Healthcare Consulting Services Market Forecasts to 2028 – Global Analysis By Type of Service (Digital Health Consulting, Financial Consulting, HR & Talent Consulting), Application (Operations Management Financials), End User (Government Bodies, Healthcare

Healthcare Consulting Services Market Forecasts to 2028 – Global Analysis By Type of Service (Digital Health Consulting, Financial Consulting, HR & Talent Consulting), Application (Operations Management Financials), End User (Government Bodies, Healthcare Insurance Providers) and By Geography

According to Stratistics MRC, the Global Healthcare Consulting Services Market is accounted for $24.76 billion in 2021 and is expected to reach $60.09 billion by 2028 growing at a CAGR of 13.5% during the forecast period. Healthcare consulting service is a division that deals with providing consultancy to hospitals, clinics, and other health institutions so that their operations and administration are well managed. In other words, healthcare consulting services guide healthcare establishments towards better management of their internal work structure. A healthcare establishment has many departments. These departments are finance, accounting, inventory, marketing, etc. All the departments need to function properly for a healthcare establishment to be successful.

Market Dynamics:

Driver:

Growing Pressure to Decrease the Rising Healthcare Costs

As healthcare continues to take up a larger part of the overall economy, structural changes, such as a greater push towards paying for value, greater emphasis on care management, and increased cost-sharing with consumers, are taking a stronger hold, pulling back against the rapid healthcare spending growth. Rising healthcare costs and increasing pressure to curtail the same without impacting the quality of care are thus expected to considerably boost the growth of global healthcare consulting services. The need to reduce costs through the effective use of technology and the optimum utilization of financial resources will help in improving the penetration rate of healthcare consulting services. Hence, a huge number of healthcare payers and providers are expected to depend on healthcare consulting firms to improve their work efficiency and business processes. There is an increased level of pressure on the margins of healthcare payers due to the rise of health insurance exchanges (online marketplaces to obtain health insurance from competing providers) in certain countries. Healthcare reforms have driven hospitals and other care providers to realign their operations to accommodate millions of uninsured people and comply with new regulatory requirements. Hospitals are now recognizing the importance of using the right communication and technology solutions and are in turn opting for healthcare consultants to select the models best suited to their needs. The demand to update existing technology to boost efficiency and lower costs is thus driving the growth market.

Restraint:

Availability of Cheap Rate Healthcare

The accessibility of a related healthcare sector at cheaper rates is a market restraint for the market. The existence of low product differentiation and similar, cheaper hospital technology leaves very little room for the Healthcare Consulting Services Industry to operate. The competitors in the market have to operate within these restraints. Most hospitals go for a Healthcare Consulting Service only when it is necessary.

Opportunity:

Growing Amalgamation in the Healthcare Industry

There has been a consistent rise in the number of merger and acquisition activities in the healthcare industry. During merger activities, synchronizing the digital and IT infrastructure of multiple entities is a very challenging task. In this regard, IT departments must handle data migration and synchronization and the ongoing management of electronic medical records. There are also challenges in intra-enterprise communication and data sharing, along with the growing demand for anytime-anywhere access to patient data. The involvement of experienced digital health & IT consultants in these activities can help synchronize and standardize systems across the enterprise/organization. This approach also allows the consolidation of patient medical records and associated data from multiple departments and locations into a unified system, which helps standardize patient data access and archiving across the enterprise, thus enabling advanced data mining, simplified data management, and optimized disaster recovery. With the increasing number of mergers and acquisitions in the healthcare industry, an increasing number of clients are expected to require the support of healthcare consultants to overcome related challenges seamlessly and cost-effectively.

Threat:

Inequality in Diverse Countries

The global healthcare industry is not in evenness. It is facing disparity in different countries. While hospitals in developed countries consult the Healthcare Consulting Services for guidance, underdeveloped countries are lagging in applying Healthcare Consulting Services to the national healthcare segment. On the other hand, developing countries are slow to adapt to the Healthcare Consulting Services Industry Trends. This creates many threats to the Market in certain countries.

Life science Companies segment is expected to be the largest during the forecast period

The life science companies segment had the largest share in the market and is expected to grow faster than all other segments during the forecast period. As these companies use outsourcing firms to reduce the amount of time it takes to manage complex activities, they delegate the jobs to other companies, thus increasing their productivity. Government agencies use healthcare advisory programs when implementing healthcare policy or establishing a new healthcare department. Payers and manufacturers are two other business sectors with a significant market share expected to grow at a reasonable pace over the forecast period.

The digital consulting segment is expected to have the highest CAGR during the forecast period

The digital consulting market is expected to grow at a record CAGR. Digital consultancy is a recent service that involves digital platform consulting and has a significant market share. The transition to digital consultancy has saved time for both service providers and consumers, and it is predicted to continue to expand at an encouraging pace over the forecast period. Moreover, increasing healthcare spending for building intelligent hospitals across the globe is expected to raise the market growth.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to technological advances, multinational pharmaceutical companies investing in the province, and an increase in demand for remote care and telemedicine in rural areas. The increasing investments by the government growing population and increasing healthcare problems are further expected to accelerate the market's growth rate.

Region with highest CAGR:

North America is projected to have the highest CAGR, The US healthcare provider industry is constantly challenged by industry-wide reforms. To achieve the clinical, financial, and operational return on investments, health organizations need to be strategic in their selection, implementation, and utilization of digital and IT systems. This has caused various healthcare organizations to partner with healthcare consulting firms for the implementation, maintenance, and training of such systems/solutions for improving organizational performance and driving business growth. North America had the highest share of the market. The province’s dominance is owing to the presence of major market players, increased competition in the pharmaceutical and medical device sectors in the province, and the ability of pharmaceutical companies to pay for consulting services. Other factors driving the North Market include mergers and acquisitions, a changing regulatory environment, and an unstable economy.

Key players in the market:

Some of the key players profiled in the Healthcare Consulting Services Market include Accenture PLC, Bain & Company Inc., Better Living Now, Inc., BKD, LLP, Boston Consulting Group, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Health Advances LLC, Huron Consulting Group Inc., IQVIA Holdings Inc., McKinsey & Company, West Monroe Partners Inc.

Key developments:

In May 2020: IQVIA launched HCP/HCO Engagement Management, an end-to-end, orchestrated healthcare professional/organization (HCP/HCO) solution that enables the planning, management, contracting, and payment of HCP/HCOs globally

In April 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 help clients move to the cloud, build digital products and services, unlock value from data, modernize enterprise applications, and achieve operational excellence.

In February 2021: Huron Consulting Group (US) acquired Unico Solution (US) to strengthen Huron’s data management and governance capabilities to help clients better manage their data to optimize their operations and drive cloud adoption.

Basis Weights Covered:
• Less than 50 GSM
• 50 to 100 GSM
• 101 to 200 GSM
• More than 200 GSM

Paper Grades Covered:
• Countertop
• Partition
• Shelving
• Flooring
• Other Applications

End Users Covered:
• Household
• Industrial

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances