Healthcare Consulting Services Global Market Report 2024

Healthcare consulting involves the provision of expertise, advice, and guidance to healthcare organizations, with a primary focus on addressing common challenges within the industry. These challenges may encompass financial services, IT services, regulatory issues, and other critical aspects, aimed at ensuring the seamless functioning of the organization.

The healthcare consulting services market includes the sales of healthcare consulting services by various entities, such as organizations, sole traders, and partnerships. These services are designed to offer professional guidance specific to the healthcare sector, aiding organizations in navigating complex issues and optimizing their operational efficiency.

The healthcare consulting services market research report is one of a series of new reports that provides healthcare consulting services market statistics, including healthcare consulting services industry global market size, regional shares, competitors with a healthcare consulting services market share, detailed healthcare consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare consulting services industry. This healthcare consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The healthcare consulting services market size has grown rapidly in recent years. It will grow from $25.09 billion in 2023 to $28.52 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth observed in the historical period can be attributed to several key factors, including a focus on regulatory compliance, initiatives in healthcare reform, efforts towards cost containment, the increased adoption of population health management strategies, and the integration of telehealth services. These elements collectively played a significant role in driving growth during this historical timeframe.

The healthcare consulting services market size is expected to see rapid growth in the next few years. It will grow to $48.08 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The anticipated growth in the forecast period can be attributed to various key factors, including the expansion of value-based care, the rise of healthcare consumerism, a heightened focus on data privacy and compliance, increased preparedness for pandemics, and an emphasis on healthcare equity. Major trends expected in the forecast period encompass the provision of digital transformation consulting, the utilization of healthcare data analytics, advancements in healthcare supply chain management, a focus on cybersecurity and data protection, and efforts in healthcare revenue cycle optimization. These factors and trends collectively contribute to the projected growth in the upcoming period.

The rapid adoption of digitalization in healthcare is playing a significant role in propelling the growth of the healthcare consulting services market. Digitalization involves leveraging digital technologies to transform business models, provide value-producing opportunities, and enhance overall technological capabilities. Within the healthcare sector, digitalization facilitates public health data collection, disease monitoring, and surveillance. This, in turn, provides healthcare consulting service providers with valuable insights and professional guidance regarding diseases. An illustrative example is the substantial increase in the use of tele-visits/virtual visits by physicians, which surged from 14% in 2016 to 80% in 2022, according to data from the American Medical Association. Similarly, the utilization of remote monitoring equipment rose from 12% in 2016 to 30% in 2022. This trend underscores the transformative impact of digitalization on healthcare practices and the subsequent demand for consulting services in navigating these changes.

The expansion of healthcare infrastructure is expected to drive the growth of the healthcare consulting services market in the foreseeable future. Healthcare infrastructure encompasses the structural framework and tangible resources necessary for providing healthcare services, such as buildings, furnishings, machinery, and personnel. Healthcare consulting services contribute significantly to optimizing this infrastructure by offering strategic insights, regulatory support, and practical recommendations to enhance the standard, efficiency, and overall effectiveness of healthcare delivery. These consulting services assist healthcare organizations in adapting to evolving market trends, incorporating technological advancements, and meeting changing patient expectations while ensuring regulatory compliance. An example is the Australian government's substantial investment of $132 billion in 2022–23, growing to $140 billion in 2025–26, as part of its plan for a more robust health system. This significant financial commitment reflects the ongoing expansion and improvement of healthcare infrastructure, thereby driving the demand for healthcare consulting services.

Technological advancement is a prominent trend in the healthcare consulting services market, with major companies focusing on introducing innovative technologies to maintain their market position. In June 2022, Harman International Industries, a US-based audio electronics company, announced that its Digital Transformation Solutions (DTS) division had been recognized as an Amazon Web Services (AWS) Healthcare Consulting Competency Partner. This recognition highlights Harman's commitment to assisting global healthcare companies in modernizing treatment, improving patient outcomes, lowering healthcare costs, and realizing the potential of healthcare data. As a partner with deep technical expertise, substantial healthcare knowledge, proven resources and accelerators, and extensive experience with AWS, Harman plays a crucial role in implementing a 'cloud-first' approach to unlock comprehensive cloud value in the healthcare industry.

Major players in the healthcare cloud infrastructure market are strategically collaborating to enhance services for their existing clientele. Vodafone Group plc and Deloitte LLP have joined forces in a strategic alliance aimed at expediting the adoption of connected healthcare and improving healthcare accessibility across Europe. This collaboration involves the establishment of the Vodafone Centre for Health in partnership with Deloitte, where specialists in digital technology and healthcare from both organizations will collaborate on various initiatives. The partnership, announced in October 2021, focuses on combining Vodafone's connected health products with Deloitte's expertise in healthcare consulting. This joint effort aims to enable broader access to healthcare services, providing individuals with timely and convenient healthcare solutions. Through the collaboration, the digital, technology, and healthcare specialists from Vodafone and Deloitte will work together to streamline access to connected healthcare services for both patients and healthcare professionals.

In September 2021, Accenture plc., an Ireland-based information technology company, completed the acquisition of Gevity Consulting Inc. for an undisclosed sum. This strategic acquisition enhances Accenture's healthcare consulting portfolio, enabling the company to offer comprehensive health system integration services, implement solutions to address healthcare challenges, provide data informatics and analytics services for healthcare institutions, and manage health programs in Canada and other geographical markets. Gevity Consulting Inc., based in Canada, brings its expertise in healthcare consulting services to strengthen Accenture's position in the healthcare sector.

Major companies operating in the healthcare consulting services market include Alvarez and Marsal Holdings LLC, Bain & Company Inc., Boston Consulting Group, Cognizant Technology Solutions Corp., Deloitte Consulting LLP, Ernst and Young Global Limited, FTI Consulting, Huron Consulting Group Inc., International Business Machines Corporation, IQVIA Holdings Inc., McKinsey and Company, PricewaterhouseCoopers International Limited, Siemens Healthcare GmbH, Accenture PLC., Advisory Board Company, Alvarez & Marsal Holdings LLC, Avalere Health LLC, Cerner Corporation, Change Healthcare Inc., Chartis Group, ECG Management Consultants, Health Catalyst Inc., Klynveld Peat Marwick Goerdeler., L.E.K. Consulting, Leidos Holdings Inc., McBee Associates Inc., Navigant Technologies Private Limited, NaviHealth, Nordic Consulting, Optum Inc., Pivot Point Consulting, Stax Inc., The Chartis Group, Vynamic LLC

North America was the largest region in the healthcare consulting services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare consulting services market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the healthcare consulting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The healthcare consulting services market includes revenues earned by entities by software and related services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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