Healthcare Consulting Services Market Size To Attain USD 53.1 Bn By 2030

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23 Jun 2023

Table of Content

The global healthcare consulting services market size was evaluated at USD 26.89 billion in 2022 and is expected to attain around USD 53.1 billion by 2030, growing at a CAGR of 8.88% from 2022 to 2030.

The increasing acceptance has been observed towards the digitalization of systems all over the world has also been experienced in the healthcare industry. A huge amount of data is available in the market which needs to be processed and produced when required and hence it needs to be digitalized with the help of healthcare consulting services. Favorable changes are expected in the healthcare consulting services for the purpose of cloud deployment which is facilitated with the support of the government. The increasing importance for the security of medical data has also boosted the market for healthcare consulting services in the market.

Report Highlights:

• On the basis of service, the segment of digital healthcare consulting services has emerged as the largest segment as it is expected to present tremendous growth during the forecast period. As a result of rapid acceptance to modern technology among consumers, the demand for digital platforms is increasing as compared to the traditional form of consultancy.
• The segment of IT consultancy is also expected to perform tremendously as a result of the rapid acceptance to sophisticated applications for the management of data and information. Significant growth will be presented by the segment of financial management.
• On the basis of the end user, the life sciences market is expected to have the largest market share and they shall continue to grow well in the coming years. The use of healthcare consulting services in the life sciences sector has grown significantly in recent years and the demand shall continue to grow during the forecast period.

Regional Snapshots:

The geographical region of North America has emerged as the largest market player as a result of the presence of a huge number of patients belonging to the geriatric age group. The region of Europe has followed next and presented considerable growth over the period of time. The rapid development of the IT sector in these regions have emerged as the primary cause for the growth of the market. In the region of Asia Pacific, Japan has emerged as the fastest-growing market and provides healthcare consulting services with immense opportunities.

Healthcare Consulting Services Market Report Scope:

Market Dynamics:

Drivers:

Increasing demand for cost-effective healthcare facilities in the market is expected to drive the growth of healthcare consulting services. The cost of the treatment can be reduced with the help of multiple factors which include management of resources and operations. The availability of space and human capital can also be managed to a great extent with the help of healthcare consulting services. The system of hospitals and clinics has been realigned with the help of the health care reforms that have taken place. Various regulatory requirements have been fulfilled by accommodating a huge number of uninsured people for providing them with the best facilities available. Advanced technology solutions and the right communication which are used in the hospital sector have helped potential consumers to enjoy a premium experience.

Restraints:

The utilization of advanced healthcare consulting options has increased the total cost of treatment which emerges as a major obstacle for the growth of the market during the forecast period. The inclusion of digital platforms into the healthcare sector is also increasing the demand for the skilled workforce who are efficient. The technical glitches which might be created during the operation of the systems are difficult to be managed without the presence of a skilled workforce. Improper financial allotment and planning for consulting activities have a negative impact on the overall business value. These multiple reasons have emerged as the restraining factors for the growth of healthcare consulting services.

Opportunities:

A huge number of acquisitions and mergers have taken place in various industries all over the world which has helped to reduce the total cost of treatment. The IT infrastructure and digital platforms have been merged with the healthcare system to provide quick service. The inclusion of skilled workforce who deal with digital platforms will help to create great opportunities in the healthcare sector for providing an efficient service to consumers. Advanced technologies have been utilized for reducing the total cost of treatment which will help the market to penetrate the society considerably. A huge number of healthcare providers are depending on consulting firms for improvising their pattern of work which helps them to provide efficient and quick services. 

Challenges:

The high cost associated with advanced healthcare consulting services has emerged as a major obstacle for the growth of the market. The total cost of treatment rises to a great extent as a result of this increase in cost of consulting services. A major strain was imposed on the healthcare consulting services during the course of the panic as a result of the immense pressure that was experienced for coordinating the non-clinical and clinical functions. Then the reduced businesses, the independent consulting services were also severely affected during the course of the pandemic.

Recent Developments:

• In March 2019 – McKesson, which is a healthcare consulting firm landed into a merger with Navigating Cancer with a view to offer advanced software to oncologists for improvising the management of patients. The main objective of this merger was to provide a value-based environment for the care of the patients.
• In the year 2020 new generation health which is a consulting firm entered into an agreement with genesis healthcare foreign amount of U.S. dollars 79 million and this organization provides post-acute therapies.
• To help the medical practices and the health care systems a national consulting firm introduced a new service which is a virtual health consulting service and this consulting service was introduced in the year 2020.

Major Key Players:

• Deloitte Touche Tohmatsu LLC
• McKinsey and company
• Accenture consulting
• Ernst and young
• KPMG
• Cognizant
• The Boston consultancy group
• Bain and company

Market Segmentation:

By Type

• IT consulting
• Strategy consulting
• Financial consulting
• Digital consulting
• Operations consulting
• HR and talent consulting

By End User

• Providers
• Payers
• Life science companies
• Government bodies

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