(MENAFN- Straits Research) Healthcare consultancy service providers aid in advising and disseminating knowledge for healthcare organizations. By assisting in formulating strategic decisions, they also support the long-term growth of the organization and the patients. These advisory services are utilized by federal agencies, insurance providers, hospitals, and businesses in the life sciences. Firms and hospitals frequently use digital consulting for operations and policy. The biotechnology sector also requires all these services. Due to the outsourcing industry's recent significant growth, the demand for consulting services will rise significantly in the coming year.
Market Dynamics
Growing Need for Healthcare Consulting Services Drives the Global Market
Population health, clinical consulting, financial management, operational management, and other healthcare consulting services are increasingly well-liked. The growth results from the numerous applications used by healthcare payers and providers. Addressing the challenges posed by a regulated, dynamic, pricey, and value-based healthcare environment also drives demand. Healthcare consulting services have raised patient care standards and improved workflow efficiency. Healthcare consulting services are also being adopted by hospitals and healthcare systems more frequently, enabling network security, population risk management, fraud detection, and patient information privacy. Increased healthcare organizations, a surge in patient enrollment, rising demand for specialized services, and improved service delivery have all contributed to the need for healthcare consultation services.
Utilization of Healthcare Consultant Services in Economically Imperializing Situations Creates Tremendous Opportunities
The demand for
healthcare consulting services
is expected to grow significantly in developing countries. Due to the growth of healthcare organizations in the Asia-Pacific and MEA regions, demand for various healthcare services, including healthcare consulting services, has increased. Additionally, high demand for better management services exists due to rising healthcare revenue. Healthcare consulting services help manage these finances and resolve complex reimbursement structures. As a result of rising healthcare spending and the availability of these opportunities in
developing
nations, there are numerous opportunities for market growth.
Regional Analysis
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 12.04% over the forecast period. The Americas accounted for the lion's market share because of their cutting-edge technology, expensive healthcare, and concentration of major players. Residents of the area are health-conscious, which drives up healthcare costs. There is a greater need for healthcare consulting services to manage the expanding healthcare revenue. According to the Centers for Medicare and Medicaid Services, the US spent 3.6 trillion USD on healthcare in 2018, an increase of 4.6% from the previous year. In North America, 2019 saw a marked rise in healthcare spending. Additionally, healthcare outsourcing can help businesses cut costs by 30% to 60%, which will help the market grow. Further, during the corresponding period, the market expansion will be aided by rising cost savings and the demand for specialized services. The American market has also grown due to increasing government investments in healthcare.
Europe is anticipated to grow at a CAGR of 12.25 percent during the forecast period. Europe also controlled a sizable market because of its sophisticated technology, expensive healthcare, and concentration of major players. The region's health-conscious population is to blame for the rising cost of healthcare. There is a greater need for healthcare consulting services to manage the expanding healthcare revenue. There, the major players are expanding their business activities. For instance, the healthcare consulting firm Nordic announced in October 2020 that it had acquired Tasman Global, a provider of healthcare IT consulting services with offices throughout Europe and Asia and a Dutch headquarters. Furthermore, rising government funding has fueled the expansion of the European healthcare market.
Key Highlights
The global healthcare consulting services market
was valued at
USD 16,872.3
million in 2022. It is expected to reach
USD 48,624.26 million
by 2031, growing at a
CAGR of 12.48%
during the forecast period (2023–2031).
Based on the type of services, the global healthcare consulting services market is bifurcated into IT, digital, financial, operational, and strategy consulting. The digital consulting segment is the highest contributor to the market and is expected to grow at a CAGR of 13.31% during the forecast period.
Based on the application, the global healthcare consulting services market is bifurcated into operations management, financial, population health, and clinical. The operations management segment is the highest contributor to the market and is expected to grow at a CAGR of 11.96% during the forecast period.
Based on the end-user, the global healthcare consulting services market is bifurcated into hospitals and clinics, government bodies, and life science companies. The life science companies' segment is the highest contributor to the market and is expected to grow at a CAGR of 12.21% during the forecast period.
North America is the most significant revenue contributor and is expected to grow at a CAGR of 12.04% during the forecast period.
Competitive Players
The global healthcare consulting services market's major key players are Iqvia, Accenture, Mckinsey and Company, Cognizant, Deloitte, Bain and Company, Inc, Huron Consulting Group, KPMG, PWC, and Boston Consulting Group.
Market News
In November 2022, the first Prime Site in Israel was launched by IQVIA, a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences sector. Clalit is the most significant health services organization in Israel.
In December 2022, Mobeus, a technology company leading the way in immersive experiences through transparent computing, received a strategic investment from Accenture through Accenture Ventures. Mobeus Industries, Inc., with its main office in New Jersey, is creating frictionless technology to improve how people connect and communicate.
Global Healthcare Consulting Services Market: Segmentation
By Type of Services
IT Consulting
Digital Consulting
Financial Consulting
Operational Consulting
Strategy Consulting
By Applications
Operations Management
Financial
Population Health
Clinical
By End-User
Hospitals and Clinics
Government Bodies
Life Science Companies
By Regions
North America
Europe
Asia-Pacific
The Middle East and Africa
MENAFN26042024004597010339ID1108143195
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.