Healthcare Consulting Services Market Aims for US$ 28,867.68 Million by 2033

Anticipated to be valued at US$ 14,952 million in fiscal year 2023, the global healthcare consulting services market is poised for growth from the fiscal year 2022, where it stood at US$ 14,000 million. Projections indicate that this market will witness a notable Compound Annual Growth Rate (CAGR) of 6.80% from 2023 to 2033, ultimately reaching a substantial value of US$ 28,867.68 million by the conclusion of 2033.

This remarkable expansion can be attributed to multiple factors, including the increasing global population of elderly individuals and ongoing technological advancements within the healthcare sector. Furthermore, the market’s growth is driven by the rapid proliferation of healthcare consulting services that support the integration of payer-provider risk allocation, public-private partnerships, and other diagnostic integration contracts.

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Key Takeaways from the Market Study

  • Historically, the healthcare consulting services market expanded at a 5.8% CAGR.
  • From 2023 to 2033, the Financial Consulting segment is anticipated to have a 31% market share and dominate the world market.
  • From 2023 to 2033, the healthcare payers segment is forecast to have a 31% market share and to dominate the global market.
  • By 2023, North America is expected to hold 36% of the global market.
  • Over the forecast period of 2023-2033, the Europe region is expected to grow at a CAGR of 22%.

“Healthcare consulting services that facilitate integrated payer-provider risk allocation, public-private partnerships, and other diagnostic interoperability contracts are rapidly expanding, fueling market expansion,” says Fact.MR’s analyst

Competitive landscape:

The existence of a large number of international companies characterizes the global market. Most of these businesses rely heavily on partnerships, collaborations, and mergers and acquisitions.

Some of the latest developments by key players are mentioned below :

  • Deloitte acquired Entrago, a consulting firm headquartered in the United States, in May 2022 to broaden its consulting functionality in healthcare, accounting, and public utilities.
  • Cognizant (US) procured Servian, an enterprise transformation consultancy, in April 2021 to widen Cognizant’s incorporated, end-to-end digitization capabilities in Australia and New Zealand and assist clients with cloud migration, digital product, and service development, data value unlocking, enterprise application modernization, and operational effectiveness.

Prominent Players in The Global Market:

  • Bain & Company
  • BearingPoint
  • Boston Consulting Group
  • BridgeSpan
  • Coeus Consulting
  • Deloitte
  • EY
  • FTI Consulting
  • KPMG International
  • L.E.K. Consulting
  • Mazars
  • Mercer

Prominent Growth Drivers Influencing Healthcare Consulting Services market:

Digital Healthcare Services Adoption Fuels Market Expansion

The rising adoption of digital healthcare services serves as a primary driver behind the market’s expansion. There is a substantial demand for healthcare consulting services due to the growing need for practical and effective solutions. Healthcare procurement plays a vital role globally, with applications spanning various fields within the healthcare industry.

Additionally, favorable government policies, both in developed and developing economies, are creating opportunities for medical IT consulting. The ability of medical consultants to enhance the strategic activities of healthcare organizations is expected to contribute significantly to the growth of the healthcare consulting services industry in the foreseeable future.

Pressure to Reduce Healthcare Costs Drives Market Growth

Cost reduction is a pivotal aspect of consulting services, allowing businesses to save resources across various facets such as resource management, operations, human resources, and physical space. The emergence of health insurance exchanges in some countries has intensified the demands placed on healthcare payers.

Healthcare reform has compelled hospitals and other healthcare providers to restructure their operations to accommodate uninsured patients and meet new regulatory requirements. Hospitals are increasingly recognizing the importance of adopting suitable communication and technology solutions. The need to adapt existing technology to enhance productivity and cut costs is propelling the growth of the healthcare consulting services industry.

Key Segments Covered in the Healthcare Consulting Services Market Report:

  • By Services :
  • Digital Consulting
  • IT Consulting
  • Financial Consulting
  • Operation Consulting
  • Strategy Consulting
  • HR & Talent Consulting
  • By End Use Industry :
  • Pharmaceuticals
  • Medical Technology
  • Healthcare Payers
  • Healthcare Providers
  • Government Bodies
  • By Region :
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Middle East & Africa

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Questionnaire answered in the Market outlook Report of Healthcare Consulting Services include:

  • What is the key strategy deployed by large players to maximize Healthcare Consulting Services Market growth?
  • What are the main challenges faced by players in the Healthcare Consulting Services market Demand?
  • With the advent of technological advancement, how will the Healthcare Consulting Services market landscape change over the forecast period?
  • What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Healthcare Consulting Services market size?

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