Healthcare Consulting Services Market: Business Opportunities, Competitive Landscape, Key Findings, Future Insights, Market Revenue And Threat Forecast By 2027
Healthcare Consulting Services Market Overview
Healthcare consulting services support and advise care providers on new strategies and proper management of various activities, including operations, accounting, finance, marketing, and insurance, among others. This helps healthcare organizations to improve their operations, meeting the needs of clients, professionals, policymakers, and administrators. In-addition to various smoothening functions, the adoption of healthcare consulting services also helps the caregivers to reduce various operational costs & a considerable amount of time invested in the management, simplifying all the processes.
Over recent years, the global healthcare consulting services market is growing invariably. The burgeoning healthcare sector witnessing rising numbers of healthcare facilities is a key driving force behind the growth of the market. Also, the increasing globalization, rising demand for healthcare products, and the addition of new features in the healthcare industry create huge market demand. Resultantly, there is an increase in revenue generation in the healthcare consulting services market across the globe.
According to Market Research Future (MRFR), the global healthcare consulting services market is poised to create a significant revenue pocket by 2024. In its recently published analysis, MRFR also asserts that the market would register a CAGR of around 10.4% throughout the forecast period (2019-2024). Rising competition in the healthcare sector has encouraged major companies to focus on the improvement of their business strategies along with product designing, development, and marketing.
On the other hand, there are large numbers of similar technologies & services available in the market. Lack of expertise in differentiating mapped services & solutions or low product differentiation is a key factor impeding the growth of the market. Nevertheless, the high demand to improve care services by enhancing operations would support the market growth over the assessment period, acting as a critical driving force to the market.
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Global Healthcare Consulting Services Market – Segments
The market is segmented into five dynamics to widen the scope of understanding,
By Type of Service : IT Consulting and Digital Consulting.
By Component : Solutions and Services.
By Application : Operations Management, Financial, Population Health, and others.
By End-user : Hospitals, Clinics, Life Science Companies, and others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Healthcare Consulting Services Market – Regional analysis
North America dominates the global healthcare consulting services market with the largest market share. Factors such as the presence of a large number of healthcare companies and increasing competition in the healthcare industry act as major tailwinds for the regional market growth.
To churn the market competition, healthcare companies in the region prefer consulting service provider for new strategies and solutions. Besides, transition in the healthcare sector towards value-based care delivery, high per capita healthcare expenditures along with the rising funds invested into R&D for the development of new technologies are supporting the growth of the regional market.
Europe stands second in the global healthcare consulting services market. Growing emphasis on the uptake of healthcare IT consulting and digital consulting for operations management drive the market growth in the region.
Additionally, factors such as financial support from the governments in the healthcare sector, huge patient population, and an increasing number of hospitals boost the growth of the regional market. Also, the rising adoption of software in rising numbers of life science companies creates a substantial market demand in this region.
The healthcare consulting services market in the Asia Pacific region is emerging as one of the lucrative markets, globally. The continually rising population demanding quality care and increasing numbers of healthcare facilities in the region foster the growth of the regional market.
Besides, increasing initiatives taken by public & private organizations fuel the growth of the healthcare consulting services in the APAC region. Highly populous countries like China and India lead the APAC market, achieving the highest benefits of healthcare consulting solutions & services. Moreover, increasing demand to improve operations management in the growing numbers of healthcare facilities in the region influences the growth of the regional market.
Healthcare Consulting Services Market – Competitive Analysis
Highly competitive, the healthcare consulting services market appears fragmented due to the presence of many well-established players. To gain a substantial share in the market, innovation, M&A activities, brand reinforcement, and collaboration remain the key trends for these players. Players acquire promising companies in emerging markets to expand their footprints. They strive to develop customized solutions & services incorporating the latest technology and practices.
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Players leading the global healthcare consulting services market Accenture Consulting (US), McKinsey and Company (US), Cognizant (US), Deloitte Consulting (US), Ernst and Young (UK), Bain and Company (US), Deloitte Touche Tohmatsu Limited (US), Huron Consulting (US), KPMG (Switzerland), PWC (UK), and The Boston Consulting Group (US), among others.
Industry/ Innovation/ Related News
October 15, 2019 – Binder Dijker Otte (BDO – Belgium), a business advisory firm, announced the acquisition of Arteria, a Dutch healthcare consultancy, to boost its management consulting portfolio in the Netherlands. Alongside consultancy, BDO provides a broader mix of services to its healthcare clients, covering accountancy, assurance, tax, mergers & acquisitions, and legal.
The acquisition aligns with BDO’s strategic ambition to expand its Advisory and position in the healthcare sector. The deal marks BDO’s first acquisition in the Netherlands, after 2016, when BDO had purchased the Business Consultancy practice of software company CompLions. In 2018, BDO bolstered its Advisory division with two consulting firms in Belgium.