According to the new market research report "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", published by MarketsandMarkets™, the global 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.
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101 – Tables
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The Growth in this Healthcare Consulting Service Market is primarily driven by the growing digitization in healthcare, increasing demand to reduce rising costs of healthcare, increasing adoption of big data analytics, IoT, and cloud deployment, rising disease burden worldwide, favorable changes in the HCIT landscape, government support for HCIT solutions, and the need for data security. On the other hand, concerns regarding data confidentiality and hidden costs of consulting services are expected to hamper the market growth to a certain extent in the coming years.
The healthcare sector has been at the center of the COVID-19 crisis. On the one hand, it has been responsible for treating COVID-19 patients, while on the other, it has also faced several challenges, much like the other sectors. The sector has had to innovate and develop new ways of care delivery continuously. The innovative players in the space are already recognizing these trends and are coming out with ways to address them through tech-enabled and digital solutions. Health management is further anticipated to become more integrated, with players offering different services coming together and offering the consumers the care they need. Several services are expected to move to a virtual setting or consumers' homes, with technology platforms pulling them together. Such factors are likely to increase the demand for healthcare consultants during the forecast period.
Strategy and digital health consulting segments to register the highest growth in the market.
Based on type, the provider services market is segmented into digital consulting, IT consulting, strategy consulting, operations consulting, financial consulting, and HR & talent consulting. The strategy consulting segment is expected to account for the share of 21.1% of the healthcare consulting services market in 2021. The major role of the consulting firms is to optimize efficiency, improve revenue generation, bring structural improvements in the organizations, and guide management to make better decisions and, in effect, improve the organization's profit potential. Healthcare consulting services are emerging as powerful tools to curtail the rising costs while improving the overall healthcare quality. They help deliver quality healthcare and lead to improved clinical outcomes.
Healthcare providers to account for the fastest-growing segment in the healthcare consulting services market.
Based on end user, the life science services market is segmented into government bodies, healthcare providers, health insurance payers, pharmaceutical & biotechnology companies, and medical device companies. The healthcare providers segment is likely to show a considerable level of growth over the coming years. Recent advancements in healthcare and the COVID-19 crisis have greatly increased overall patient volumes. This has forced the industry to confront significant challenges, such as the need to transition to more scalable business models that are designed to handle higher volumes of consumers, thus upscaling the demand for such consulting services.
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North American healthcare consulting services market to dominate the global market in 2021.
North America dominated the healthcare consulting service market, with a share of 46.8% in 2020, and is expected to register the highest CAGR of 9.3% during the forecast period. The developed infrastructure and growth in demand for digitalized technologies across North America are driving the implementation of different analytical solutions among industries. North America's dominance in the market can be attributed to the strong economies in the US and Canada, which have enabled significant investments in new technologies, advanced IT infrastructure, increased SaaS adoption, and stringent regulatory requirements across industries. A shift of healthcare organizations towards emerging technologies and growth in the implementation of digital strategies are likely to increase the adoption of healthcare consulting services offerings in North America.
Some of the prominent players operating in the healthcare consulting services market are Accenture (Ireland), Cognizant (US), Deloitte (UK), McKinsey & Company (US), PwC (UK), EY (UK), Huron Consulting Group Inc. (US), KPMG (Netherlands), Boston Consulting Group (US), Bain & Company, Inc. (US), and IQVIA (US), among others.