Healthcare Consulting Services Market Size Estimation, Trends Analysis, Share Value, Growth Projection, Future Insights and Industry Dynamics By 2024

Healthcare Consulting Services Market Size, Trends and Growth Analysis By Type of Service (IT Consulting and Digital Consulting), Component (Solutions and Services), Application (Operations Management, Financial and Population Health) and End User (Hospitals, Clinics and Life Science Companies) - Forecast till 2024

The Healthcare Consulting Services Market size valuation is estimated to grow at 10.4% CAGR throughout the forecast period, says Market Research Future (MRFR). Additionally, the increased demand for healthcare consulting services, alongside the advances in the healthcare technologies and the burgeoning healthcare sector worldwide, increases the life sciences consulting market size.

The global healthcare consulting services market is proliferating. The healthcare consulting services market growth attributes to the rising adoption of these services among healthcare, providing companies to drive day-to-day operations smoothly. health consultancy services help in the smooth functioning of various activities and processes in lesser time by simplifying them using increased connectivity.

Increasing healthcare providers implement new strategies for proper management of routine activities such as sales & marketing, finance & accounting, and insurance. As a result, the consulting in healthcare industry witnesses an increasing demand across the globe. Moreover, factors such as the growing globalization and rising usages of healthcare products escalate the market demand to furthered height.

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On the other hand, the availability of similar technology and low product differentiation are the major factors estimated to hamper the healthcare consulting market growth. Nevertheless, rising initiatives taken by public and private organizations to improve healthcare consulting services would support market growth throughout the assessment period.

Also, the increasing competition in the healthcare sector has encouraged major companies to focus on the improvement of their business strategies, which, in turn, would boost the health consultancy services market growth.

Healthcare Consulting Services Market Segmentation

By Type of Service, the healthcare consulting services market is segmented into IT Consulting, Digital Consulting, Financial Consulting, Operations Consulting, Strategy Consulting, and other services.

By Component, the healthcare consulting services market is segmented into Hardware, Software Solutions, and Services.

By Application, the healthcare consulting services market is segmented into Operations Management, Financial, Population Health, Clinical, and others.

By End User, the healthcare consulting services market is segmented into Life Science Companies, Hospitals & Clinics, Government Bodies, and others.

By Regions, the healthcare consulting services market is segmented into Americas, Europe, Asia Pacific, and Rest-of-the-World.

Healthcare Consulting Services Market Regional Insights

North America leads the global healthcare consulting services market. The significant market share attributes to the presence of a large number of healthcare companies and increasing competition in the healthcare industry. Besides, the increasing focus of healthcare organizations in the region on patient care, the billing process, procurement of products, and other activities drive the regional healthcare consulting services market growth.

Moreover, well-developed healthcare sectors in the US & Canada, together with high per capita healthcare expenditures of these economies, foster the growth of the regional market. The North America healthcare consulting services market is expected to retain its leading position throughout the forecast period (2019-2024).

Europe holds the second-highest healthcare consulting services market share globally. The healthcare consulting services market is predominantly driven by the presence of well-developed healthcare infrastructure and a huge patient population suffering from myriads of chronic diseases in the region. Also, factors such as the availability of funds for research and government support for R&D to develop new technologies drive the regional market growth. The UK and Germany, backed by high healthcare expenditures, propel the growth of the regional market majorly.

The Asia Pacific has emerged as a promising healthcare consulting services market globally. Factors such as the increasing healthcare expenditures and favorable government policies of developing economies like India and China foster the regional market growth. Moreover, rising initiatives taken by public and private organizations fuel the growth of the regional market. The APAC healthcare consulting services market is estimated to grow rapidly over the projected period.

Healthcare Consulting Services Market Competitive Landscape

The healthcare consulting services market appears highly competitive and fragmented due to the presence of several notable players. They try to gain a larger competitive share by employing strategic initiatives such as mergers & acquisitions, expansion, collaboration, and product/technology launch. Substantial investments are transpired in R&D to develop comprehensive service packages and to expand global footprints.

Healthcare Consulting Services Market Major Players:

Players leading the healthcare consulting services market include Accenture Consulting (US), McKinsey and Company (US), Cognizant (US), Deloitte Consulting (US), Ernst and Young (UK), Bain and Company (US), Deloitte Touche Tohmatsu Limited (US), Huron Consulting (US), KPMG (Switzerland), PWC (UK), and The Boston Consulting Group (US), among others.

Industry/Innovation/Related News:

Lyniate (the US), a global leader in healthcare data interoperability, announced its partnership with two healthcare technology vendors -BioIntelliSense and HICG. The deal is a part of its effort to create a truly interoperable ecosystem in healthcare. Lyniate Facilitates Interoperability Ecosystem via Strategic Partnerships with healthcare organizations around the globe delivering cutting-edge solutions to address interoperability challenges. BioIntelliSense and HICG are the latest to leverage Lyniate’s industry-leading interoperability engines, Rhapsody and Corepoint, to streamline the complexities of healthcare data.

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Netsmart Technologies (the US), a leading provider of health information technology, announced the acquisition of Quality In Real Time (QIRT the US), a based post-acute healthcare consulting firm. Netsmart designs, develops, and delivers electronic health records (EHRs), health information exchanges (HIEs), analytics & telehealth solutions, and services. The addition of QIRT expands Netsmart’s coding and billing service offerings. Together, Netsmart and QIRT offerings will form the largest service provider in the post-acute community, with more than 400 associates supporting their clients.

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