Global Healthcare Consulting Services Market By End User, By Type of Service, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027

New York, March 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Healthcare Consulting Services Market By End User, By Type of Service, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06240998/?utm_source=GNW
These healthcare consulting services assist healthcare organizations in better managing their internal work structures. There are numerous departments in a healthcare facility like finance, accounting, inventory, marketing, and other departments. For a healthcare facility to be successful, it is important that all departments must perform properly and efficiently.

The fundamental goal of a healthcare facility such as a hospital is to provide public healthcare. Profit comes into play when these healthcare organizations are privately owned. The key players of the market provide advice to all types of hospitals and other health-care initiatives in order to help them achieve their goal of running a healthcare facility. Profitability is one of the major aspects for the private healthcare facility. The treatment consulting services assist private hospitals in making more profit while simultaneously providing patients with world-class healthcare services.

A healthcare consulting firm serves as a third-party counsellor to a specific operator in the healthcare industry. Every healthcare organization, including hospitals, doctor’s offices, and other facilities, managed care organizations and payors such as insurance companies and government entities, pharmaceutical companies, pharmacies, and medical equipment companies, could potentially hire one of these advisory firms to help them improve organizational competency.

COVID-19 Impact Analysis

The population and economy have been severely harmed by the COVID-19 pandemic. As a result of this, healthcare institutions are under tremendous pressure to develop a well-coordinated environment in which all clinical and non-clinical tasks are linked internally and the organization works in tandem with other healthcare units. More than 255 million confirmed cases had been reported globally as of November 2021, with more than 5 million deaths as per WHO.

The pandemic has had a significant impact on independent consulting, resulting in decreased business, lower revenue, and project delays. However, pharmaceuticals and healthcare were among the three main industries (along with chemicals and agriculture) that were least affected by the pandemic. Healthcare providers, payers, pharma & biotech businesses, medical device companies, and government agencies have all adopted innovative technologies, solutions, and services to tackle the outbreak, going beyond traditional routes to improve workflows.

Market Growth Factors:

Rising penetration of digital healthcare services

Due to the growing demand for efficient practical solutions, there has been a huge demand for healthcare advising services. Healthcare outsourcing is in high demand around the world due to its applications in a variety of disciplines within the healthcare industry. Furthermore, as a result of favorable government policies in both developed and emerging countries, possibilities for healthcare IT consulting are expanding. The ability of healthcare consultants to boost the overall corporate activities of healthcare organizations would aid the growth of the healthcare consulting market during the forecast period.

Consolidation in the healthcare industry is becoming more common

The number of merger and acquisition transactions in the healthcare industry has been steadily increasing over the last several years. Synchronizing the digital and IT infrastructure of several businesses during merger activities is a difficult issue. IT departments are responsible for data migration and synchronization, as well as the continuing management of electronic medical records. With the rising number of mergers and acquisitions in the healthcare industry, a growing number of customers are likely to seek the assistance of healthcare consultants to overcome relevant obstacles in a seamless and cost-effective manner.

Market Restraining Factors:

Growing number of multi-sourcing approaches

Rather than taking a one-size-fits-all strategy, an increasing number of companies are splitting down larger consulting contracts into smaller chunks and enlisting the help of multiple vendors to complete tasks. Because consulting firms do not necessarily have competence in every practice area, healthcare organizations are gradually adopting the multi-sourcing model. Healthcare providers, payers, and government agencies are all pushing for numerous consulting firms to work together on projects.

End User Outlook

Based on end-user, the healthcare consulting services market is divided into Government Bodies, Healthcare Providers, Health Insurance Payers, Pharmaceutical & Biotechnology Companies and Medical Device Companies. Pharmaceutical & Biotechnology Companies segment procured a promising revenue share in the healthcare consulting services market in 2020. It is owing to the difficulties faced by these companies in managing IT and operational processes along with the constantly changing business dynamics of these companies across the world.

Type of Service Outlook

On the basis of type of service, the healthcare consulting services market is segmented into Digital Health Consulting, Financial Consulting, IT Consulting, Strategy Consulting, Operations Consulting, and HR & Talent Consulting. The financial consulting segment procured a promising revenue share in the healthcare consulting services market in 2020. These services include advisory services supplied to manage the hospital’s funds and expenses. These solutions help businesses prioritise their spending based on the amount of incentives they can offer.

