Healthcare Consulting Services Market

Healthcare Consulting Services Market Size, Share, Growth Analysis, By Type of Service(Digital Health, IT, Operations, Strategy), By End User(Government Bodies, Healthcare Providers, Pharmaceutical & Biotechnology Companies), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35D2020 | Region: Global | Published Date: July, 2001
Pages: 157 |Tables: 66 |Figures: 75

Healthcare Consulting Services Market Insights

Healthcare Consulting Services Market size was valued at USD 13.7 billion in 2019 and is poised to grow from USD 14.83 billion in 2023 to USD 25.9 billion by 2031, growing at a CAGR of 8.3% in the forecast period (2024-2031).

Healthcare consulting offers guidance to hospitals, clinics, and other healthcare facilities in order to enhance their management and operations. These healthcare consulting services help healthcare firms manage their internal organizational structures more effectively.

The healthcare consulting services market is driven by the rapid adoption of digitalization in healthcare across the globe. Agile methodologies and strong IT support give healthcare providers a competitive edge in terms of raising quality, lowering costs, boosting profits, and streamlining inventory management. Furthermore, there are greater chances for IT healthcare consulting as a result of favorable government policies in both developed and developing nations. During the projection period, other variables, such as greater government backing for healthcare IT systems, are anticipated to change the technology environment. The expansion of the market is driven by the need to enhance the operational dynamics of the global healthcare industry. The effective administration and training of employees and professionals are essential to the healthcare sector. This factor has also aided in the growth of the global healthcare consulting services market. The global market is predicted to create significant profits as new models take center stage in the healthcare industry.

US Healthcare Consulting Services Market  is poised to grow at a sustainable CAGR for the next forecast.

Market Snapshot - 2024-2031

Global Market Size

USD 13.7 billion

Largest Segment

Healthcare Providers

Fastest Growth

Healthcare Providers

Growth Rate

8.3% CAGR

Global Healthcare Consulting Services Market ($ Bn)
Country Share for North America Region (%)
Country Share for Aisa Pacific Region (%)

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Healthcare Consulting Services Market Segmental Analysis

Global healthcare consulting services market is segmented based on type of service, end user, and region. Based on type of service, the Healthcare Consulting Services Market is divided into digital health, IT, operations, strategy, financial, HR & talent. By end user, the Healthcare Consulting Services Market is divided into government bodies, healthcare providers, and pharmaceutical & biotechnology companies. Based on region, the Healthcare Consulting Services Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Healthcare Consulting Services Market Analysis by Type of Service

In 2021, the digital health sector held the greatest share of the global healthcare consulting services market. The growing inclination towards digital health consulting has benefitted both service providers and consumers. Rising healthcare industry’s spending to digitalize the hospital facilities is also anticipated to boost healthcare consulting service market.

Moreover, financial segment is also anticipated to hold significant market share owing to support offered by advisory to handle hospital funds and expenses.

Healthcare Consulting Services Market Analysis by End User

Based on end user, the global healthcare consulting services market is divide into government bodies, healthcare providers, pharmaceutical & biotechnology companies. The healthcare providers segment is anticipated to grow at the fastest rate during the forecast period. The need for healthcare consultants among hospitals and physician groups is mostly driven by the enormous changes the healthcare sector is undergoing as a result of evolving regulatory requirements and technology improvements.

Global Healthcare Consulting Services Market By End User, 2023 (%)

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Healthcare Consulting Services Market Regional Insights

North America is predicted to account for the largest share of the worldwide healthcare consulting services market in 2021, accounting for 47%, followed by Europe and the Rest of the World. The healthcare provider business in the United States is continually being challenged by industry-wide reforms. Health organisations must be strategic in their selection, installation, and exploitation of digital and IT systems in order to achieve clinical, financial, and operational returns on investments. As a result, numerous healthcare companies have partnered with healthcare consulting firms to build, maintain, and train such systems/solutions in order to improve organisational performance and drive business development.

However, during the forecast period, Asia Pacific is expected to experience the fastest growth.

This is due to the development of technology, investments made in the region by international pharmaceutical corporations, and an increase in the demand for telemedicine and remote treatment in rural areas.

Global Healthcare Consulting Services Market By Region, 2024-2031

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Healthcare Consulting Services Market Dynamics

Healthcare Consulting Services Market Driver

  • Healthcare consulting services are expected to rise in demand during the forecast period as it aids in money saving for businesses. It reduces the cost burden related to human capital, space, operations, and resource management. As healthcare payers are overwhelmed with health insurances and its margins, healthcare providers and hospitals struggle with many uninsured patients. Turning to healthcare consultants for best suited models makes their job easier.

Healthcare Consulting Services Market Restraint

  • Improper consultation planning and money allocation frequently have a detrimental influence on cost reductions and the business value that may be achieved from consulting. Companies that use consulting services fail to account for unanticipated expenditures such as those incurred while analysing and selecting a vendor, managing offshore contracts, process transfer, and improving employee security and severance pay. Calculating the overall cost of consulting services, particularly IT, has always been difficult, but the changing nature of IT, along with unforeseen costs, exposes firms to even more hidden charges.

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Healthcare Consulting Services Market Competitive Landscape

The global healthcare consulting services market is highly consolidated owing to the presence of prominent competitors. Significant number of market participants in the global healthcare consulting services market are currently concentrating more on establishing successful joint ventures, acquisitions, and/or collaborations in order to increase their respective clienteles.

Over the course of the forecast period, it is predicted that this factor, along with promising developments from developing countries in the Asia Pacific region including India, China, Taiwan, Indonesia, etc., would greatly increase the commercial chances for interested parties.

