The US Leads the North American Market
North America is projected to hold a significant market share. The growth is attributed to changes in regulations and changes in the payments of Medicare, with healthcare providers increasingly dependent on IT healthcare consulting companies.
The data published in JAMA Internal Medicine Juronal stated that from January through April 2020, as the COVID-19 pandemic intensified in the US, temporal associations were observed with a decrease in ED visits and an increase in hospital admission rates in five health care systems in five states. Thus, an increase in the emergency admission rate boosts the demand for chronic care management, which is likely to boost the market's growth.
In the US, in 2021, the Centers for Medicare and Medicaid Services (CMS) administered the "Medicare" program for adults aged 65 years and older and people with disabilities. The program works in partnership with state governments to administer both Medicaid and the Children's Health Insurance Program (CHIP) programs for certain low-income populations. Such government funding programs providing healthcare services are likely to boost the market.
The big and small healthcare providers are outsourcing this to third-party providers, as they cannot handle all the complex changes in the healthcare ecosystem. With innovative approaches, such as analytics, data security, systems, etc., healthcare providers are increasing revenues and improving the patients' experience.
This is likely to contribute to the growth of the healthcare IT consulting market in North America.
