The size of the European healthcare IT consulting market is predicted to register a promising growth rate during the forecast period.
The growth of the European healthcare IT services market can also be attributed to the growing demand for health and wellness monitoring and applications such as health analysis and fraud management. In addition, increasing demand to lower expenditure in the healthcare industry, growing need to reduce paperwork and unproductive office time, and more attention for easy access to affordable care are also anticipated to drive the European healthcare IT services market in the region.
Growing volume of patient data, increasing technological knowledge, increasing volume of patient data, and demand for fast and efficient healthcare processes and systems will help drive the growth of the information technology market in the domain of health.
Growing digitization in the healthcare sector and the demand for value-based care, the increasing cost of delivering healthcare associated with an increasing number of healthcare facilities, and increasing digitization in the healthcare industry are likely to accelerate the healthcare IT market 2020-2026. On the other hand, strong integration with healthcare IT to overcome the concerns about big data management and its security will generate several opportunities, leading to the growth of the European healthcare IT consulting market during the period of the aforementioned forecast.
The limitations of IT infrastructure in developing countries are likely to hamper the growth of the healthcare information technology market during the forecast period mentioned above. In addition, interoperability and security issues are expected to challenge the European market during the forecast period.
Impact of COVID-19 on the European healthcare IT consulting market:
With the COVID-19 outbreak and the stipulated lockdown, there is an ongoing recession in the healthcare market. Communities aside, COVID-19 has been equally disastrous for the international economies, especially the health sector. The stakeholders presented continue to adapt their strategy to the rapidly changing situation. COVID-19 is expected to have significant long-term impacts on the health sector. Countries and major actors should undertake critical changes in health care until the crisis subsides.
Technological advances, cost containment, and improved access will be an integral part of health reforms in the near future. Digital health and telehealth have occupied a preponderant place in the current epidemic. COVID-19 has once again underscored the importance of remote diagnosis, care, and consultation. In recent years, regulatory and behavioral barriers have slowed the growth of telehealth. However, given that many healthcare providers are currently working on video conferencing and phone calls, the growth of this segment is expected to increase several times over the next two years. Social distancing measures also required online consultation of moderately ill patients. Considering these factors, Covid-19 is expected to impact the European healthcare IT consulting market significantly.
This research report on the European healthcare IT consulting market has been segmented and sub-segmented based on the following categories:
Geographically, during the forecast period, Germany and Italy hold the majority of the share in the European market due to the presence of a well-established infrastructure that is the growth engine for this industry and the growing number of health service providers from private companies in the European region. As a result, Germany contributed the largest revenue share, at around 36.38%, followed by the U.K, which is expected to register the highest CAGR during the forecast period due to the growing need for remote care and telemedicine in the region.
The growth of the European market is primarily attributed to factors such as government initiatives to improve the adoption of HCIT solutions, increased public spending on HCIT, legislative requirements, and the changing and stringent accreditations required for solutions. IT for healthcare; and the presence of many IT solutions and services companies in the region.
KEY MARKET PARTICIPANTS:
Epic Systems Corporation, General Electric, Koninklijke Philips N.V., Cerner Corporation, Cisco, Cognizant, Genpact, Allscripts Healthcare, LLC, Atos SE, HCL Technologies Limited, Hexaware Technologies, Infor, IBM Corporation, Deloitte Touche Tohmatsu Limited, Accenture, Infosys Limited, Larsen & Toubro Limited, Microsoft, Mckesson Corporation, Ntt Data, Inc., Oracle, Sap SE, Tata Consultancy Services Limited and Wipro are some of the promising companies operating in the European healthcare IT consulting market.