The Healthcare Consulting Services Market size is estimated at USD 31.70 billion in 2024, and is expected to reach USD 48.59 billion by 2029, growing at a CAGR of 8.92% during the forecast period (2024-2029).
The major factors driving the market growth include the rising demand for healthcare products and the rising need to improve the quality of care and reduce healthcare costs.
Healthcare has witnessed substantial changes in the past few years in terms of serving the growing patient population. The healthcare consulting services market is mainly driven by the rapid adoption of global digitalization. Robust IT support with agile methods is a competitive advantage for healthcare providers in achieving increased profitability, simplifying inventory management, improving quality, and controlling costs.
The integration of healthcare consulting services with medicine is expected to deliver benefits, like identifying individuals who may benefit from lifestyle changes or preventative care, analyzing patient characteristics, classifying broad-scale disease profiling to identify predictive events and support prevention initiatives, and analyzing the cost and outcomes of care to identify cost-effective treatments. For example, the International Diabetes Federation 2022 estimated that by 2045, the global expenditures for diabetes treatment are expected to grow to USD 1,054 billion due to technological advancements, which can primarily be attributed to the high adoption of wireless and wearable devices and applications. Therefore, such a huge expenditure on chronic diseases is anticipated to increase the adoption of healthcare consulting services to develop strategies for the reduction of the healthcare burden on patients.
Furthermore, the rising partnerships among the healthcare providers and the healthcare consulting service providers are also anticipated to increase the demand in the market studied during the forecast period, driving the market’s growth. For instance, in June 2023, a syndicate of four businesses: data analyst Vuit, advisory firm Develop Consulting, healthcare improvement specialist Innovative Online Products, and training provider Click2 Learn launched an Integrated Improvement Partnership for National Health Service (NHS) in the United Kingdom. This will help the NHS realize efficiencies within the UK healthcare system and develop strategies for efficiency savings and capacity building across the NHS.
Furthermore, there has been a rise in IT healthcare consulting opportunities due to favorable government policies in developed and developing regions. Other factors include increasing government support for healthcare IT solutions and the changing technology landscape during the forecast period. However, the high cost of deployment is expected to restrain the growth of the market.
The healthcare consulting services market is highly fragmented and experiencing healthy growth owing to the greater adoption of healthcare consulting services by smaller and mid-sized end users. Moreover, healthcare consulting service market penetration is expected to increase in Asia-Pacific, offering growth opportunities for new entrants. Some of the players operating in the market are Accenture, Deloitte Touche Tohmatsu LLC, The Boston Consulting Group, Cognizant, and McKinsey and Company.
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