Analysis of Consultancy Services Booming in Healthcare Industry
This report aims to provide detailed insights into the global healthcare consulting services market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
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Expected Revenue Growth:
The global Healthcare Consulting Services Industry is projected to reach USD 15.88 billion by 2023 from USD 9.76 billion in 2018, at a CAGR of 10.2%.
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Key Factors Driving Growth:
The Healthcare Consulting Services Industry is primarily driven by significant growth in the geriatric population, rising importance of value-based care, and technological advancements in healthcare.
Based on the type of service, the digital consulting service segment is projected to register the highest growth (value) during the forecast period
Based on the type of service, the market is segmented into digital consulting, IT consulting, strategy consulting, operations consulting, financial consulting, and HR & talent consulting. The digital consulting segment is expected to grow at the highest value while IT consulting is expected to register the highest CAGR during the forecast period. Factors driving the growth of this segment include the increasing growth of the geriatric population, importance of value-based healthcare service, and technological advancement in healthcare mainly in developing countries.
Government bodies are expected to experience strong growth in the next five years due to a growing focus on value-based healthcare models
Based on the type of end user, the market is segmented into government bodies, payers, and life sciences companies & providers. The government bodies are expected to grow at the highest CAGR during the forecast period. Government bodies have the resources to pay for more risk-based contracts and agreements, which is a key factor driving this market.
North America commanded the largest share of the market during the forecast period
Based on region, the Healthcare Consulting Services Industry is segmented into North America, Europe, Asia Pacific, LATAM, and the Middle East & Africa. North America dominated the Healthcare Consulting Services Market in 2017. This is mainly due to the large base of pharmaceutical & life sciences companies and vast resources among the government bodies and payers to take up risk-based contracts and agreements.
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Key players operating in the Healthcare Consulting Services Market include Accenture (US), McKinsey & Company (US), Cognizant (US), Deloitte Consulting (UK), and Ernst & Young (UK).
Accenture (US) held the leading position in the healthcare consulting services industry in 2017. The company adopts inorganic growth strategies such as acquisitions to strengthen its position in the market. For instance, in 2016, the company acquired Sagacious Consultants, an EHR consulting practice. This expanded the company’s capabilities and pushed the use of EHR to drive financial performance and improve patient care in organizations worldwide.
Various secondary sources such as the World Health Organization, National Society of Certified Healthcare Business Consultants, American Association of Healthcare Consultants, European Health Management Association, have been used to identify and collect information useful for this extensive commercial study of the healthcare consulting services market. Primary sources such as experts from related industries and companies have been interviewed to obtain and verify critical information as well as to assess the prospects of the healthcare consulting services market.