Burlingame, July 17, 2024 (GLOBE NEWSWIRE) -- The global Healthcare Consulting Services Market, valued at $30.53 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $57.49 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031, as per a recent report by Coherent Market Insights. Rising costs of healthcare worldwide have made costs reduction and efficiency enhancement an urgent priority for healthcare providers, payers and other stakeholders. Consulting services help these organizations identify areas of wastage, redundant processes and unnecessary spending to implement cost optimization measures. Consulting firms assist with strategic planning, operations analysis, technology implementation and other initiatives aimed at improving financial performance through reduced costs.
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Market Dynamics:
The healthcare consulting services market is expected to witness significant growth during the forecast period. Factors such as increasing complexities within healthcare systems and growing need for strategic healthcare infrastructure are expected to drive the demand for healthcare consulting services. Additionally, growing need to reduce healthcare costs while improving quality of patient care is also expected to contribute to the market growth. Healthcare organizations are increasingly focusing on aligning their structure and operations with evolving regulatory policies and technological advancements. This is boosting the adoption of consulting services across the industry.
Market Trends:
One of the key trends witnessed in the global healthcare consulting services market is growing transition towards digital healthcare. Digital health involves use of mobile health, health information technology, telehealth and others for delivering healthcare services. Consulting firms are providing support and guidance to healthcare organizations for implementing digital transformation strategies. This includes developing connected care delivery models, deploying telemedicine apps, optimizing IT infrastructure for digital healthcare and more.
Healthcare Consulting Services Market Report Coverage:
| Report Coverage | Details |
| Market Revenue in 2024 | $30.53 billion |
| Estimated Value by 2031 | $57.49 billion |
| Growth Rate | Poised to grow at a CAGR of 9.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service Type, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing Adoption of Inorganic Growth Strategies • Increasing Demand to Improve Healthcare Systems |
| Restraints & Challenges | • Regulatory Compliance Issues • High Cost of Consulting Services |
Another significant trend is increasing mergers and acquisitions between healthcare providers and consulting companies. This helps healthcare organizations leverage consulting firm’s domain expertise and capabilities. For instance, in September 2021, PwC acquired Strategy&, a global strategy consulting business of PricewaterhouseCoopers, to broaden its portfolio of healthcare strategic solutions. Such strategic collaborations allow healthcare companies access end-to-end strategic consulting services.
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Market Opportunities:
Digital consulting focuses on assisting healthcare organizations in building digital infrastructure and capabilities to deliver virtual care, empower patients, and enhance operations through digital tools and technologies. The COVID-19 pandemic has accelerated the need for digital transformation in the healthcare sector. Healthcare providers and payers are increasingly adopting telehealth, remote patient monitoring, AI, IoT, and other digital solutions. This growing digitalization of healthcare is opening up significant opportunities for consulting firms to help clients with digital roadmaps, cloud migration, app development, data analytics, cybersecurity, and more.
Strategy consulting involves advising healthcare organizations on strategic growth, new market entry, mergers and acquisitions, compliance, reimbursement strategies, and other strategic initiatives. With ongoing changes in regulations, technologies, care delivery models, and consumer expectations, healthcare leaders require strategic guidance more than ever. Consulting firms provide strategic expertise, frameworks, and objective perspectives to help providers, payers, and life sciences companies navigate the evolving healthcare landscape and achieve their strategic goals. The complex healthcare environment and need for strategic clarity will drive continued demand for strategy consulting services.
Key Market Takeaways:
The global healthcare consulting services market is anticipated to witness a CAGR of 9.5% during the forecast period 2024-2031, owing to rapidly evolving regulations, technologies, and business models in the healthcare industry.
On the basis of type, the strategy consulting segment is expected to hold a dominant position, accounting for over 30% of the market share in 2024 due to growing need for strategic roadmaps among healthcare organizations.
On the basis of end user, life science companies segment is expected to hold the dominant position over the forecast period, due to increasing R&D investment and outsourcing of non-core functions by pharmaceutical and medical device companies.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to presence of advanced healthcare infrastructure and early technology adoption in the region.
Key players operating in the healthcare consulting services market include Deloitte Touche Tohmatsu Limited, McKinsey & Company, Boston Consulting Group, Huron Consulting, KPMG, Bain & Company, EY, Accenture, and CGI Group Inc. The presence of several international as well as regional consulting firms ensures availability of specialized domain expertise to the healthcare industry.
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Key Developments:
One of the consultancy firm operating in intellectual property known as Clearview IP was acquired by Deloitte in the year 2019. This acquisition will help the company Deloitte to expand the advisory services that this organization provides regarding the intellectual properties which deals in the health care services space.
A software for the management and the care of the patients that suffer with cancer was developed by McKesson and company in the year 2019.
Detailed Segmentation-
By Service Type:
- Strategic Management Consulting
- Financial Management Consulting
- Information Technology Consulting
- Human Resource Consulting
- Others
By End User:
- Pharmaceutical Companies
- Healthcare Providers
- Government Bodies
- Healthcare Payers
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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