The global healthcare consulting services market size is expected to reach around US$ 22.8 Bn by 2026 and growing at a CAGR of around 9.8% over the forecast period 2019 to 2026.
Healthcare consultancy service providers advice life science companies, government bodies, hospitals, insurance companies, and research institutes about business strategies. Digital consulting, financial consulting, operations consultancy, and strategy consulting are the key areas where pharmaceutical, biotechnology, and medical devices companies and hospitals ask for advice. Healthcare consultancy firms examine efficiency, profit loss ratio, and structure of the organization, and then offer their industry analysis and suggestions for improvement. Dominated companies have a presence in North America and Europe. Healthcare reform, Medicaid and Medicare funding cuts, changing third party reimbursement rates, and the high competition in healthcare field are the key factors responsible for the increasing demand for the business management analysis from consulting firm. However, the Asia Pacific region is emerging in the field of healthcare consulting services due to the presence of a skilled workforce at low cost and growing awareness in the region. India, China, and the Philippines have low-cost service providers that attract many life sciences companies, hospitals, and research organizations.
Increasing competition in the healthcare industry across the world, rising number of startups due to supportive government regulations, and the growing number of healthcare consulting service providers are the driving factors of the market. Hospitals and life sciences companies are under constant pressure to cut the cost and meet changing consumer’s demands. Hence, they constantly seek professional service to provide strategic guidance. Trump administration further introduced significant changes in the volatile healthcare industry. The system is now more focus on affordability, quality, and choices to patients. Various organizations are expected to need guidance for emerging issues such as changes to the Affordable Care Act (ACA), controlling the rise in drug prices, and the entry of new technologies and their impact on the market. High quality service, the broad range of services, and more purchasing capacity of buyers are some of the factors responsible for the dominance of the North America region. Whereas, a large number of service providers, low cost service, availability of talented workforce, and investment by big giants in this region are the factors responsible for the fastest growth of the Asia Pacific region across the world.
Based on the type of services, the healthcare consulting services market has been categorized into IT consulting, digital consulting, financial consulting, operation consulting, strategy consulting, and HR & talent consulting. The operations consulting segment accounted for the maximum share of the market in 2018. However, the digital consulting segment is anticipated to grow at the fastest rate during the forecast period. This can be attributed to the high acceptance of digital based models from paper based models in developed countries and increasing digitalization at the hospital level.
Based on end-users of services, the market is segmented into life science companies, hospitals, others. The life sciences companies accounted for the largest share of the market in 2018 due to more need for regulatory, operational and strategy consulting to enhance their footprints in the industry. Furthermore, the presence of the capacity to pay for consulting services is a reason to dominate the segment in the global healthcare consulting services industry. The others segment includes government bodies, insurance companies, and research institutes.
North America accounted for the highest share of the market followed by Europe in 2018. Presence of major market players, increasing competition in the pharmaceutical and medical device sector in the region, and the capability of pharmaceutical companies to pay for consulting services are the key factors for the dominance of the region. Furthermore, mergers and acquisitions of companies, changing regulatory environment, and unstable economy are some of the other factors to drive the North America healthcare consulting services market. However, Asia Pacific is anticipated to observe the fastest growth during the forecast period. This can be attributed to technological advancement, investment by multinational pharmaceutical companies in the region, and more need for remote care and telemedicine in rural areas. The pressure to provide good quality of care at lower costs and changing regulatory frameworks are responsible for healthcare organizations to ask help from consulting firms.
The market research study on “Healthcare Consulting Services Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global healthcare consulting services market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global healthcare consulting services market, its type of services, end user, and major geographic regions. The report covers basic policies and layouts of technology development processes. Secondly, the report covers global healthcare consulting services market size, and segment markets by type of services, end user, and geography along with the information on companies operating in the market. The healthcare consulting services market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size for different segments has been covered under the scope of the report.
The players profiled in the report include Accenture, Alvarez and Marsal, Cognizant, Deloitte Consulting, Ernst & Young, FTI Consulting, KPMG, McKinsey & Company, and PwC. Mergers and acquisitions, services expansion, and cost effective solutions are the key strategies being adopted by market players to enhance share in the industry.
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