Market Overview:
The Market For Healthcare Consulting Services Market Was USD 12.63 Billion In 2021 And Is Estimated To Reach USD 22.94 Billion By 2028, Growing At A CAGR Of 8.9% During The Forecasted Timespan. The Analysis Period 2023-2030.
Healthcare consulting is the process of imparting knowledge, offering counsel, and assisting healthcare organizations in making commercial choices that foster expansion and profit for their clients and patients. The Major objective of all healthcare consultants is to collaborate with clients to develop and deliver strategies that assist them in navigating complexity. Increased global healthcare industry competition, as well as an increase in startups due to favorable government regulations, are driving the market. Healthcare consulting companies deal with offering specialist advice to healthcare-related businesses or firms such as pharmaceutical and medical device companies, hospitals, physicians, etc.
Players Covered in Healthcare Consulting Services market are :
Bain & Company, Cognizant, PwC, Elbit Systems Ltd., McKinsey & Company, Ernst & Young, Accenture Consulting, Huron Consulting, STREIT Group, Boston Consulting Group, Deloitte Touche Tohmatsu Limited, KPMG, Oshkosh Corporation and other major players.
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Market Dynamics:
Driver:
In order to expand its home-based hospital services to include tech-enabled, higher-acuity home hospitals with skilled nursing facilities, Amedisys Inc. announced the strategic acquisition of Contessa Health. Additionally, the market is growing significantly as the geriatric population rises. According to the WHO (World Health Organization), one in six individuals on the planet is likely to be 60 or older by 2030. By this point, the count totaled 1.4 billion people over the age of 60, up from 1 billion in 2020. The number will double by 2050.
Opportunities:
Over the last five years, there has been continuously increasing mergers and acquisitions in the healthcare industry as a result number of clients are expected to require the support of healthcare consultant to overcome related challenges cost-effectively. Global Healthcare consulting services market having huge opportunities because of, Increasing geriatric population, the Rising prevalence of lifestyle disorders, Higher cases of dementia and Alzheimer, Exorbitant prices of hospital beds, and stay. In May 2020, HSG, a national healthcare consulting firm, will introduce new virtual health consulting services to help hospitals, healthcare systems, and medical practices.
Market Segmentation
By end-user, the pharmaceutical and Biotech Companies segment is expected to register the highest revenue in the projected timeframe. Biotech or pharma consultants work with their clients to reconsider the science endeavor's growth, merging advanced technologies, scientific development, and prior expertise of numerous globally marketed medical treatments.
By service type, the IT consulting segment is set to dominate the healthcare consulting services market in the forecasted timeframe. This segment is projected to record a CAGR of 10% and reach a valuation of USD 5.1 billion by the end of the analysis period. IT consulting can help healthcare organizations to keep proper records of EHRs as these are the most valuable. Implementation of EHR can reduce the paperwork as well as these can be saved on the cloud or on-premise.
By Service Type
· IT Consulting
· Digital Consulting
· Financial Consulting
· Operations Consulting
· Strategy Consulting
· HR & Talent Consulting
By End-Users
· Government Bodies
· Health Insurance Payers
· Hospitals
· Pharmaceutical & Biotech Companies
· Research Institutes
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Regional Analysis of Healthcare Consulting Services Market:
The North American region is anticipated to have the highest share of the healthcare consulting services market over the forecasted timeframe. Growing digitization in healthcare, increasing adoption of big data analytics, IoT, and cloud deployment, favorable changes in the HCIT environment, government support for HCIT solutions, and the requirement for data security are the primary factors driving the growth of the healthcare consulting services market in this region. Additionally, Healthcare consulting services in the United States are being propelled by a rising elderly population base across the country, ongoing technological improvements in the healthcare sector, and the growing importance of value-based care.
By Region
· North America (US, Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Recent Developments in Healthcare Consulting Services Market:
In January 2022, Huron announced it has settled the acquisition of Perception Health Inc. Huron's healthcare predictive analytics and data capabilities have been strengthened as a result of this acquisition, allowing clients to identify insights and detect patterns to improve patient care and make better data-driven decisions.
In September 2021, Accenture acquired Gevity, a strategy and consulting firm specialized in helping healthcare clients transform their businesses through innovative technology solutions, to extend its health transformation capabilities in Canada and worldwide.
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