A healthcare consulting services market worth $41.2 billion by 2026

CHICAGO, January 7, 2022 /PRNewswire/ — According to new market research report Healthcare Consulting Services Market by type of service (digital health, IT, operations, strategy, finance, HR and talent), end user (government agencies, healthcare providers, pharmaceutical and biotech companies) and region – global forecasts to 2026″, published by MarketsandMarkets™, the global market is expected to reach $41.2 billion by 2026 from $23.9 billion in 2021 at a CAGR of 11.5% over the forecast period.

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The growth of this healthcare consulting services market is majorly driven by increasing digitization of healthcare, rise in demand to reduce rising healthcare costs, increasing adoption of big data analytics , IoT and cloud deployment, increasing disease burden worldwide, favorable changes in the HCIT landscape, government support for HCIT solutions and the need for data security. On the other hand, concerns over data privacy and hidden costs of consulting services are expected to hamper the market growth to some extent in the coming years.

The health sector has been at the center of the COVID-19 crisis. On the one hand, it has been tasked with treating COVID-19 patients, while on the other hand, it has also faced several challenges just like other sectors. The sector has had to continually innovate and develop new ways of delivering care. Innovators in the space are already recognizing these trends and proposing ways to address them through technological and digital solutions. Health management should also become more integrated, with players offering different services coming together and providing consumers with the care they need. Many services are expected to migrate to a virtual setting or consumers’ homes, with technology platforms bringing them together. These factors are likely to increase the demand for healthcare consultants during the forecast period.

Strategy consulting and digital health segments to register the strongest growth in the market.

Based on type, the vendor services market is segmented into digital consulting, IT consulting, strategy consulting, operations consulting, financial consulting, and HR & talent consulting. The strategy consulting segment is expected to account for the 21.1% share of the healthcare consulting services market in 2021. The major role of consulting firms is to optimize efficiency, improve revenue generation, to bring about structural improvements in organizations and to guide management towards making better decisions and, in fact, improving the profit potential of the organization. Healthcare consulting services are emerging as powerful tools to reduce rising costs while improving the overall quality of healthcare. They help provide quality health care and lead to better clinical outcomes.

Healthcare providers will represent the fastest growing segment of the healthcare consulting services market.

On the basis of end user, the life science services market is segmented into government agencies, healthcare providers, health insurance payers, pharmaceutical and biotechnology companies, and medical device companies. The healthcare provider segment is expected to show a considerable level of growth over the coming years. Recent advances in healthcare and the COVID-19 crisis have dramatically increased the overall number of patients. This has forced the industry to face significant challenges, such as the need to move to more scalable business models designed to handle higher volumes of consumers, thereby increasing the demand for such consulting services.

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The North American healthcare consulting services market will dominate the global market in 2021.

North America led the healthcare consulting services market, with a share of 46.8% in 2020, and is expected to register the highest CAGR of 9.3% during the forecast period. The developed infrastructure and growing demand for digitized technologies across North America are driving the implementation of different analytical solutions among industries. North America market dominance can be attributed to the strong economies of the United States and Canada, which have enabled significant investments in new technologies, advanced IT infrastructure, increased adoption of SaaS and stringent regulatory requirements across all industries. The evolution of healthcare organizations towards emerging technologies and the growth in the implementation of digital strategies are likely to increase the adoption of healthcare consulting service offerings in North America.

Some of the major players operating in the healthcare consulting services market are Accenture (Ireland), Cognizant (US), Deloitte (UK), McKinsey & Company (US), PwC (UK), EY (UK), Huron Consulting Group Inc. (US), KPMG (Netherlands), Boston Consulting Group (USA), Bain & Company, Inc. (USA) and IQVIA (USA), among others.

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