Healthcare Consulting Services Market Size, Share & Trends Analysis Report By Services (Strategic Management Consulting), By End-use (Hospitals), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global healthcare consulting services market size was valued at USD 13.7 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030. The high adoption of digitalization in healthcare firms, the increased demand for improving the efficiency of these firms, and, the growing demand for a structured organization are some of the key factors contributing to the demand for consulting services in healthcare firms. 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. For instance, during the pandemic, Microsoft consulting services helped in the secure and efficient distribution of the COVID-19 vaccine through its software, Vaccination Registration and Administration Solution (VRAS).

The demand for technology in the healthcare industry is expected to improve in the coming years owing to the advantages associated with these technologies in healthcare. Thus supporting the healthcare consulting services market in the post-pandemic period. The healthcare industry is required to adapt to the ever-changing regulatory framework. It is difficult to adapt to every change in regulatory requirements. The healthcare industry spends a significant amount of money to keep up with regulatory requirements. The Medicare and Medicaid reforms, such as MACRA state that healthcare organizations have to do more with less.

In the forecasted period, such factors are expected to boost demand for healthcare consulting services to understand regulatory requirements. The healthcare industry is complex. It is required to follow different policies, regulations, and laws, and there are daily developments in treatment and diagnosis; owing to these reasons, healthcare organizations have a lot to keep track of all such activities professionally and thoroughly, which is very important for their success. These factors are further supporting the demand for healthcare consulting services.

Services Insights

The strategic management consulting segment dominated the market and accounted for the largest revenue share of 49.0% in 2022. Based on services, the market is segmented into strategic management consulting, financial management consulting, information technology consulting, human resource consulting, and others. The growing number of mergers and acquisitions, among healthcare organizations such as pharmaceutical companies, biotechnology companies, and others is one of the major factors supporting the demand for strategic management consulting services. Moreover, there has been an increase in drug research activities, which is contributing to the demand for launch strategy consulting and further supporting the segment market growth.

The information technology segment is expected to attain  the fastest CAGR of 10.3% across the forecast period. This is due to the high adoption rate of digitalization solutions such as big data, artificial intelligence, telehealth, and others in healthcare organizations. These technologies help optimize systems, streamline physicians’ work, reduce human error, improve patient outcomes, and lower the cost of services. The consulting firms provide advisory services on choosing the best use of the technology and how the technology can be used for the betterment of the organization. These factors are supporting the segment market.

End-use Insights

In 2022, pharmaceutical companies held the largest market share of 27.9%. Based on end-use, the market is segmented into pharmaceutical companies, hospitals, insurance companies, government organizations, and other healthcare providers.Growing demand for optimizing costs associated with API operations, formulations development, supply chain management, and the increasing need to understand mergers and acquisition strategy implementation among these companies are some of the key factors supporting the segment market. Furthermore, the growing need to understand product launch plans and brand management of existing products are some others factors supporting the segment market.

The hospital segment is expected to expand at a rate of 8.9% CAGR across the forecast. Escalating hospital expenses have made it essential to manage hospitals by maintaining operational and financial performance. Moreover, while launching a new hospital, it is essential to understand certain factors such as how to license the hospital, raise funds, recruit talent, and improve the branding and marketing of hospitals, among others. These are some key factors that are improving the demand for hospital consulting services. Moreover, there is also a rising interest in the adoption of new technologies in hospitals for improving patient experiences; which further contributes to the demand for hospital consulting services.

Regional Insights

In terms of region, North America held the largest market share of 47.3% in 2022. This is due to the high adoption of digital solutions by health care organization such as public agencies, pharmaceutical companies, biotechnology companies' hospitals, and other institutions. Moreover, North America has a stringent regulatory framework, in order to keep up with the changing regulations; there is a high demand for regulatory consulting services in the region among health care organization, which is further supporting the market growth of the region.

Asia Pacific is expected to grow at the fastest rate of 10.6% across the forecast period. Growing regional expansions in business by the health care organizations in the region and the presence of a significant number of consultants in the region are some key factors supporting the regional market. Moreover, in the last five years, there has been an improvement in the number of new launches of drugs and medical devices in the region, which further promotes the demand for consulting services in the region. Furthermore, there is a growing adoption of digital solutions among government organizations and pharmaceutical and biotechnology companies, which is further supporting the Asia Pacific market.

Key Companies & Market Share Insights

The global market is characterized by the presence of a large number of global companies. Partnerships, collaborations, and M&A activities are key strategies undertaken by most of these companies. For instance, in May 2022, Deloitte acquired Entrago, a consulting firm based in the U.S., to expand its consulting capabilities in the areas of healthcare, finance, and in public services. Some of the prominent players in the global healthcare consulting services market include:

• Accenture

• McKinsey & Company

• Deloitte

• PwC

• L.E.K. Consulting

• Huron Consulting Group Inc.

• Cognizant

• EY

• Bain & Company, Inc.

• IQVIA, Inc.

• Boston Consulting Group.

Healthcare Consulting Services Market Report Scope

Global Healthcare Consulting Services Market Segmentation

This report forecasts revenue growth at regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018-2030. For this study, Grand View Research has segmented the global healthcare consulting services market based on  services, end-use and region:

• Services Outlook (Revenue, USD Million, 2018 - 2030)

  • Strategic Management Consulting

  • Financial Management Consulting

  • Information Technology Consulting

  • Human Resource Consulting

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Pharmaceutical Companies

  • Hospitals

  • Insurance Companies

  • Government Organizations

  • Other Healthcare Providers

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait