DUBLIN, March 10, 2022–(BUSINESS WIRE)–The “Global Healthcare Consulting Services Market by End User, By Service Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” report has been added to from ResearchAndMarkets.com offer.
The global healthcare consulting services market is expected to reach $44.9 billion by 2027, growing at a market growth rate of 11.7% CAGR during the forecast period.
COVID-19 Impact Analysis
The population and the economy have been severely affected by the COVID-19 pandemic. As a result, healthcare institutions are under enormous pressure to develop a well-coordinated environment in which all clinical and non-clinical tasks are internally linked and the organization works in tandem with other healthcare units. More than 255 million confirmed cases had been reported worldwide as of November 2021, with more than 5 million deaths according to the WHO.
The pandemic has had a significant impact on independent consulting, resulting in lower business, lower revenue and project delays. However, pharmaceuticals and healthcare were among the top three industries (along with chemicals and agriculture) least affected by the pandemic. Healthcare providers, payers, pharmaceutical and biotechnology companies, medical device companies and government agencies have all embraced innovative technologies, solutions and services to fight the epidemic, going beyond the pathways traditional ways to improve workflows.
Market Growth Factors
Growing penetration of digital health services
Due to the growing demand for effective practical solutions, there has been a huge demand for healthcare consulting services. Healthcare outsourcing is in high demand globally due to its applications in a variety of disciplines within the healthcare industry. Additionally, thanks to favorable government policies in both developed and emerging countries, the opportunities for health informatics consulting are expanding. The ability of healthcare consultants to boost the overall business of healthcare organizations is expected to contribute to the growth of the healthcare consulting market over the forecast period.
Consolidation in the healthcare industry is becoming more common
The number of merger and acquisition transactions in the healthcare sector has steadily increased over the past few years. Synchronizing the digital and IT infrastructure of several companies during merger activities is a difficult question. IT departments are responsible for data migration and synchronization, as well as the ongoing management of electronic medical records. With the growing number of mergers and acquisitions in the healthcare industry, an increasing number of clients are likely to seek the help of healthcare consultants to overcome relevant hurdles in a seamless and cost-effective manner.
Marketing Limiting Factor
More and more multi-sourcing approaches
Rather than adopting a single strategy, a growing number of companies are breaking larger consulting contracts into smaller chunks and using multiple vendors to complete the tasks. Because consulting firms are not necessarily competent in all areas of practice, healthcare organizations are gradually adopting the multi-sourcing model. Healthcare providers, payers and government agencies are all pushing for many consulting firms to work together on projects.
End User Perspectives
On the basis of end-user, the healthcare consulting services market is divided into government agencies, healthcare providers, health insurance payers, pharmaceutical and biotechnology companies, and medical device companies. The segment of pharmaceutical and biotechnology companies provided a promising revenue share in the healthcare consulting services market in 2020. This is due to the difficulties faced by these companies in managing IT and operational processes as well as the business dynamics constantly evolving of these societies around the world.
Outlook service type
On the basis of service type, the healthcare consulting services market is segmented into digital health consulting, financial consulting, IT consulting, strategy consulting, operations consulting, and HR and talent consulting. The financial consulting segment yielded a promising revenue share in the healthcare consulting services market in 2020. These services include consulting services provided to manage hospital funds and expenses. These solutions help companies prioritize their spending based on the amount of incentives they can offer.
Regionally, the Healthcare Consulting Services Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America has emerged as the top healthcare consulting services market region with the highest revenue share in 2020. The provision of government funding for healthcare information exchange progression statewide and national level healthcare providers, the increased preference for HCIT solutions, the increase in the number of favorable initiatives by regional governments during the COVID-19 pandemic, the presence of large hospitals that require integrated health networks, the presence of major players offering health consulting services and the high adoption rate of these services by health organizations during the COVID-19 pandemic.
Cardinal Matrix – Competitive Analysis in the Healthcare Consulting Services Market
The major strategies followed by market players are acquisitions. Based on the analysis presented in the Cardinal Matrix, Accenture PLC and Deloitte Touche Tohmatsu Limited are the frontrunners in the healthcare consulting services market. Companies such as Cognizant Technology Solutions Corporation, IQVIA Holdings, Inc., Huron Consulting Group, Inc. are some of the leading innovators in the market.
The market research report covers the analysis of major market players. Key companies profiled in the report include:
McKinsey & Company
Ernst & Young Global Limited
Bath & Company Inc.
Huron Consulting Group Inc.
West Monroe Partners Inc.
Cognizant Technology Solutions Corporation
Deloitte Touche Tohmatsu Limited
IQVIA Holdings Inc.
Boston Consulting Group
Recent Strategies Deployed
Partnerships, Collaborations and Agreements
July 2021: Cognizant has partnered with Royal Philips, a global leader in health technology. As a result of this collaboration, the two companies aimed to create end-to-end digital health solutions that should enable healthcare organizations and life science companies to improve patient care and accelerate clinical trials.
Product launches and product extensions
Dec-2021: IQVIA has rolled out new nursing research and phlebotomy services. Additionally, these new services offer patients participating in clinical trials access to a global network of high-quality, credentialed professionals who provide compassionate care under the home protocol.
Acquisitions and mergers
Jan-2022: Hiren took over Perception Health, the disease forecasting company. Following the acquisition, the two companies’ integrated capabilities are expected to enhance Huron’s healthcare data and predictive analytics capabilities to help customers unlock insights and identify patterns to improve patient care. and make informed decisions.
Nov-2021: EY has taken over Tao Leadership Limited (Tao), a company that is focused on driving rapid organizational transformation and culture change in businesses. This acquisition is expected to further drive the growth of EY People Advisory Services by enhancing the already critically important transformational leadership and culture change capabilities.
September 2021: Accenture acquired Gevity, providing 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 provide health transformation services in Canada and abroad.
July 2021: Deloitte acquired Paxton Partners, a healthcare consulting firm. Following the acquisition, Deloitte is expected to acquire the specialized skills of the Paxton Partners team, which is expected to enhance the capabilities available to state and federal health departments, other funders, insurers, public health services, sector operators, not-for-profit health providers, private hospital groups and investors.
May-2021: Deloitte acquired Iperion Life Sciences Consultancy, a globally operating firm that supports life science companies and regulators in their digital transformation. Following the acquisition, Iperion is expected to become “Iperion – a Deloitte business” and part of Deloitte’s risk advisory function, focusing on safety, outcomes and experiences in human medicine through information on standardized and regulated products.
Feb-2021: Huron took over Unico Solution, a provider of data management and analytics systems. This acquisition was intended to enhance Huron’s data management and governance capabilities to help customers better manage their data to optimize operations and drive cloud adoption.
February 2021: Cognizant acquired Linium, a cloud transformation consulting group specializing in the ServiceNow platform and solutions for intelligent digital enterprise workflows. Following the acquisition, Linium’s specialized ServiceNow focus was aimed at extending Cognizant’s enterprise service management capabilities while supporting its own longstanding ServiceNow alliance.
January 2021: Deloitte acquired HashedIn Technologies Private Limited, a leading software engineering and cloud native product development company. Following the acquisition, the two companies are expected to jointly help customers imagine, deliver and manage their future with cloud technologies. Additionally, the two companies’ integrated capabilities are expected to strengthen the ability to develop software products and intelligent solutions that drive cutting-edge innovation.
For more information on this report, visit https://www.researchandmarkets.com/r/r1la8d
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220310005629/en/
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