New York, USA, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Healthcare Consulting Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Consulting Services Market Information by Type of Services, Application, End User and Region - Forecast till 2030”, the market size was valued at USD 15.9 billion in 2021 and is projected to grow from USD 17.86 Billion in 2022 to USD 40.44 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.38% during the forecast period (2022 - 2030).
Market Scope
Some key factors driving the market for healthcare consulting services include the need for healthcare institutions such as life sciences corporations and government bodies to incorporate new technologies like cloud deployment, big data analytics, and IoT, as well as the goal to improve operational efficiency. Digitalization in healthcare is being quickly adopted to fuel industry expansion. Globally, the healthcare industry is becoming increasingly digital, which is improving the market picture. Healthcare providers have a competitive advantage thanks to agile approaches and excellent IT assistance in terms of quality improvement, cost reduction, profit growth, and inventory management efficiency.
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Additionally, the market share is being driven by the incorporation of artificial intelligence (AI) with healthcare IT consulting services in order to guarantee data privacy, optimize resource management, derive insights from unstructured data, and offer a modernized approach to decision-making processes. The increased demand for data security and the widespread use of digital healthcare models over paper-based alternatives also support market expansion. The implementation of several government initiatives supporting healthcare IT solutions, the rising geriatric population, intensive R&D activities, and the expanding usage of electronic record maintenance are further factors fueling market expansion.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 40.44 Billion |
| CAGR | 12.38% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type of Services, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rapid adoption of digitalization in healthcare |
| Integrating artificial intelligence (AI) with healthcare IT consulting services to ensure data privacy |
Competitive Analysis
Major market companies are creating a number of strategic initiatives to broaden their customer bases and outperform rivals. In the current environment of intense competition, Accenture, Cognizant, and Deloitte dominate the global market. Its wide range of services and greater focus on strategic planning, which includes alliances, partnerships, mergers, and acquisitions, are responsible for the company's leading position.
In response to these favorable market circumstances, a number of businesses that provide healthcare consulting solutions and services increased their R&D spending significantly. These R&D strategies have led to services and solutions that are especially tailored to the needs of their clients. Thus, the market's expansion over the course of the projected period will be greatly aided by the introduction of new solutions and applications. As a result, the sector for healthcare consulting services will develop in the upcoming years due to the increasing need for digital healthcare solutions with a variety of applications.
To increase their services and global market reach, leading healthcare consulting businesses are progressively coming up with creative and cutting-edge solutions. The future of the healthcare IT consulting services sector will be driven by the adoption of highly technologically advanced solutions that will streamline operational procedures. The automation of business operations in the healthcare industry is made possible through the Internet of Things, machine learning, IoT, and artificial intelligence.
Key Players
- Accenture Consulting
- McKinsey & Company
- Cognizant
- Deloitte Consulting
- Ernst & Young
- Bain & Company
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Dynamics
Clinical platforms, analytics dashboards, network optimization services, revenue cycle administration (RCM), and enterprise resource planning (ERP) support are all made possible with the help of healthcare IT consulting. As a result, the demand for cutting-edge and effective technologies to extend healthcare procedures and infrastructure has expanded, encouraging market revenue development. This is consistent with the rise in hospital admissions.
Additionally, the market share is being driven by the incorporation of artificial intelligence (AI) with healthcare IT consulting services in order to guarantee data privacy, optimize resource management, derive insights from unstructured data, and offer a modernized approach to decision-making processes. The increased demand for data security and the widespread use of digital healthcare models over paper-based alternatives also support market expansion. The implementation of several government initiatives supporting healthcare IT solutions, the rising geriatric population, intensive R&D activities, and the expanding usage of electronic record maintenance are further factors fueling market expansion.
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Market Segmentation
Based on the kind of services, the healthcare consulting services market is segmented into IT, digital, financial, operations, and strategy consulting. In 2021, the strategy consulting segment retained the lion's share, accounting for roughly 46–49% of the market revenue for healthcare consulting services. The increase in mergers and acquisitions among healthcare firms, such as biotechnology companies, pharmaceutical companies, and others, is one of the key factors driving the demand for strategic management consulting services. The activities associated with medication research have also increased, which has increased demand for launch management consultancy and further aided in the segment market expansion.
Operations management, financial, population health, and clinical are the application-based segments of the market for healthcare consulting services. Financial, which dominated the global market in 2021 and is predicted to grow at the quickest rate between 2022 and 2030, helps hospitals manage their finances and spending using a variety of applications.
Hospitals & clinics, life science businesses, and governmental entities are included in the healthcare consulting services market segmentation based on end user. In 2021, the segment with the biggest market revenue share was hospitals & clinics. It is essential to manage hospitals by preserving their financial and operational performance due to rising hospital costs. When opening a new hospital, it's also important to understand how to get a license, raise money, hire staff, and improve hospital branding and marketing, among other things. The need for hospital consulting services is rising on the global market as a result of these significant considerations. The need for hospital consulting services is also growing as hospitals show an increasing interest in integrating innovative technology to improve patient experiences.
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Regional Analysis
The second-largest market in the world for healthcare consulting services is in Europe. Due to the expansion in healthcare-related enterprises, the number of pharmaceutical clinical trials, and the rapid development of medical technologies, there is a great need for healthcare consulting services in Europe. The growth of the regional market is also assisted by significant market participants and developing economies including the UK, France, Germany, and Spain. Additionally, the German healthcare consulting services market grew at the highest rate in the European region, while the UK healthcare consulting services market had the largest market share.
During the forecast period, the market for healthcare consulting services in Asia Pacific is anticipated to expand at the quickest CAGR. Key elements supporting the regional market include the presence of a sizable number of consultants and expanding regional business by healthcare companies in the area. In addition, during the past five years, there have been more launches of new drugs and medical devices in the area, which has increased demand for consulting services. The Asia Pacific market is also gaining from a rise in the use of digital solutions by pharmaceutical and biotechnology companies as well as government agencies.
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