The global healthcare consulting services market is evaluated at US$9.847 billion for the year 2019 and is projected to grow at a CAGR of 8.47% to reach the market size of US$17.396 billion by the year 2026.
Healthcare consulting services attributes to the process of yielding expertise, giving advice, and guiding healthcare organizations in making informed business decisions that aid in promoting customer growth and allied benefits. Healthcare consulting services facilitate financial planning, operations management, marketing strategy, HR planning, and facility planning services that focus on upgrading the healthcare systems by improving efficiency and productivity. These services indirectly aid in improving patient care. Furthermore, management and training of medical practitioners and professionals are integral to the functioning of healthcare services consulting markets efficiency.
The growing geriatric population worldwide, prevalence of chronic diseases, and technological advancements in the industry are estimated to drive growth in the healthcare consulting services market. Moreover, increasing health awareness coupled with the growing importance of value-based care is anticipated to further augment the demand in the healthcare consulting services market. The rising adoption of IT services in the healthcare segment is further boosting growth in Healthcare IT consulting services industry vertical. Moreover, supportive government policies are further driving growth in the healthcare consulting services market. Additionally, the increasing adoption of healthcare consulting services for federal healthcare facilities and solutions is further anticipated to boost demand in the market over the forecasted period. Furthermore, the growing need for improved global healthcare operational systems is emanating demand in the healthcare consulting services market. Increasing technological developments and the shifting market trends towards innovative solutions and models are estimated to account for significant revenue generation over the forecasted period.
However, high costs associated with the adoption and implementation of healthcare consulting solutions are anticipated to hamper growth in the market over the forecasted period.
The outbreak of the novel coronavirus disease positively impacted the global healthcare consulting services market. The growing patient admissions in hospitals owing to the spread of the COVID-19 virus resulted in the adoption of healthcare consulting services. Healthcare consulting services facilitated consulting services that assisted in providing required guidelines, information sources, and other reporting obligations. Moreover, healthcare consulting services played an integral role in providing advice to international conglomerates on COVID-19 response, research, and employee safety.
Technology Adoption service segment to offer lucrative growth opportunities over the forecasted period.
The technology adoption service segment to offer lucrative growth opportunities over the forecasted period owing to increased adoption of novel technological solutions including artificial intelligence, VR/AR, 3D printing, cloud solutions, and machine learning across various healthcare application segments. Moreover, increasing investments in the segment is further estimated to drive further demand in the market.
Life sciences companies’ end-user segment to hold a dominant market share.
Lifesciences companies' end-user segment holds a dominant market share in the global healthcare consulting services segment. The growth in the market can be associated with the growing need for stringent regulatory, operational, and strategy consulting solutions. However, the government bodies' end-user segment is estimated to grow at a significant rate over the forecasted period. The growing adoption of healthcare consulting solutions, increasing investments, and increasing development of innovative solutions are estimated to drive demand in the government body end-user segment.
Regional Market trends in the Global Healthcare Consulting Services Market
The North American segment holds a dominant market share owing to the presence of prominent pharmaceutical companies in the region. Moreover, the financial ability of pharmaceutical companies to offer consulting services is driving demand in the healthcare consulting services market. Furthermore, shifting competitive market trends in mergers and acquisitions within companies coupled with the favorable regulatory framework are factors that are further burgeoning demand in the market.
However, the Asia Pacific region is estimated to grow at the fastest rate over the forecasted period. The growth in market size can be associated with increasing investments in the healthcare industry and increasing technological advancements in the region. Moreover, the growing need for good quality healthcare services at affordable costs coupled with rising demand for remote healthcare facilities in rural areas is estimated to boost demand in the market over the forecasted period.
Participation by market players.
The Companies in the market are offering diverse healthcare consulting solutions to their clients in the customers. Prominent players are adopting various collaborative strategies to sustain and grow in the highly concentrated healthcare consulting sources market. For instance, Accenture has partnered with British optical and health retailer, Specsavers. The partnership aims to offer innovative customer solutions through Accenture's technological cloud services solutions. Moreover, the partnership aims to drive efficiencies across businesses and enhance the customer service experience for Specsaves' customers, colleagues, and store partners. Similarly. University Medical Center Mainz announced the adoption of IBM's cloud satellite to digitalize its clinical processes.
The players in the Global Healthcare Consulting Services market are implementing various growth strategies to gain a competitive advantage through the application and facilitation of novel technological solutions such as cloud, Artificial intelligence, machine learning, and other operational dynamics to gain a competitive advantage over its competitors.
|Market size value in 2019||US$9.847 billion|
|Market size value in 2026||US$17.396 billion|
|Growth Rate||CAGR of 8.47% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Accenture, Allscripts Healthcare Solutions, Cerner Corporation, Cognizant, Deloitte, Epic Systems Corporation, Genpact Limited, IBM Corporation, Boston Consulting Group, Bain & Company, KPMG|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the healthcare consulting services market size by 2026?
A1. The global healthcare consulting services market is projected to reach a total market size of US$17.396 billion by 2026.
Q2. What is the size of the global healthcare consulting services market?
A2. Healthcare Consulting Services Market was valued at US$9.847 billion in 2019.
Q3. What are the growth prospects for the healthcare consulting services market?
A3. The healthcare consulting services market is projected to grow at a CAGR of 8.47% during the forecast period.
Q4. Which region holds the largest market share in the healthcare consulting services market?
A4. The North American segment holds a dominant share in the healthcare consulting services market owing to the presence of prominent pharmaceutical companies in the region.
Q5. What factors are anticipated to drive the healthcare consulting services market growth?
A5. The growing geriatric population worldwide, prevalence of chronic diseases, and technological advancements in the industry are estimated to drive growth in the healthcare consulting services market.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Healthcare Consulting Services Market Analysis, by Type
5.2. Strategy Consulting
5.4. Technology Adoption
6. Healthcare Consulting Services Market Analysis, by End-user
6.2. Government Bodies
6.3. Life Science Companies
6.4. Insurance Companies
6.5. Healthcare Providers
7. Healthcare Consulting Services Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.2. Allscripts Healthcare Solutions
9.3. Cerner Corporation
9.6. Epic Systems Corporation
9.7. Genpact Limited
9.8. IBM Corporation
9.9. Boston Consulting Group
9.10. Bain & Company
Allscripts Healthcare Solutions
Epic Systems Corporation
Boston Consulting Group
Bain & Company
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