The most recent study conducted by Report Ocean, titled “Global Healthcare Consulting Services Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Healthcare Consulting Services. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Healthcare Consulting Services Market Size study, By Type of Service (Digital Health Consulting, IT Consulting, Operations Consulting, Strategy Consulting, Financial Consulting, HR & Talent Consulting), By End User (Government Bodies, Healthcare Providers, Health Insurance Payers, Pharmaceutical & Biotechnology Companies, Medical Device Companies), and Regional Forecasts 2022-2028Global Healthcare Consulting Services Market is valued at approximately USD 23.89 Billion in 2021 and is anticipated to grow with a healthy growth rate of more than 11.5% over the forecast period 2022-2028.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Healthcare consulting services offer professional guidance and excellent business strategy to life science companies, hospitals, government agencies, research institutes, and insurance firms. Various biotechnology, pharmaceutical, and medical device corporations and hospitals are looking for proficient advice in the fields of financial consulting, digital consulting, strategy consulting, and operations consulting as this boosts the organization’s efficiency. The growing demand for data security, coupled with the rising penetration of big data analytics, IoT, and cloud deployment across the healthcare industry because of the high rate of digitalization worldwide is accelerating the market demand.
In addition, increasing pressure to cut down the rising healthcare costs, and rising government support for HCIT solutions is further bolstering the market growth across the globe. For instance, as per the DataProt, the IoT healthcare market worth USD 158.1 billion in 2022 with a CAGR of 28.6%. The growth is almost a third higher than in 2015 which was recorded as USD 14.28 billion. However, growing concern regarding confidentiality of data impedes the growth of the market over the forecast period of 2022-2028. Also, the growing demand for cloud consulting is anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the global Healthcare Consulting Services Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the rising inclination towards the HCIT solutions, increasing government funding for the expansion of state-wide and nation-wide healthcare information exchange, and growing adoption rate of these consulting services in the healthcare sector. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the growing investment by multinational pharmaceutical companies in R&D activities, continuous technological developments, and increasing needs for telemedicine and remote care in rural areas would create lucrative growth prospects for the Healthcare Consulting Services Market across the region.
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Major market players included in this report are:
Cognizant
Huron Consulting Group Inc.
Boston Consulting Group
Bain & Company, Inc.
Accenture
Deloitte
McKinsey & Company
PricewaterhouseCoopers (PwC)
Ernst and Young
Quintiles and IMS Health, Inc. (IQVIA)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type Of Service
Digital Health Consulting
IT Consulting
Operations Consulting
Strategy Consulting
Financial Consulting
HR & Talent Consulting
By End User
Government Bodies
Healthcare Providers
Health Insurance Payers
Pharmaceutical & Biotechnology Companies
Medical Device Companies
By Region:
North America
U.S.
Canada
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Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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