The global healthcare consulting services market is anticipated to reflect a considerable growth rate across the forecast period. Healthcare consulting companies are contracted third-party business advisors that provide advisory services to research institutions, insurance companies, pharmaceutical, and medical device industries, among others, in the areas of financial operations, technology implementation, marketing and strategic management, human resource, and others. Some of the major factors driving the healthcare consulting services market include increasing budget cuts, changing healthcare policies and regulations; and growing demand to implement new technologies such as big data analytics, cloud deployment, and IoT among healthcare institutions such as life sciences companies, and government bodies.
During the COVID-19 pandemic, healthcare organizations such as healthcare payers, providers, pharma & biotech companies, medical device companies, and government organizations adopted advanced technologies, and software to improve their overall functioning. The demand for technology in the healthcare industry is expected to improve in the coming years owing to the growing adoption of new technologies by pharmaceutical companies, government institutions healthcare payers, and others. Thus, supporting the healthcare consulting services market in the post-pandemic period.
Based on end-use, the pharmaceutical companies segment has held a substantial share in the healthcare consulting services market. The growing demand for technologically advanced services such as healthcare analytics among pharmaceutical companies, an increase in the need to understand the regulatory framework of the products, and a growing interest in these companies to understand the M&A strategies are some of the major factors supporting the demand for healthcare consulting services for pharmaceutical companies.
The Asia Pacific region is expected to grow with significant growth across the forecast. The initiatives to modernize healthcare infrastructure by the public organization, are expected to increase the demand for healthcare consulting services in the region. Furthermore, the rising demand for understanding the regulatory frameworks of developing countries and the growing adoption of technologically advanced software among life sciences companies are some other factors driving the Asia-Pacific healthcare consulting services market.
The key global industry players across the healthcare consulting services market include Accenture; McKinsey & Company; Deloitte; L.E.K. Consulting; Huron Consulting Group Inc.; Cognizant; EY; Bain & Company, Inc.; Cognizant IQVIA, Inc. and Boston Consulting Group.
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