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  • 17 January 2020 23:27

Growth Hacking Strategies for Global Healthcare Consulting Services Market with Insight Study From 2019 to 2026

The global Healthcare Consulting Services Market is projected to grow from US$ 22.8 billion by 2019 - 2026 and growing at a CAGR of around 9.8% from 2019 to 2026.

Healthcare consultancy service providers advice life science companies, government bodies, hospitals, insurance companies, and research institutes about business strategies. Digital consulting, financial consulting, operations consultancy, and strategy consulting are the key areas where pharmaceutical, biotechnology, and medical devices companies and hospitals ask for advice. Healthcare consultancy firms examine efficiency, profit loss ratio, and structure of the organization, and then offer their industry analysis and suggestions for improvement. Dominated companies have a presence in North America and Europe. Healthcare reform, Medicaid and Medicare funding cuts, changing third party reimbursement rates, and the high competition in healthcare field are the key factors responsible for the increasing demand for the business management analysis from consulting firm. However, the Asia Pacific region is emerging in the field of healthcare consulting services due to the presence of a skilled workforce at low cost and growing awareness in the region. India, China, and the Philippines have low-cost service providers that attract many life sciences companies, hospitals, and research organizations.

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North America accounted for the highest share of the market followed by Europe in 2018. Presence of major market players, increasing competition in the pharmaceutical and medical device sector in the region, and the capability of pharmaceutical companies to pay for consulting services are the key factors for the dominance of the region. Furthermore, mergers and acquisitions of companies, changing regulatory environment, and unstable economy are some of the other factors to drive the North America healthcare consulting services market. However, Asia Pacific is anticipated to observe the fastest growth during the forecast period. This can be attributed to technological advancement, investment by multinational pharmaceutical companies in the region, and more need for remote care and telemedicine in rural areas. The pressure to provide good quality of care at lower costs and changing regulatory frameworks are responsible for healthcare organizations to ask help from consulting firms.

Based on the type of services, the healthcare consulting services market has been categorized into IT consulting, digital consulting, financial consulting, operation consulting, strategy consulting, and HR & talent consulting. The operations consulting segment accounted for the maximum share of the market in 2018. However, the digital consulting segment is anticipated to grow at the fastest rate during the forecast period. This can be attributed to the high acceptance of digital based models from paper based models in developed countries and increasing digitalization at the hospital level.

Based on end-users of services, the market is segmented into life science companies, hospitals, others. The life sciences companies accounted for the largest share of the market in 2018 due to more need for regulatory, operational and strategy consulting to enhance their footprints in the industry. Furthermore, the presence of the capacity to pay for consulting services is a reason to dominate the segment in the global healthcare consulting services industry. The others segment includes government bodies, insurance companies, and research institutes.

Key operating players in the healthcare consulting services market are Accenture, Alvarez and Marsal, Cognizant, Deloitte Consulting, Ernst & Young, FTI Consulting, KPMG, McKinsey & Company, and PwC. Quality service and a broad range of services are the key factors for the dominance of these companies in the global market. Mergers and acquisitions, services expansion, and cost effective solutions are the key strategies being adopted by market players to enhance share in the industry.

Related Reports:

Healthcare Information Systems Market - The global market size is anticipated to around USD 170.2 billion by 2026, this market is anticipated to grow with 7.8% CAGR during the forecast time period 2019 to 2026.

Healthcare Cloud Computing Market - The global market is estimated to grow at CAGR above 14 % over the forecast time frame 2019- 2026 and reach the market value around USD 40 billion by 2026.

Emergency Medical Services Products Market - The global market size is estimated to grow at CAGR above 6.7 % over the forecast time frame 2019 to 2026 and reach the market value around USD 24.3 billion by 2026.

Some of the key observations regarding healthcare consulting services industry include:

In August 2019, Accenture acquired big data and analytics consultancy firm in Australia, Analytics8. The company provides analytics solutions to various industries including financial and healthcare services. With this acquisition, Accenture expanded its applied intelligence business in the Australia market.

In June 2019, Deloitte acquired ClearViewIP, an intellectual property consulting firm. This acquisition helps Deloitte to expand the company’s IP advisory services division.

In November 2018, McKinsey& Company launched is new department as a design service. With the acquisitions of Carbon12, Lunar, and Veryday, the company enables to launch of its new design brand. Considering high global spending on design services, McKinsey entered into such a lucrative market.

In April 2018, Cognizant completed the acquisition of Bolder Healthcare Solutions. Bolder provides Revenue Cycle Management (RCM) solutions to hospitals, outpatient departments, and physician practices. Through the Bolder acquisition, Cognizant expanded its service portfolio and can now deliver service to a broad range of clients.

In January 2018, Deloitte expanded its presence in cloud management services with the acquisition of ATADATA. The company provides a cloud platform that maps and manages workloads in any combination of cloud and on-premise environments to optimize enterprise operations. In October 2017, Atos acquired 3 different healthcare consulting firms in the U.S. namely Conduent’s Healthcare Provider Consulting business, Pursuit Healthcare Advisors, and Conduent’s Breakaway Group business. These companies already have a presence in healthcare consulting and with these acquisitions; Atos expanded its presence in the U.S. digital health IT market.

In November 2016, McKinsey & Company acquired Swedish design firm very day. With this acquisition, the company expanded its geographical presence and service offerings to the clients.

Market Segment Analysis:

Acumen Research report focuses on market attractiveness by assessing the key market segments. The report also combines region-wise segments for a better understanding of the supply and demand ratio of this market. This exclusive study of the report analyzes the present and future market scenario and the industry trends that are influencing the growth of the segments. Besides, the report also covers the value chain analysis, supply chain analysis, and year-on-year basis analysis of this market.

Market Segmentation

Market By Type of Service

  • IT Consulting
  • Digital consulting
  • Financial Consulting
  • Operation Consulting
  • Strategy Consulting
  • HR & Talent Consulting

By End User  

  • Life Science Companies
  • Hospitals
  • Others

Market Regional Analysis:

Based on the regions, the global Healthcare Consulting Services Market is segmented into -North America (US and Canada), Europe (UK, Germany, France, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), Latin America (Mexico, Brazil and Rest of Latin America), Middle East & Africa (GCC, South Africa and Rest of MEA).

Key Questions Answered in the Report

The report addresses key questions concerning the market evolution and overarching trends shaping global market growth. Some of the key questions answered in the report include-

- What is the overall structure of the market?
- What was the historical value and what is the forecasted value of the market?
- What are the key product level trends in the market?
- What are the market level trends in the market?
- Which of the market players are leading and what are their key differential strategies to retain their stronghold?
- Which are the most lucrative regions in the market space?

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