DUBLIN–(BUSINESS WIRE)–The “Healthcare Consulting Services Market by Type of Service (Digital Health, IT, Operations, Strategy, Financial, HR & Talent), End User (Government Bodies, Healthcare Providers, Pharmaceutical & Biotechnology Companies), and Region – Global Forecasts to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global healthcare consulting services market is projected to reach USD 41.2 billion by 2026 from USD 23.9 billion in 2021, at a CAGR of 11.5% during the forecast period.
Healthcare consulting firms specialize in providing business consulting services to the healthcare industry in areas such as finance, accounting, marketing, insurance, healthcare management, billing, coding, regulations & compliance, healthcare standards, and many other similar areas. Growth in the healthcare consulting services market can be primarily attributed to the growing budget cuts, increasing pricing pressure, changing healthcare policies/regulations, and rising technological disruption across the healthcare industry that has resulted in a partnership between the healthcare providers, payers, and life science companies with the healthcare consultancy firms.
However, hidden costs of consulting services and concerns regarding data confidentiality are likely to challenge market growth in the coming years.
Operations consulting segment to hold the largest share of the healthcare consulting services market
Based on the type of service segment, the healthcare consulting services market is segmented into digital health consulting, IT consulting, strategy consulting, operations consulting, financial consulting, and HR & talent consulting. The operations consulting segment accounted for the largest market share of 22.8% in 2020. The large share of this segment can be attributed to the transition of the healthcare industry from fee-for-service to coordinated care model, resulting in an increased dependency on operations consultants.
Healthcare providers to be the fastest-growing end user segment in the healthcare consulting services market
Based on the end user segment, the healthcare consulting services market is segmented into government bodies, healthcare providers, health insurance payers, pharmaceutical & biotechnology companies, and medical device companies. The healthcare providers segment is expected to witness the highest CAGR of 12.2% during the forecast period. The healthcare industry is undergoing a significant transformation, with constantly changing regulatory guidelines and technological advancements, which is a prominent factor driving the demand for healthcare consultants among hospitals and physician groups.
The US to be the most prominent country for healthcare consulting services in North America
North America is expected to account for the largest share of 46.8% of the global healthcare consulting services market in 2021, followed by Europe (27.3%) and the RoW (17.5%).The US healthcare provider industry is constantly challenged by industry-wide reforms. In order 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.
Market Dynamics
Drivers
- Growing Rate of Digitization in Healthcare
- Increasing Adoption of Big Data Analytics, IoT, and Cloud Deployment in the Healthcare Industry
- Changing Healthcare Landscape with Respect to Regulatory Compliance and Technological Evolution
- Decreasing Number of In-House Experts in the End-Use Industries
- Rising Level of Government Support for HCIT Solutions
- Rising Need for Structural Changes and New Business Models in the Healthcare Industry
- Increasing Number of Patients Suffering from Various Chronic and Infectious Diseases
- Rising Need for Data Security
- Increasing Pressure to Reduce the Rising Healthcare Costs
Restraints
- Rising Number of Concerns Regarding Data Confidentiality
- Increasing Number of Hidden Costs of Consulting Services
Opportunities
- Growing Demand for Cloud Consulting
- Increasing Potential for Healthcare Consulting Services in the Emerging Markets
- Increasing Consolidation in the Healthcare Industry
Challenges
- Rising Number of Multi-Sourcing Approaches
Companies Mentioned
- Accenture
- Cognizant
- Deloitte
- McKinsey & Company
- PwC
- EY
- Huron Consulting Group Inc.
- KPMG
- Boston Consulting Group
- Bain & Company Inc.
- IQVIA
For more information about this report visit https://www.researchandmarkets.com/r/x2bxv5
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