Healthcare Consulting Service Market: Current Analysis and Forecast (2021-2027)

Healthcare Consulting Service Market: Current Analysis and Forecast (2021-2027)

Global Healthcare consulting services market is anticipated to grow with an elevated CAGR of around 11% over the forecast period (2021-2027). A healthcare consulting firm acts as a contracted third-party advisor to a given player in the healthcare sector. Every healthcare organization could potentially contract advisory firms to assist in improving organizational competency.

With the rapid advancement in technology and rising competition awareness among the hospitals along with an increasing number of the startups and increasing prevalence of the data science significantly contribute to the market for the healthcare consulting. Furthermore, the relatively lesser strict government regulations and increasing investment medical sector are expected to contribute to the growth of the healthcare consulting market. For instance, the medical expenditure is expected to continue to rise due to reforms stated under the Patient Protection and Affordable Care Act (PPACA) states. Under the Medicaid expansion provision of the PPACA, states that have accepted federal funding for the expansion have provided coverage to individuals with incomes more than 133.0% of the federal poverty line.

Accenture, Cognizant, Deloitte, McKinsey & Company, PwC, EY, Huron Consulting Group Inc., KPMG, and Boston Consulting Group., are some of the prominent players operating in the Healthcare consulting services market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of Healthcare consulting services devices.

Insights Presented in the Report
"Amongst Service Type, Operation consulting segment holds the major share”

Based on service type, the digital health consulting, IT consulting, operations consulting, strategy consulting, financial consulting, and HR & talent consulting. Operations consulting accounted for a significant market share in 2020 and it is estimated that it will exhibit a higher CAGR during the forecast period. Operations consultancies involve providing claims process analysis by collaborating with staff to minimize the amount of time for claims processing and by implementing a better system of balances to improve the accuracy of the process. Additionally, consultants also work with healthcare providers to ensure cost-effective treatments, such as radiological services.
"Amongst End-users, senior citizen segment holds the major share”

Based on end-users, the healthcare consulting services market is divided into healthcare providers, health insurance payers, pharmaceutical & biotechnology companies, and medical device companies. The healthcare providers segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the rapidly increasing geriatric population and rising prevalence of various chronic diseases that require a more convenient, easier way to manage them and provide better treatment, consultancy at home. For instance, as per the WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Also, 1 in 6 people in the world will be aged 60 years or over by 2030.
"North America represents one of the largest markets of Healthcare consulting services market”

For a better understanding of the market dynamics of the Healthcare consulting services market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America dominated the healthcare consulting services industry. This can be mainly due to the presence of people with high disposable incomes in the region and changing lifestyles promoting the growth of healthcare consulting services. As per, the U.S. Census Bureau, the median annual earnings at $41,535 in 2020 for workers aged 15 and over with earnings and $56,287 in 2020 for full-time workers. Furthermore, the presence of well-established market players and frequent product launches in the region significantly contribute to the dominance of the region in the healthcare consulting service market

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Deep dive regional level analysis of the industry