The “Global Healthcare Consulting Services Market By End User, By Type of Service, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027″ report has been added to ResearchAndMarkets.com’s offering.
The Global Healthcare Consulting Services Market is expected to reach $44.9 billion by 2027, rising at a market growth of 11.7% CAGR during the forecast period.
COVID-19 Impact Analysis
The population and economy have been severely harmed by the COVID-19 pandemic. As a result of this, healthcare institutions are under tremendous pressure to develop a well-coordinated environment in which all clinical and non-clinical tasks are linked internally and the organization works in tandem with other healthcare units. More than 255 million confirmed cases had been reported globally as of November 2021, with more than 5 million deaths as per WHO.
The pandemic has had a significant impact on independent consulting, resulting in decreased business, lower revenue, and project delays. However, pharmaceuticals and healthcare were among the three main industries (along with chemicals and agriculture) that were least affected by the pandemic. Healthcare providers, payers, pharma & biotech businesses, medical device companies, and government agencies have all adopted innovative technologies, solutions, and services to tackle the outbreak, going beyond traditional routes to improve workflows.
Market Growth Factors
Rising penetration of digital healthcare services
Due to the growing demand for efficient practical solutions, there has been a huge demand for healthcare advising services. Healthcare outsourcing is in high demand around the world due to its applications in a variety of disciplines within the healthcare industry. Furthermore, as a result of favorable government policies in both developed and emerging countries, possibilities for healthcare IT consulting are expanding. The ability of healthcare consultants to boost the overall corporate activities of healthcare organizations is expected to aid the growth of the healthcare consulting market during the forecast period.
Consolidation in the healthcare industry is becoming more common
The number of merger and acquisition transactions in the healthcare industry has been steadily increasing over the last several years. Synchronizing the digital and IT infrastructure of several businesses during merger activities is a difficult issue. IT departments are responsible for data migration and synchronization, as well as the continuing management of electronic medical records. With the rising number of mergers and acquisitions in the healthcare industry, a growing number of customers are likely to seek the assistance of healthcare consultants to overcome relevant obstacles in a seamless and cost-effective manner.
Marketing Restraining Factor
Growing number of multi-sourcing approaches
Rather than taking a one-size-fits-all strategy, an increasing number of companies are splitting down larger consulting contracts into smaller chunks and enlisting the help of multiple vendors to complete tasks. Because consulting firms do not necessarily have competence in every practice area, healthcare organizations are gradually adopting the multi-sourcing model. Healthcare providers, payers, and government agencies are all pushing for numerous consulting firms to work together on projects.
End User Outlook
Based on end-user, the healthcare consulting services market is divided into Government Bodies, Healthcare Providers, Health Insurance Payers, Pharmaceutical & Biotechnology Companies and Medical Device Companies. Pharmaceutical & Biotechnology Companies segment procured a promising revenue share in the healthcare consulting services market in 2020. It is owing to the difficulties faced by these companies in managing IT and operational processes along with the constantly changing business dynamics of these companies across the world.
Type of Service Outlook
On the basis of type of service, the healthcare consulting services market is segmented into Digital Health Consulting, Financial Consulting, IT Consulting, Strategy Consulting, Operations Consulting, and HR & Talent Consulting. The financial consulting segment procured a promising revenue share in the healthcare consulting services market in 2020. These services include advisory services supplied to manage the hospital’s funds and expenses. These solutions help businesses prioritize their spending based on the amount of incentives they can offer.
Region-wise, healthcare consulting services market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the healthcare consulting services market with the maximum revenue share in 2020. The provision of government funding for the progress of state-wide and national healthcare information exchange, the increased preference for HCIT solutions, the increased number of favorable initiatives by regional governments during the COVID-19 pandemic, the presence of large hospitals that demand integrated healthcare networks, the presence of major players offering healthcare consulting services, and the high adoption rate of these services by healthcare organizations during the COVID-19 pandemic.
Cardinal Matrix – Healthcare Consulting Services Market Competition Analysis
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix Accenture PLC and Deloitte Touche Tohmatsu Limited are the forerunners in the Healthcare Consulting Services Market. Companies such as Cognizant Technology Solutions Corporation, IQVIA Holdings, Inc., Huron Consulting Group, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include:
- McKinsey & Company
- Ernst & Young Global Limited
- Bain & Company Inc.
- Huron Consulting Group Inc.
- West Monroe Partners Inc.
- Accenture PLC
- Cognizant Technology Solutions Corporation
- Deloitte Touche Tohmatsu Limited
- IQVIA Holdings Inc.
- Boston Consulting Group
Recent Strategies Deployed
Partnerships, Collaborations and Agreements
- Jul-2021: Cognizant teamed up with Royal Philips, a global leader in health technology. Following the collaboration, the two companies aimed to create end-to-end digital health solutions that is expected to allow healthcare organizations and life sciences companies to enhance patient care and speed up clinical trials.
Product Launches and Product Expansions
- Dec-2021: IQVIA rolled out new Research Nursing and Phlebotomy services. In addition, these new services provide patients who take part in clinical trials access to a global network of high-quality, credentialed professionals that offer compassionate protocol-required care within their own homes.
Acquisitions and Mergers
- Jan-2022: Hiren took over Perception Health, the disease prediction company. Following the acquisition, the integrated capabilities of the two companies is expected to enhance Huron’s healthcare predictive analytics and data capabilities to assist customers to unlock insights and identify patterns to improve patient care and make informed decisions.
- Nov-2021: EY took over Tao Leadership Limited (Tao), a company that focuses on driving fast-paced organizational transformation and culture change in businesses. This acquisition is expected to further boost the growth of EY People Advisory Services by bolstering the already extremely prominent tech-enabled transformational leadership and culture change capabilities.
- Sep-2021: Accenture took over Gevity, offers professional services to clients seeking sustainable and effective healthcare, social services, and life sciences solutions. Through this acquisition, the company aimed to expand its capabilities to offer health transformation services in Canada and internationally.
- Jul-2021: Deloitte took over Paxton Partners, a healthcare consulting firm. Following the acquisition, Deloitte is expected to acquire the specialist skills of the Paxton Partners team which is expected to improve the capability available to state and federal health departments, other funders, insurers, public health services, sector operators, not-for-profit health vendors, private hospital groups, and investors.
- May-2021: Deloitte acquired Iperion Life Sciences Consultancy, a globally-operating firm working to support life sciences companies and regulatory bodies in their digital transformation. Following the acquisition, the Iperion is expected to become “Iperion – a Deloitte business” and become part of Deloitte’s Risk Advisory function, focusing on human medicine safety, outcomes, and experiences through standardized, regulated product information.
- Feb-2021: Huron took over Unico Solution, a data management and analytics systems provider company. This acquisition aimed to enhance the data management and governance capabilities of Huron to assist customers in better managing their data to optimize their operations and boost cloud adoption.
- Feb-2021: Cognizant took over Linium, a cloud transformation consultancy group specializing in the ServiceNow platform and solutions for smart digital enterprise workflows. Following the acquisition, the specialized ServiceNow focus of Linium aimed to expand Cognizant’s enterprise service management capabilities while supporting its own longstanding ServiceNow alliance.
- Jan-2021: Deloitte took over HashedIn Technologies Private Limited, a leading cloud-native software engineering, and product development firm. Following the acquisition, the two companies is expected to together assist the customers to imagine, provide and run their futures with cloud technologies. Moreover, the integrated capabilities of the two companies is expected to strengthen the capacity to develop software products and intelligent solutions that boost innovation at the edge.
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