Healthcare Consulting Services Market Research Report Information by Type of Services(IT Consulting, Digital Consulting, Financial Consulting, Operations Consulting, and Strategy Consulting), Application (Operations Management, Financial, Population Health, and Clinical), End User (Hospitals & Clinics, Life Science Companies, Government Organizations), and Region(Americas, Europe, Asia-Pacific, and the Middle East & Africa)- Forecast till 2032

Global Healthcare Consulting Services Market Overview

Healthcare consulting services market Size was valued at USD 15.9 billion in 2021 and is projected to grow from USD 17.86 Billion in 2022 to USD 51.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.4% during the forecast period (2023 - 2032). Some key factors driving the market for healthcare consulting services include the need for healthcare institutions such as life sciences corporations and government bodies to incorporate new technologies like cloud deployment, big data analytics, and IoT, as well as the goal to improve operational efficiency.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Healthcare Consulting Services Market Trends

• The rapid adoption of digitalization in healthcare to drive market growth

Globally, increasing digitization in the healthcare sector is leading to a positive outlook for the market. Agile methodologies and strong IT support provide a competitive advantage for healthcare providers in improving quality, lowering costs, increasing profits, and streamlining inventory management. Healthcare IT consulting aids in the development and maintenance of clinical platforms, analytics dashboards, network optimization services, revenue cycle administration (RCM), and enterprise resource planning (ERP) support. In line with this, the increasing number of hospital admissions has increased demand for advanced and efficient systems for expanding healthcare processes and infrastructure, favoring market revenue growth.

In addition, integrating artificial intelligence (AI) with healthcare IT consulting services to ensure data privacy, optimize resource management, gain insights from unstructured data, and provide a modernized approach to decision-making processes is driving the market share. Furthermore, market growth is boosted by the growing need for data security and the widespread adoption of digital healthcare models over paper-based alternatives. Other factors driving market growth include the implementation of various government initiatives supporting healthcare IT solutions, the growing geriatric population, extensive R&D activities, and the growing adoption of electronic record maintenance.

Healthcare Consulting Services Market Segment Insights:

Healthcare Consulting Services Type of Services Insights

The healthcare consulting services market segmentation, based on the type of services, includes IT, digital, financial, operations, and strategy consulting. The strategy consulting segment held the majority share in 2021, contributing to around ~46-49% of the healthcare consulting services market revenue. One of the main drivers of the demand for strategic management consulting services is the rise in mergers and acquisitions among healthcare organizations, such as biotechnology companies, pharmaceutical companies, and others. Additionally, there has also been an increase in the activities related to drug research, which has boosted the demand for launch management consulting and further aided in the segment market expansion.

Figure 2: Healthcare consulting services market, by Type of Services, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Moreover, the IT consulting segment will experience the fastest market CAGR during the forecast period owing to the increasing adoption of digitalization solutions such as big data, IoT, artificial intelligence, telehealth, and others in healthcare organizations. These technologies assist in the optimization of systems, the streamlining of physicians' work, the reduction of human error, the improvement of patient outcomes, and the reduction of service costs.

Healthcare Consulting Services Application Insights

The market segments of healthcare consulting services, based on the application, includes operations management, financial, population health, and clinical. Financial dominated the global market in 2021 and is expected to be the fastest-growing segment over the forecast period of 2022-2030, as it assists hospitals in managing their expenses and funds through various applications. Using these programs aids in budget analysis and provides a few benefits through these applications. The strategy segment will also expand significantly as the strategies provided by these service providers assist hospitals in acquiring more patients in various packages. The service providers offer a variety of campaigns carried out by these providers and the package assists in meeting the needs of a larger audience.

Healthcare Consulting Services End User Insights

The healthcare consulting services market segmentation, based on the end user, includes hospitals & clinics, life science companies, and government organizations. The hospitals & clinics segment had the highest market revenue share in 2021. Increasing hospital expenses have made it critical to manage hospitals by maintaining financial and operational performance. Additionally, it's crucial to comprehend several things when starting a new hospital, including how to obtain a license, raise money, hire staff, and enhance hospital branding and marketing, among other things. These important factors are increasing the global market demand for hospital consulting services. In addition, hospitals are increasingly interested in implementing new technologies to enhance patient experiences, which boosts the requirement for hospital consulting services.

Healthcare Consulting Services Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American healthcare consulting services market is expected to grow at a significant CAGR during the study period, accounting for USD 6.98 billion in 2021 owing to the widespread adoption of digital solutions by healthcare organizations such as pharmaceutical companies, public agencies, biotechnology companies' hospitals, and other institutions. Additionally, North America has a strict regulatory environment that it must adhere to keep up with constantly evolving regulations. As a result, the region's healthcare organizations have a high demand for regulatory consulting services, helping the region's market expansion.

Moreover, the major countries covered in the market report include the United States, Germany, Canada, France, the United Kingdom, Italy, Spain, India, Japan, Australia, China, South Korea, and Brazil.

Figure 3: HEALTHCARE CONSULTING SERVICES MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The European healthcare consulting services market is the world's second-largest. In Europe, there is a huge demand for healthcare consulting services due to the growing number of healthcare-related businesses, the rise in pharmaceutical clinical trials, and the quick advancement of medical technologies. Important market participants and emerging economies like the UK, France, Germany, and Spain also help the development of the regional market. Further, the UK market of healthcare consulting services held the largest market share, and the German market of healthcare consulting services was the fastest-growing market in the European region.

The Asia Pacific market of healthcare consulting services is expected to grow at the fastest rate of CAGR during the forecast period. Growing regional business expansions by healthcare organizations in the region and the presence of a significant number of consultants are key factors supporting the regional market. Besides, there has been an increase in the number of new drug and medical device launches in the region over the last five years, boosting demand for consulting services. Furthermore, the Asia Pacific market is benefiting from a growing adoption of digital solutions among government organizations and pharmaceutical and biotechnology firms.

Healthcare Consulting Services Key Market Players & Competitive Insights

Major market players are developing several strategic initiatives to increase the reach of their businesses and gain an edge over competitors. Accenture, Cognizant, and Deloitte dominate the global market in the current competitive landscape. The company's dominant position can be attributed to its diverse services and increased emphasis on strategic planning, which includes collaborations, partnerships, and mergers and acquisitions.

In response to these favorable market conditions, several companies offering healthcare consulting solutions and services made significant investments in R&D. These R&D approaches have produced services and solutions specifically suited to their client’s demands. Thus, introducing new solutions and applications contributes significantly to the market's growth throughout the forecast period. As a result, the rising demand for digital healthcare solutions with diverse applications will propel the healthcare consulting services industry growth in the coming years.

Key healthcare consulting firms are increasingly developing progressive and innovative solutions to broaden their services and global market reach. The adoption of highly technologically advanced solutions will drive the future of the healthcare IT consulting services sector to streamline operational processes. The Internet of Things, machine learning, IoT, and artificial intelligence enable the automation of healthcare business processes.

Accenture clinical and health management consulting assists consumers, providers, and risk-bearers in managing and coordinating health and wellness across care settings. Accenture works with payers, care providers, life sciences clients, and government clients to provide market-leading clinical and health management solutions. Accenture acquired Gevity in September 2021 to expand its health transformation capabilities in Canada and globally. Gevity is a strategy and consulting company that specializes in assisting healthcare clients in transforming their businesses through cutting-edge technology solutions.

Ernst & Young's healthcare consulting services assist healthcare organizations in reimagining and rebuilding the health sector to improve patient outcomes. In November 2021, EY acquired Tao Leadership Ltd (Tao), a firm that drives rapid organizational modernization and business culture transformation. This acquisition is expected to accelerate the development of EY People Advisory Services by strengthening the already prominent tech-enabled transformational and culture change capabilities.

Key Companies in the healthcare consulting services market include

• Accenture Consulting


• McKinsey & Company


• Cognizant


• Deloitte Consulting


• Ernst & Young


• Bain & Company

Healthcare Consulting Services Industry Developments

January 2022: Huron announced the completion of its acquisition of Perception Health Inc. Huron had improved its data and predictive analytics capabilities for the healthcare industry. This acquisition enables clients to discover insights and identify patterns to enhance patient care and help improve data-driven decisions.

May 2022: Deloitte acquired Entrago, a US-based consulting firm, to broaden its consulting capabilities in healthcare, finance, and public services.

April 2021: Cognizant (US) acquired Servian, a business transformation consultancy, to broaden Cognizant's integrated, end-to-end digitalization capabilities in New Zealand and Australia and assist clients with cloud migration, digital product and service development, data value unlocking, enterprise application modernization, and operational excellence.

Healthcare Consulting Services Market Segmentation

Healthcare Consulting Services Type of Services Outlook

• IT Consulting


• Digital Consulting


• Financial Consulting


• Operations Consulting


• Strategy Consulting

Healthcare Consulting Services Application Outlook

• Operations Management


• Financial


• Population Health


• Clinical

Healthcare Consulting Services End User Outlook

• Hospitals & Clinics


• Life Science Companies


• Government Organizations

Healthcare Consulting Services Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America