The Global Healthcare Consulting Services Market size is expected to reach $64.2 billion by 2030, rising at a market growth of 12.4% CAGR during the forecast period.
Healthcare consulting is a business that provides advice to hospitals, clinics, and other health-care facilities in order to improve their operations and administration. These healthcare consulting services assist healthcare organizations in better managing their internal work structures. There are numerous departments in a healthcare facility like finance, accounting, inventory, marketing, and other departments. For a healthcare facility to be successful, it is important that all departments must perform properly and efficiently.
The fundamental goal of a healthcare facility such as a hospital is to provide public healthcare. Profit comes into play when these healthcare organizations are privately owned. The key players of the market provide advice to all types of hospitals and other health-care initiatives in order to help them achieve their goal of running a healthcare facility. Profitability is one of the major aspects for the private healthcare facility. The treatment consulting services assist private hospitals in making more profit while simultaneously providing patients with world-class healthcare services.
A healthcare consulting firm serves as a third-party counsellor to a specific operator in the healthcare industry. Every healthcare organization, including hospitals, doctor's offices, and other facilities, managed care organizations and payors such as insurance companies and government entities, pharmaceutical companies, pharmacies, and medical equipment companies, could potentially hire one of these advisory firms to help them improve organizational competency.
The population and economy have been severely harmed by the COVID-19 pandemic. As a result of this, healthcare institutions are under tremendous pressure to develop a well-coordinated environment in which all clinical and non-clinical tasks are linked internally and the organization works in tandem with other healthcare units. More than 255 million confirmed cases had been reported globally as of November 2021, with more than 5 million deaths as per WHO.
The pandemic has had a significant impact on independent consulting, resulting in decreased business, lower revenue, and project delays. However, pharmaceuticals and healthcare were among the three main industries (along with chemicals and agriculture) that were least affected by the pandemic. Healthcare providers, payers, pharma & biotech businesses, medical device companies, and government agencies have all adopted innovative technologies, solutions, and services to tackle the outbreak, going beyond traditional routes to improve workflows.
Due to the growing demand for efficient practical solutions, there has been a huge demand for healthcare advising services. Healthcare outsourcing is in high demand around the world due to its applications in a variety of disciplines within the healthcare industry. Furthermore, as a result of favorable government policies in both developed and emerging countries, possibilities for healthcare IT consulting are expanding. The ability of healthcare consultants to boost the overall corporate activities of healthcare organizations would aid the growth of the healthcare consulting market during the forecast period.
The number of merger and acquisition transactions in the healthcare industry has been steadily increasing over the last several years. Synchronizing the digital and IT infrastructure of several businesses during merger activities is a difficult issue. IT departments are responsible for data migration and synchronization, as well as the continuing management of electronic medical records. With the rising number of mergers and acquisitions in the healthcare industry, a growing number of customers are likely to seek the assistance of healthcare consultants to overcome relevant obstacles in a seamless and cost-effective manner.
Rather than taking a one-size-fits-all strategy, an increasing number of companies are splitting down larger consulting contracts into smaller chunks and enlisting the help of multiple vendors to complete tasks. Because consulting firms do not necessarily have competence in every practice area, healthcare organizations are gradually adopting the multi-sourcing model. Healthcare providers, payers, and government agencies are all pushing for numerous consulting firms to work together on projects.
Based on end-user, the healthcare consulting services market is divided into Government Bodies, Healthcare Providers, Health Insurance Payers, Pharmaceutical & Biotechnology Companies and Medical Device Companies. Pharmaceutical & Biotechnology Companies segment procured a promising revenue share in the healthcare consulting services market in 2022. It is owing to the difficulties faced by these companies in managing IT and operational processes along with the constantly changing business dynamics of these companies across the world.
On the basis of type of service, the healthcare consulting services market is segmented into Digital Health Consulting, Financial Consulting, IT Consulting, Strategy Consulting, Operations Consulting, and HR & Talent Consulting. The financial consulting segment procured a promising revenue share in the healthcare consulting services market in 2022. These services include advisory services supplied to manage the hospital's funds and expenses. These solutions help businesses prioritise their spending based on the amount of incentives they can offer.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 25.7 Billion |
| Market size forecast in 2030 | USD 64.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 12.4% from 2023 to 2030 |
| Number of Pages | 260 |
| Number of Tables | 313 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type of Service, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, healthcare consulting services market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the healthcare consulting services market with the maximum revenue share in 2022. The provision of government funding for the progress of state-wide and national healthcare information exchange, the increased preference for HCIT solutions, the increased number of favorable initiatives by regional governments during the COVID-19 pandemic, the presence of large hospitals that demand integrated healthcare networks, the presence of major players offering healthcare consulting services, and the high adoption rate of these services by healthcare organizations during the COVID-19 pandemic.
Free Valuable Insights: Global Healthcare Consulting Services Market size to reach USD 64.2 Billion by 2030
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix Accenture PLC and Deloitte Touché Tohmatsu Limited are the forerunners in the Healthcare Consulting Services Market. Companies such as Cognizant Technology Solutions Corporation, IQVIA Holdings, Inc., Huron Consulting Group, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include McKinsey & Company, Ernst & Young Global Limited, Bain & Company, Inc., Huron Consulting Group, Inc., West Monroe Partners, Inc., Accenture PLC, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, IQVIA Holdings, Inc., and Boston Consulting Group.
By End User
By Type of Service
By Geography
The healthcare consulting services market size is projected to reach USD 44.9 billion by 2027.
Rising penetration of digital healthcare services are driving the market in coming years, however, growing number of multi-sourcing approaches limited the growth of the market.
McKinsey & Company, Ernst & Young Global Limited, Bain & Company, Inc., Huron Consulting Group, Inc., West Monroe Partners, Inc., Accenture PLC, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, IQVIA Holdings, Inc., and Boston Consulting Group.
The Government Bodies market acquired maximum revenue share in the Global Healthcare Consulting Services Market by End User 2020, and would continue to be a dominant market till 2027.
The North America market leading the segment in the Global Healthcare Consulting Services Market by Region 2020, and would continue to be a dominant market till 2027.
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