Top Players in the Global Healthcare Consulting Services Market

  • McKinsey & Company
  • Boston Consulting Group
  • Deloitte Consulting LLP
  • Accenture
  • PwC
  • KPMG LLP
  • Ernst & Young LLP
  • Bain & Company
  • Huron Consulting Group Inc.
  • Navigant Consulting, Inc.
  • The Advisory Board Company
  • AlixPartners LLP
  • FTI Consulting, Inc.
  • Alvarez & Marsal Holdings, LLC
  • HealthCare Appraisers, Inc.
  • The Chartis Group
  • ZS Associates
  • Guidehouse
  • Gartner, Inc.
  • L.E.K. Consulting LLC

Healthcare Consulting Services Market Recent Developments

·         In October 2021, Cognizant (US) acquired Servian, an enterprise transformation consultancy, to expand Cognizant's integrated, end-to-end digital transformation capabilities in Australia and New Zealand and assist clients in moving to the cloud, building digital products and services, unlocking value from data, modernising enterprise applications, and achieving operational excellence.

·         In April 2021, PwC (UK) launched a new facility in Hyderabad called the Acceleration Centre (AC), which is intended to be a truly cross-functional and collaborative location.

Healthcare Consulting Services Key Market Trends

  • The number of merger and acquisition activity in the healthcare sector has been steadily increasing. Synchronizing the digital and IT infrastructure of many organizations during merger activities is a very difficult process. IT departments are responsible for managing ongoing electronic medical record management as well as data migration and synchronization. Along with the rising need for anytime, anywhere access to patient data, there exist difficulties with intra-enterprise communication and data sharing. Experienced IT and digital health consultants' participation in these initiatives can aid in harmonizing and standardizing systems throughout the company/organization.
  • The combination of patient medical records and related data from various departments and locations into a single system is another benefit of this strategy. This approach helps standardize patient data access and archiving across the organization, allowing for advanced data mining, streamlined data management, and improved disaster recovery. A growing number of clients are anticipated to need the assistance of healthcare consultants to address relevant issues smoothly and affordably as the number of mergers and acquisitions in the healthcare sector rises.

Healthcare Consulting Services Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, several organisations globally are making inroads into the global healthcare consulting services market. Healthcare consulting has arisen as a vast field of administration that has revolutionised the functional dynamics of the global healthcare system.

Report Metric Details
Market size value in 2023 USD 13.7 billion
Market size value in 2031 USD 25.9 billion
Growth Rate 8.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type of Service
    • Digital Health, IT, Operations, Strategy, Financial, HR & Talent
  • End User
    • Government Bodies, Healthcare Providers, Pharmaceutical & Biotechnology Companies
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • McKinsey & Company
  • Boston Consulting Group
  • Deloitte Consulting LLP
  • Accenture
  • PwC
  • KPMG LLP
  • Ernst & Young LLP
  • Bain & Company
  • Huron Consulting Group Inc.
  • Navigant Consulting, Inc.
  • The Advisory Board Company
  • AlixPartners LLP
  • FTI Consulting, Inc.
  • Alvarez & Marsal Holdings, LLC
  • HealthCare Appraisers, Inc.
  • The Chartis Group
  • ZS Associates
  • Guidehouse
  • Gartner, Inc.
  • L.E.K. Consulting LLC
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Healthcare Consulting Services Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Healthcare Consulting Services Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Healthcare Consulting Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare Consulting Services Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare Consulting Services Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Healthcare Consulting Services Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Healthcare Consulting Services Market size was valued at USD 13.7 billion in 2019 and is poised to grow from USD 14.83 billion in 2023 to USD 25.9 billion by 2031, growing at a CAGR of 8.3% in the forecast period (2024-2031).

The healthcare consulting services market is highly consolidated owing to the presence of prominent competitors. Significant number of market participants in the healthcare consulting services market are currently concentrating more on establishing successful joint ventures, acquisitions, and/or collaborations in order to increase their respective clienteles. 'McKinsey & Company', 'Boston Consulting Group', 'Deloitte Consulting LLP', 'Accenture', 'PwC', 'KPMG LLP', 'Ernst & Young LLP', 'Bain & Company', 'Huron Consulting Group Inc.', 'Navigant Consulting, Inc.', 'The Advisory Board Company', 'AlixPartners LLP', 'FTI Consulting, Inc.', 'Alvarez & Marsal Holdings, LLC', 'HealthCare Appraisers, Inc.', 'The Chartis Group', 'ZS Associates', 'Guidehouse', 'Gartner, Inc.', 'L.E.K. Consulting LLC'

Healthcare consulting services are expected to rise in demand during the forecast period as it aids in money saving for businesses. It reduces the cost burden related to human capital, space, operations, and resource management. As healthcare payers are overwhelmed with health insurances and its margins, healthcare providers and hospitals struggle with many uninsured patients. Turning to healthcare consultants for best suited models makes their job easier.

The number of merger and acquisition activity in the healthcare sector has been steadily increasing. Synchronizing the digital and IT infrastructure of many organizations during merger activities is a very difficult process. IT departments are responsible for managing ongoing electronic medical record management as well as data migration and synchronization. Along with the rising need for anytime, anywhere access to patient data, there exist difficulties with intra-enterprise communication and data sharing. Experienced IT and digital health consultants' participation in these initiatives can aid in harmonizing and standardizing systems throughout the company/organization.

North America is predicted to account for the largest share of the worldwide healthcare consulting services market in 2021, accounting for 47%, followed by Europe and the Rest of the World. The healthcare provider business in the United States is continually being challenged by industry-wide reforms. Health organisations must be strategic in their selection, installation, and exploitation of digital and IT systems in order to achieve clinical, financial, and operational returns on investments. As a result, numerous healthcare companies have partnered with healthcare consulting firms to build, maintain, and train such systems/solutions in order to improve organisational performance and drive business development.

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