Global Healthcare Consulting Services Market May See a Big Move in Near Future

 

The worldwide healthcare consulting services market is expected to grow at a CAGR of 10.75 % from an estimated USD 22,650 Million in 2020 to USD 40,120 Million by 2027.

Growing digitalization in healthcare, increased usage of big data analytics, IoT, and cloud deployment, positive changes in the HCIT environment, government support for HCIT solutions, and the requirement for data security are the primary drivers driving the growth of this market. Concerns about data protection and the hidden costs of consulting services, on the other hand, are projected to stymie industry expansion in the future years.

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Global healthcare consulting services Market Segmented by Type of Service: Digital Health, IT, Operations, Strategy, Financial, HR & Talent. By End User: Government Bodies, Healthcare Providers, Pharmaceutical & Biotechnology Companies. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Analysis by Type of Service

In 2021, the operations consulting sector held the greatest market share of 23.12 %. The substantial proportion of this sector may be due to the healthcare industry's transformation from a fee-for-service to a coordinated care model, which has resulted in an increasing reliance on operations consultants.

Regional Insights

North America is predicted to account for the largest share of the worldwide healthcare consulting services market in 2021, accounting for 47%, followed by Europe and the Rest of the World. The healthcare provider business in the United States is continually being challenged by industry-wide reforms. Health organisations must be strategic in their selection, installation, and exploitation of digital and IT systems in order to achieve clinical, financial, and operational returns on investments. As a result, numerous healthcare companies have partnered with healthcare consulting firms to build, maintain, and train such systems/solutions in order to improve organisational performance and drive business development.

Market Dynamics

Driver

Cost savings are a significant concern in consulting since by utilising these services, businesses may save money on a variety of things such as resource management, operations, human capital, and space. The emergence of health insurance marketplaces in various countries has put additional pressure on healthcare payer margins. Healthcare reforms have compelled hospitals and other health-care providers to restructure their operations in order to accommodate millions of uninsured patients and meet new regulatory standards. Hospitals are now understanding the need of implementing the greatest communication and technology solutions, and they are turning to healthcare consultants to help them choose the models that are most suited to their needs.

Restraint

Improper consultation planning and money allocation frequently have a detrimental influence on cost reductions and the business value that may be achieved from consulting. Companies that use consulting services fail to account for unanticipated expenditures such as those incurred while analysing and selecting a vendor, managing offshore contracts, process transfer, and improving employee security and severance pay. Calculating the overall cost of consulting services, particularly IT, has always been difficult, but the changing nature of IT, along with unforeseen costs, exposes firms to even more hidden charges.

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Competitive Landscape

Because of the existence of prominent competitors, the global healthcare consulting services market is highly consolidated. Leading companies' growth strategies are expected to fuel the global healthcare consulting services market.

Top Players Company Profiles

·         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)

·         IQVIA (US)

Recent Developments

In October 2021, Cognizant (US) acquired Servian, an enterprise transformation consultancy, to expand Cognizant's integrated, end-to-end digital transformation capabilities in Australia and New Zealand and assist clients in moving to the cloud, building digital products and services, unlocking value from data, modernising enterprise applications, and achieving operational excellence.

In April 2021, PwC (UK) has launched a new facility in Hyderabad called the Acceleration Centre (AC), which is intended to be a truly cross-functional and collaborative location.

Key Market Trends

The pandemic has had a significant impact on independent consulting, resulting in decreased revenue, lower income, and delayed project work. However, pharma and healthcare were two of the three consulting industries that had the smallest decline in earnings during the pandemic. The need to tackle the epidemic has prompted healthcare providers, payers, pharmaceutical and biotech firms, medical device companies, and government agencies to use sophisticated technology, solutions, and services that go beyond traditional methods of improving workflows.

The North American region's supremacy may be ascribed to high-quality service, a diverse selection of services, and higher buyer purchasing power. Whereas the Asia Pacific region's quickest development is driven by a huge number of service providers, low-cost service, the availability of a qualified workforce, and investment by global behemoths.

 

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