Healthcare consulting services help healthcare providers, pharmaceutical companies, pharmacies, and medical device companies, to optimize efficiency, revenue generation, and structural improvements. The healthcare consulting firms can be categorized into the following types:
Generalist firms: These firms can participate in consulting projects across multiple industries. Some key generalist firms are McKinsey, BCG, Accenture, Deloitte, etc.
Product firms: Firms like Trinity, HealthAdvances, and Clearview comes under this category. These firms primarily focus their consulting efforts on getting medical products into markets.
Delivery firms: These firms focus on helping care providers such as doctor networks, hospital groups, and specialty practices, operate efficiently.
Specialist firms: Firms like IQVIA has their in-house proprietary healthcare database, which they utilize to help across specific, critical needs that come up from various healthcare players.
Following are the type of key services that a consulting firm can offer to a healthcare client:
HR and people management
Legal and regulatory affairs
Revenue and reimbursement experts
The global healthcare consulting services market is valued at USD 12 billion in 2020 and it is expected to grow at a CAGR of 10% from 2020 to 2025 due to the rising demand for advanced infrastructure in the healthcare industry. North America is leading the healthcare consulting services market with a 35% market share followed by Europe with 25% and APAC with 20%. APAC is expected to witness the highest CAGR during the forecast period as many small and medium-sized healthcare consulting companies have emerged in countries like India.
The cost of healthcare consulting services is completely dependent on the hourly rate of consultants as it accounted for more than 80% of the overall cost of healthcare consulting services. The hourly rate of consultants depends on geographic region. Healthcare consultants rate in APAC is 70%-80% lower than that of in North America and Western Europe.
Healthcare consulting services from industry leaders are very expensive. Only big healthcare and pharma companies can afford to consult services from industry leaders. As small and mid-sized healthcare companies have low budgets for healthcare consultation, it may weaken the demand for healthcare consulting services among them. This will be prevalent especially in developing countries, where budgets allocated for healthcare IT solutions are limited.
IQVIA, Accenture, McKinsey, Deloitte, Boston Consulting Group, KPMG, PWC, Ernst and Young, are some of the leading suppliers of healthcare consulting services. The healthcare consulting services market features a highly fragmented landscape as many small regional companies from APAC are entering the market. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
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