Healthcare Consulting Services Market Size Worth USD 30.21 Billion in 2032 | Emergen Research

Vancouver, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global healthcare consulting services market size was USD 13.62 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.50% during the forecast period. Increasing adoption of digitalization in the healthcare sector and rapid technological advancements in the healthcare sector are key factors driving market revenue growth.

Healthcare consultancy services are providers that help in providing advice, communicating expertise for healthcare organizations. These services also help in making strategic decisions for supporting the growth of organization as well as patients in the long run. Digitalization aids healthcare entities in automating tasks, streamlining workflows, and enhancing data analysis, thereby improving efficiency, cutting costs, and refining decision-making processes.

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Technologies, such as telehealth, remote patient monitoring, and Electronic Health Records (EHRs), empower healthcare providers to offer more convenient and accessible care, consequently elevating patient satisfaction and improving health outcomes. Digital tools facilitate improved collaborations among healthcare providers, simplified information sharing, and enhanced coordination in delivering care across diverse settings.

For example, on 5 May 5, 2023, Accenture completed the acquisition of Nautilus Consulting, a prominent digital healthcare consultancy based in the UK, recognized for its expertise in Electronic Patient Record (EPR) solutions. This acquisition significantly strengthens Accenture's proficiency in digital transformation, amplifying its ability to implement and optimize solutions within the healthcare sector both in the UK and on a global scale.

Segment Insights

Type of services Insights:

On the basis of type of services, the global healthcare consulting services market segmented into Information Technology (IT) consulting, digital consulting, financial consulting, operation consulting, and strategy consulting. The strategy consulting segment accounted for largest revenue share in the global healthcare consulting services market in 2022. serious. This is because healthcare organizations are under pressure to improve their performance, reduce costs, and adapt to changing market conditions. Strategic consulting helps them develop strategies for growth, identify opportunities for optimization, and implement effective solutions.

In addition, strategic consulting plays a crucial role in due diligence, integration planning, and post-merger execution. The healthcare industry is shifting toward value-based care models, where providers are rewarded for achieving positive patient outcomes. Moreover, strategic consulting also helps to develop value-based care strategies, measure performance, and improve outcomes.

Application Insights:

On the basis of application, the global healthcare consulting services market is segmented into operation management, financial, population health, and clinic. The financial segment is expected to account for significantly large revenue share in the global healthcare consulting services market during the forecast period. This is because healthcare industry faces numerous financial challenges, including rising costs, decreasing reimbursements, and complex regulatory requirements.

 This necessitates expert financial advice and guidance, leading to rising demand for financial consulting services. These services are constantly seeking ways to improve their revenue cycle management by optimizing billing and collection processes. In addition, financial consulting plays a vital role in analyzing revenue cycle performance, identifying bottlenecks, and implementing solutions to improve efficiency and maximize revenue. Financial consultants help organizations manage finances under these new models, develop value-based payment strategies, and negotiate contracts with payers.

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Regional Insights:

The North America market accounted for largest revenue share in the global healthcare consulting services market in 2022 due to increasing adoption of digital solutions by healthcare organizations. North American healthcare organizations have been early adopters of digital solutions, including telehealth, Electronic Health Records (EHRs), and data analytics. This has led to a greater demand for consulting services to implement and optimize these technologies. Regulatory environment in North America is generally more supportive of digital health innovation than in other regions. This encourages healthcare organizations to embrace new technologies and seek consulting services to help them navigate the regulatory landscape.

For instance, on 25 October 2023, Accenture acquired Concentric Life Acquisition. This acquisition enables Accenture Song to create more impactful communications and experiences that are attuned to the ever-evolving needs of patients and healthcare professionals. It provides comprehensive digital healthcare marketing and communications services, catering to rising demand of consumers in the rare disease, health, and wellness sectors. By partnering with Concentric Life, healthcare brands gain a competitive edge and achieve their desired marketing outcomes in the evolving digital healthcare landscape.

The Europe market is expected to register fastest revenue growth rate in the global healthcare consulting services market during the forecast period. This is because European governments are increasingly investing in healthcare consulting services to improve efficiency, reduce costs, and modernize their healthcare systems.

This investment is driven by factors such as aging populations, rising healthcare costs, and need for improved patient care. Europe has a rapidly aging population, which is putting strain on healthcare systems. Consulting services help organizations manage this challenge by developing strategies for workforce planning, capacity building, and chronic disease management. In addition, rising for specialized healthcare services, such as cancer treatment and rare disease management, is another factor driving market revenue growth of this region during the forecast period. This creates opportunities for consulting firms with expertise in these areas.

Scope of Research

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Major Companies and Competitive Landscape

The global healthcare consulting services market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing a more effective healthcare consulting services. Some major players included in the global healthcare consulting services market report is:

• • Accenture
  • McKinsey & Company
  • Deloitte
  • PwC
  • Cognizant
  • Ernst & Young Global Limited
  • IQVIA Inc.
  • Boston Consulting Group
  • Huron Consulting Group Inc.
  • L.E.K. Consulting

Strategic Development

• On 21 November 2023, CGI and Totalmobile collaborated to transform UK healthcare delivery, offering digital solutions for streamlined operations and improved services. The automation empowers healthcare professionals to prioritize patient care. Leveraging technology and expertise, they aim to reshape the healthcare system for greater efficiency and patient focus.
• On 1 June 2022, Accrete Health Partners acquired Nordic Consulting Partners to blends clinical expertise and technical knowledge, aiming to leverage technology for better healthcare accessibility and impact across stakeholders.

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For the purpose of this report, Emergen Research has segmented the global healthcare consulting services market on the basis of type of services, application, end-use, and region:

• Type of Services Outlook (Revenue, USD Billion; 2019-2032)
  • • • IT consulting
      • Digital consulting
      • Financial consulting
      • Operation consulting
      • Strategy consulting
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Operation management
  • Financial
  • Population health
  • Clinical
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Hospital
  • Government organization
  • Pharmaceutical companies
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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