Global Healthcare Consulting Services Market is poised to escalate furthered heights by 2024, registering 10.4% CAGR throughout the forecast period (2019-2024). Factors such as the increasing globalization, rising demand for healthcare products, and the addition of new features in the healthcare industry create enormous market demand.
Global healthcare consulting services market has been witnessing a constant rise in its revenues as well as size. Factors such as advantages that these services offer in the effective management of daily operations in healthcare companies drive the market growth, predominantly. Healthcare consulting service companies support and advise healthcare and pharma companies on strategies and proper management of various daily activities, ranging from operations, accounting, and finance to sales, marketing, and insurance.
In addition to streamlining various functions, the adoption of healthcare consulting services also ensures the reduction of a considerable amount of operational costs and time required for the management, and simplified processes. Over recent years, the burgeoning healthcare sector is witnessing a spurting rise in the numbers of care facilities, which, in turn, acts as a major driving force accelerating the growth of the market on a global platform.
Furthermore, increasing competition in the healthcare sector is fostering the growth of the market, encouraging major companies to focus on the improvement of their business strategies, product designing, development, and marketing. On the other hand, the availability of a large number of similar technologies and services alongside the lack of expertise in differentiating mapped services & solutions and low product differentiation are acting as growth impeders for the market.
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Nevertheless, the high demand for improved care services and operations would support the growth of the market throughout the assessment period, acting as a key driving force.
Healthcare Consulting Services Market Segmentations
The analysis has been segmented into three major dynamics.
By Type of Service, the Healthcare Consulting Services Market is segmented into IT & Digital Consulting, and other services.
By Component, the Healthcare Consulting Services Market is segmented into Solutions, Services, and others.
By Application, the Healthcare Consulting Services Market is segmented into Financial, Operations Management, and Population Health, among others.
By End-User, the Healthcare Consulting Services Market is segmented into Hospitals & Clinics and Life Science Companies, among others.
By Regions, the Healthcare Consulting Services Market is segmented into Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Healthcare Consulting Services Market Regional Analysis
North America leads the global healthcare consulting services market. The largest market attributes to the huge presence of increasing healthcare companies and intensifying competition in the healthcare industry. Besides, factors such as the transition in the healthcare sector towards value-based care delivery and rising preference for hiring consulting service provider for new strategies and solutions act as major tailwinds for the regional market growth. Additionally, high per capita healthcare expenditures, along with the rising R&D investments for the development of new technologies, are pushing the growth in the regional market.
Europe takes the second-leading position in the global healthcare consulting services market due to the increasing technological advances. Growing uptake of advanced healthcare IT and digital consulting technologies for operations management drive the market growth in the region. Also, the rising adoption of software solutions in quadrupling numbers of life science companies creates a substantial market demand in this region. Furthermore, governments’ financial support for the healthcare sector, huge patient population, and increasing numbers of hospitals & healthcare infrastructures boost the growth of the regional market.
The Asia Pacific region has emerged as one of the lucrative market for healthcare consulting services globally. The market is predominantly driven by the continually rising population that demands quality care and increasing numbers of healthcare facilities. Besides, increasing initiatives taken by public & private sectors fuel the regional market growth. Highly populated countries like China and India account for major contributors to the APAC healthcare consulting services market. Moreover, increasing demand to improve operation management in the growing numbers of healthcare facilities influences the growth of the regional market.
Healthcare Consulting Services Market Competitive Dynamics
Fiercely competitive, the healthcare consulting services market appears highly fragmented due to the presence of many large & small-scale players. These players invest substantially to form strategic partnerships and collaborations to gain a larger competitive advantage. They also invest in driving RD activities and in meeting their expansion plans. Through R&D, they drive technology launch, and to expand their global footprints, they acquire promising companies from emerging regions.
Healthcare Consulting Services Market Major Players:
Players driving the global healthcare consulting services market include Accenture Consulting (US), Cognizant (US), McKinsey and Company (US), Deloitte Consulting (US), Bain and Company (US), Ernst and Young (UK), Deloitte Touche Tohmatsu Limited (US), KPMG (Switzerland), Huron Consulting (US), The Boston Consulting Group (US), and PWC (UK), among others.
Healthcare Consulting Services Industry/ Innovation/ Related News
DXC Technology (the US), a leading global provider of B2B IT services, announced the selling deed for its US Local Health and Human Services Business to a local private-equity firm Veritas Capital. The deal worth USD 5.0 BN aligns with the company’s strategy. However, DXC plans to retain its healthcare business that includes servicing customers from life sciences firms.
Veritas Capital, as a private equity firm, has extensive experience acquiring and optimizing businesses in the government IT services market. The transaction is likely to close in December 2020. The after-tax proceeds from the sale will be used to pay down debt.
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