LOS ANGELES, Dec. 12, 2019 (GLOBE NEWSWIRE) — The global healthcare consulting services market size is expected to garner around US$ 22.8 billion by 2026 and growing at a CAGR of around 9.8% over the forecast period 2019 to 2026.
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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.
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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.
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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.
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