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 of 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.
COVID-19 Impact Analysis
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.
Market Growth Factors:
Rising penetration of digital healthcare services
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.
Consolidation in the healthcare industry is becoming more common
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.
Marketing Restraining Factor:
Growing number of multi-sourcing approaches
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.
End-user Outlook
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.
Type of Service Outlook
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.
Regional Outlook
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.
The Cardinal Matrix - Healthcare Consulting Services Market Competition Analysis
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.
Recent Strategy Deployed in the Healthcare Consulting Services Market
Partnerships, Collaborations and Agreements:
- Feb-2023: Cognizant expanded its partnership with Google Cloud, a suite of cloud computing services. With this partnership, both companies aim to develop enterprise healthcare solutions that significantly reduce costs, increase business efficiencies, and improve customer experience.
- Aug-2022: Bain & Company partnered with Trinity Life Sciences, a global life sciences commercialization solutions provider. With this partnership, both companies would offer best-in-class capabilities to meet the diverse needs of clients by offering them specialized support and carefully curated solutions.
Product Launches and Product Expansions:
- Dec-2021: IQVIA rolled out new Research Nursing and Phlebotomy services. In addition, these new services provide patients who take part in clinical trials access to a global network of high-quality, credentialed professionals that offer compassionate protocol-required care within their own homes.
Acquisitions and Mergers:
- Sep-2023: Accenture acquired Nautilus Consulting, a U.K.-based digital healthcare consultancy firm. Through this acquisition, the company would be able to improve its digital transformation, implementation, and optimization across the U.K. and global healthcare space. The combined expertise of both companies would help healthcare providers speed up their digital transformation and improve outcomes.
- Jul-2023: Bain & Company acquired Max Kelsen Consulting, an artificial intelligence (AI) and machine learning (ML) solutions provider. The acquisition would enable the company to provide enhanced ML and AI capabilities to clients globally.
- May-2023: EY acquired whyaye ltd, a UK-based consulting services provider. The acquisition would increase capacity, capabilities, and market presence around the ServiceNow technology platform and enable the company to expand its EY Technology Consulting services.
- Feb-2023: Accenture (NYSE: ACN) has acquired Bionest, a strategy and consulting firm. The company would be able to enhance its capabilities and support its clients to offer therapeutics faster and more efficiently.
- Dec-2022: Cognizant completed the acquisition of AustinCSI, a Dallas-based consulting firm. Through this acquisition, the company would add skilled experts from AustinCSI to strengthen the value the company offers to its clients as they adopt cloud, AI, data analytics, and other cutting-edge technologies.
- Oct-2022: Deloitte took over the business of SFL Scientific, a consulting firm that offers award-winning artificial intelligence (AI) strategy and data science. With this acquisition, the company would combine SFL Scientific's extensive expertise in science and analytics with Deloitte's breadth of AI capabilities, industry depth, and experience to improve its capacity to carry out AI-driven transformations for clients and speed up the expansion of its US AI market share.
- Sep-2022: Accenture took over The Beacon Group, a growth strategy consulting firm serving Fortune 500 corporations. This acquisition would enhance Accenture’s abilities that permit C-suite leaders to make fact-based conclusions for segmentation, targeting, and ways to grow powered by market insights and flexible solutions to manage enterprise transformations at scale.
- Aug-2022: EY completed the acquisition of Digital Detox Ventures Limited (Digital Detox), a UK-based digital engineering consultancy firm. The acquisition would add a variety of new capabilities and expertise to help EY customers in four crucial sectors namely, health, wellness, and the sciences, real estate, hospitality, and construction, and TMT. Additionally, the acquisition supports the expansion of EY teams in the UK and Ireland as well as EY's thriving consulting services.
- Jul-2022: EY took over Fabernovel, a leading provider of consulting services. Through this acquisition, the company would be able to improve the services offered to clients in terms of customer-driven innovation and digital transformation.
- Jun-2022: West Monroe took over 71 & Change, a Pacific Northwest-based change management consultancy firm. With this acquisition, the company would be able to leadership depth, breadth, and scale of 71 & Change to expand its organizational change management services.
- May-2022: McKinsey & Company completed the acquisition of S4G, a salesforce consulting services and CRM solutions provider. With this acquisition, the company would be able to assist its clients in strengthening their customer connections by providing them with access to predictive and descriptive insights and recommendations so they can respond quickly.
- Mar-2022: Deloitte Consulting acquired BIAS Corporation, a cloud consulting firm. The acquisition would allow clients to develop strong future foundations made possible by Oracle Cloud Infrastructure and Oracle Cloud Applications.
- Feb-2022: McKinsey & Company took over IncepTech, a Hungarian company that develops digital products and businesses. Through this acquisition, the company aims to assist its clients with their digital transformations. Furthermore, the acquisition would strengthen the company's technical delivery skills.
- Jan-2022: Huron completed the acquisition of Perception Health Inc., a disease prediction platform. The acquisition strengthens the company's healthcare predictive analytics and data capabilities to enable customers to identify patterns and insights to improve patient care and data-driven decisions.
Scope of the Study
By End-user
- Government Bodies
- Healthcare Providers
- Pharmaceutical & Biotechnology Companies
- Health Insurance Payers
- Medical Device Companies
By Type of Service
- Operations Consulting
- HR & Talent Consulting
- IT Consulting
- Strategy Consulting
- Financial Consulting
- Digital Health Consulting
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
- Boston Consulting Group
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Table of Contents
Companies Mentioned
- 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.
- Boston Consulting Group
Methodology
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