Healthcare Consulting Services Market Size, Trends and Growth Analysis by Type of Service (IT Consulting and Digital Consulting), Component (Solutions and Services), Application (Operations Management, Financial and Population Health) and End User (Hospitals, Clinics and Life Science Companies), Forecast to 2024
Healthcare Consulting Services Market Analysis
The Healthcare consulting services market is growing rapidly worldwide. Health consultancy services help healthcare providers to perform day-to-day operations smoothly in lesser time, using increased connectivity. Healthcare providers are increasingly implementing new strategies to improve the operational management of routine activities such as sales & marketing, finance & accounting, and insurance.
The healthcare consulting market witnesses increasing demand across the globe, led by the rising usages of healthcare products. Moreover, recent COVID-19 outbreak is escalating the market growth as governments are increasingly introducing plans for healthcare services and infrastructure improvements. These plans include free medical tele-consulting services and medical escort services for the elderly living alone.
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In its recent study report, Market Research Future (MRFR) asserts that the healthcare consulting services market is poised to register a CAGR of 10.4% throughout the review period (2019-2024). Additionally, advances in healthcare technologies increase the life sciences consulting market size. Healthcare is changing at unprecedented levels due to the transition to value-based healthcare, and individuals are taking charge of their personal health.
Healthcare Consulting Services Market Drivers & Restraints
- Rising adoption of health consultancy services.
- Increasing competition in consulting in healthcare industry.
- Rising initiatives to improve healthcare consulting services.
- Availability of similar technology
- Low product differentiation
- Prohibitive costs of health consultancy services.
Healthcare Consulting Services Market Segmentations
By Type of Service, the global healthcare consulting services market is segmented into Digital Consulting, IT Consulting, Financial Consulting, Strategy Consulting, Operations Consulting, and other services.
By Component, the global healthcare consulting services market is segmented into Software, Hardware, and Services.
By Application, the global healthcare consulting services market is segmented into Financial, Operations Management, Clinical, Population Health, and others.
By End User, the global healthcare consulting services market is segmented into Hospitals & Clinics, Life Science Companies, Government Bodies, and others.
Healthcare Consulting Services Market Regional Analysis
North America is the largest healthcare consulting services market globally. The market is majorly driven by the presence of a large number of healthcare companies and increasing competition in the healthcare industry. Healthcare organizations are increasingly focusing on patient care, billing processes, and procurement of products, which fosters regional market growth. The US and Canada hold substantial shares in the regional market due to well-developed healthcare sectors and high per capita healthcare expenditures.
Europe stands the second-largest position in the global healthcare consulting services market. Market growth attributes to the presence of well-developed healthcare infrastructures and a huge patient population suffering from myriads of chronic diseases in the region. Besides, the availability of funds and government support for R&D to develop new technologies propel the regional market growth. The UK and Germany, with the increasing healthcare expenditures, lead the European healthcare consulting services market.
The healthcare consulting services market is brisk in the Asia Pacific region. Factors such as increasing healthcare spending and favorable government policies drive regional market growth. India and China are leading markets for healthcare consulting services in the region. Moreover, rising initiatives taken by public and private organizations fuel the growth of the regional market. The APAC healthcare consulting services market is estimated to grow rapidly over the projected period.
Healthcare Consulting Services Market Competitive Landscape
Highly competitive, the HSC market appears fragmented due to the presence of several notable players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, expansion, collaboration, and product/technology launch. Service providers substantially invest in R&D to develop comprehensive service packages and to expand global footprints.
Players operating in HSC 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), PWC (UK), and The Boston Consulting Group (US), among others.
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Propel Insurance Agency, LLC (the US), announced the acquisition of a boutique risk management and insurance consulting firm – HealthCare Services (HCS). Propel and HCS will consolidate their expertise as they help clients manage risk across the country. The combined agency will continue to focus on providing tailored insurance solutions to its clients and exciting growth opportunities for its insurance carrier partners. The acquisition would expand Propel’s existing senior living practice, retaining Propel’s position as the leading healthcare specialists in the insurance industry.
Healthcare Triangle, Inc. (HTI the US), a leading global healthcare service provider, launched world-class cloud technology and consulting services for providers, payers, and life sciences companies. HTI combines life sciences, healthcare delivery, and business methodologies to accelerate cloud transformation, data lifecycle management, and operational improvement strategies for customers. HIT’s advanced cloud data management functionality, DevOps, and privacy and security compliance tools help hospitals and health systems, health insurers, life sciences, and biopharma companies to drive improved health outcomes.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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