Market Challenges And Opportunities

Global Healthcare IT Consulting Market Drivers:

Stringent government regulations to augment market growth

One of the key factors expected to augment growth of the global healthcare IT consulting market over the forecast period is the stringent government regulations worldwide. Stringent government regulations in the healthcare IT sector has increased demand for consulting services. For instance, the U.S. has the Health Insurance Portability and Accountability Act (HIPAA), which focus on the promotion of healthcare IT, testing of health IT in companies, and improvement of the privacy and security of electronic health information. Moreover, there are numerous laws and regulations that look into various aspects of healthcare IT issues.

Rapid adoption of digitalization in healthcare to boost market growth

Another factor which is driving growth of the global healthcare IT consulting market is the rapid adoption of digitalization (healthcare IT services or solutions) in healthcare around the world. For instance, the goal of information technology is to enhance the overall health of the population by improving the quality of care that patients receive. As the healthcare industry goes digitalized and new technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), the amount of data that healthcare facilities have to work with is also growing rapidly. This in turn driving the growth of the healthcare IT consulting market.

Global Healthcare IT Consulting Market Opportunities:

Rise in burden of chronic or infectious disease worldwide is expected to provide significant growth opportunities for players in the healthcare IT consulting market. For instance, the research suggests that digital health solutions, in conditions such as chronic heart disease, can support the patients in health-promoting behaviors, empower them, and improve their medication compliance. Moreover, this might reduce the number of hospital stays and healthcare cost. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death worldwide, taking an estimated 17.9 million lives each year.

Rise in demand for IT consulting services in the healthcare industry is expected to offer significant growth opportunities for players in the healthcare IT consulting market. For instance, in January 2022, Crowell & Moring launched a strategic consulting firm, Crowell Health Solutions, to help organizations and technology firms in transforming healthcare by boosting patient care. The new firm will help expand health equity and reducing healthcare expenses leveraging solutions such as value-based models and innovations in digital health. Crowell Health Solutions offer advice to the clients on healthcare transformation and innovation.

Global Healthcare IT Consulting Market Restraints:

High cost of deployment to hinder the market growth

One of the key factors expected to hamper the growth of the global healthcare IT consulting market is the high cost of deployment. Though the benefits offered by the healthcare IT consulting services to the healthcare payers and providers are many, the high cost of the deployment of these services is very high. Advanced IT solutions, like on-site EHR deployment, can be very high even for small businesses. The small-scale healthcare providers cannot afford to use these services or solutions, as the cost-utility ratio for using them is higher than using their normal legacy systems.

Concerns regarding data safety to hamper market growth

Another factor which is hampering the growth of the global healthcare IT consulting market is the concerns regarding data safety. The growth in digital healthcare has increased need for ecosystems catering to patient comfort and security. Data security concerns become the foremost priority given the sensitivity of health records and the systems required for flawlessly streamlined information management. IT security is an aspect to be given immense attention and one cannot underestimate the importance of data security in healthcare.