Key Factors Driving Growth:
The Growth in this Healthcare Consulting Service Market is primarily driven by the growing digitization in healthcare, increasing demand to reduce rising costs of healthcare, increasing adoption of big data analytics, IoT, and cloud deployment, rising disease burden worldwide, favorable changes in the HCIT landscape, government support for HCIT solutions, and the need for data security.
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Expected Revenue Growth:
The global healthcare consulting services market is projected to reach USD 41.2 billion by 2026 from an estimated USD 23.9 billion in 2021, at a CAGR of 11.5%.
This report aims to provide detailed insights into the global healthcare consulting services market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
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Strategy and digital health consulting segments to register the highest growth in the market.
Based on type, the provider services market is segmented into digital consulting, IT consulting, strategy consulting, operations consulting, financial consulting, and HR & talent consulting. The strategy consulting segment is expected to account for the share of 21.1% of the healthcare consulting services market in 2021. The major role of the consulting firms is to optimize efficiency, improve revenue generation, bring structural improvements in the organizations, and guide management to make better decisions and, in effect, improve the organization’s profit potential. Healthcare consulting services are emerging as powerful tools to curtail the rising costs while improving the overall healthcare quality. They help deliver quality healthcare and lead to improved clinical outcomes.
Healthcare providers to account for the fastest-growing segment in the healthcare consulting services market.
The healthcare providers segment is likely to show a considerable level of growth over the coming years. Recent advancements in healthcare and the COVID-19 crisis have greatly increased overall patient volumes. This has forced the industry to confront significant challenges, such as the need to transition to more scalable business models that are designed to handle higher volumes of consumers, thus upscaling the demand for such consulting services.
North American healthcare consulting services market to dominate the global market in 2021.
North America dominated the healthcare consulting service market, with a share of 46.8% in 2020, and is expected to register the highest CAGR of 9.3% during the forecast period. The developed infrastructure and growth in demand for digitalized technologies across North America are driving the implementation of different analytical solutions among industries. North America’s dominance in the market can be attributed to the strong economies in the US and Canada, which have enabled significant investments in new technologies, advanced IT infrastructure, increased SaaS adoption, and stringent regulatory requirements across industries. A shift of healthcare organizations towards emerging technologies and growth in the implementation of digital strategies are likely to increase the adoption of healthcare consulting services offerings in North America.
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Some of the prominent players operating in the healthcare consulting services market are Accenture (Ireland), Cognizant (US), Deloitte (UK), McKinsey & Company (US), PwC (UK), EY (UK), Huron Consulting Group Inc. (US), KPMG (Netherlands), Boston Consulting Group (US), Bain & Company, Inc. (US), and IQVIA (US), among others.
The COVID-19 pandemic has significantly impacted the world’s population and economy. As a result of the pandemic, healthcare facilities face immense pressure to create a well-coordinated environment where all clinical and non-clinical functions are connected internally, and the organization operates in coordination with other healthcare units. The novel coronavirus pandemic has exerted enormous strain on the functioning of healthcare and life sciences industries. As of November 2021, more than 255 million confirmed cases were reported globally, with more than 5 million deaths (Source: WHO). This situation has compelled governments across the globe to take proactive measures to contain the outbreak.
Key Factors Driving Growth: