A new report, “Healthcare IT Consulting Global Market Report 2022: Ukraine-Russia War Impact,” is showing that while the Russia-Ukraine war is disrupting the chances of a global economic recovery following the COVID-19 pandemic, the healthcare IT consulting market is expected to grow at a CAGR of 16.7% to $83.42 billion in 2026.
From a surge in commodity prices to supply chain disruptions to labor shortages and surging costs, the challenges to the healthcare industry are numerous. As healthcare providers continue efforts to modernize and streamline their IT infrastructure and business processes, the healthcare consulting industry serves as a key supporter of transformations happening across the industry. For example, Snowflake, a U.S.-based cloud computing data company, launched a healthcare SaaS offering, integrating the company’s analytics, business intelligence, and core data warehousing with its on-demand consulting services.
Mergers and acquisitions are increasing the breadth and depth of healthcare IT consulting offerings as well, as consultancies work to rapidly expand and scale their capabilities. For instance, in July 2022, Healthcare Performance Group Inc., a U.S.-based electronic health records (EHR) consultancy, purchased Health Data Specialists LLC, another healthcare IT consulting firm, for an undisclosed sum. The purchase expanded the company’s EHR platform capabilities and boosted its ability to support client initiatives such as optimization, managed services, project management, and legacy system support.
North America stands as the largest healthcare IT consulting market in 2021, but the Asia Pacific region is coming up quickly and is expected to be the fastest-growing region in the forecast period. The increase has been driven by the adoption of digitalization, including analytics and healthcare services, as well as the retirement of legacy care systems.
The report tracks with expectations for a productive future for the entire consulting industry, in spite of the extensive disruption and uncertainty. After almost three years of pandemic-related turmoil, many businesses have learned to thrive in the face of the unexpected, turning what have previously been unprecedented challenges into new opportunities to succeed. The consulting industry has played a key role in helping companies pivot and re-invent themselves, and will continue to do so for the foreseeable future.