Regional Outlook

Region-wise, healthcare consulting services market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the healthcare consulting services market with the maximum revenue share in 2020. The provision of government funding for the progress of state-wide and national healthcare information exchange, the increased preference for HCIT solutions, the increased number of favorable initiatives by regional governments during the COVID-19 pandemic, the presence of large hospitals that demand integrated healthcare networks, the presence of major players offering healthcare consulting services, and the high adoption rate of these services by healthcare organizations during the COVID-19 pandemic.

The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix Accenture PLC and Deloitte Touché Tohmatsu Limited are the forerunners in the Healthcare Consulting Services Market. Companies such as Cognizant Technology Solutions Corporation, IQVIA Holdings, Inc., Huron Consulting Group, Inc. are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include McKinsey & Company, Ernst & Young Global Limited, Bain & Company, Inc., Huron Consulting Group, Inc., West Monroe Partners, Inc., Accenture PLC, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, IQVIA Holdings, Inc., and Boston Consulting Group.

Strategies Deployed in Healthcare Consulting Services Market

Partnerships, Collaborations and Agreements:

Jul-2021: Cognizant teamed up with Royal Philips, a global leader in health technology. Following the collaboration, the two companies aimed to create end-to-end digital health solutions that would allow healthcare organizations and life sciences companies to enhance patient care and speed up clinical trials.

Oct-2019: Huron formed an exclusive partnership with Medically Home Group, a healthcare technology-enabled services company. The partnership would integrate Huron’s and Medically Home’s strategic capabilities and comprehensive healthcare expertise to transform patient care with the help of advanced and affordable solutions to get enhanced health outcomes at a lower cost.

Product Launches and Product Expansions:

Dec-2021: IQVIA rolled out new Research Nursing and Phlebotomy services. In addition, these new services provide patients who take part in clinical trials access to a global network of high-quality, credentialed professionals that offer compassionate protocol-required care within their own homes.

Nov-2019: Deloitte introduced ConvergeHealth Connect, a suite of products that enable healthcare institutions to better offer enhanced patient care. The new suite is based on the Salesforce Health Cloud and will be offered via Deloitte Digital, the firm’s creative digital consultancy that works with clients to digitally transform.

May-2019: IQVIA launched IQVIA MedTech and its dedicated industry-focused solutions and services for the medical device and in-vitro diagnostics market, and for companies with combination products. The new solution helps the companies to create better manage operations across their complete product lifecycle, from concept-to-market, offering quality control, regulatory, safety, and compliance solutions along the way.

Acquisitions and Mergers:

Jan-2022: Hiren took over Perception Health, the disease prediction company. Following the acquisition, the integrated capabilities of the two companies would enhance Huron’s healthcare predictive analytics and data capabilities to assist customers to unlock insights and identify patterns to improve patient care and make informed decisions.

Nov-2021: EY took over Tao Leadership Limited (Tao), a company that focuses on driving fast-paced organizational transformation and culture change in businesses. This acquisition would further boost the growth of EY People Advisory Services by bolstering the already extremely prominent tech-enabled transformational leadership and culture change capabilities.

Sep-2021: Accenture took over Gevity, offers professional services to clients seeking sustainable and effective healthcare, social services, and life sciences solutions. Through this acquisition, the company aimed to expand its capabilities to offer health transformation services in Canada and internationally.

Jul-2021: Deloitte took over Paxton Partners, a healthcare consulting firm. Following the acquisition, Deloitte would acquire the specialist skills of the Paxton Partners team which would improve the capability available to state and federal health departments, other funders, insurers, public health services, sector operators, not-for-profit health vendors, private hospital groups, and investors.

May-2021: Deloitte acquired Iperion Life Sciences Consultancy, a globally-operating firm working to support life sciences companies and regulatory bodies in their digital transformation. Following the acquisition, the Iperion would become “Iperion – a Deloitte business” and become part of Deloitte’s Risk Advisory function, focusing on human medicine safety, outcomes, and experiences through standardized, regulated product information.

Feb-2021: Huron took over Unico Solution, a data management and analytics systems provider company. This acquisition aimed to enhance the data management and governance capabilities of Huron to assist customers in better managing their data to optimize their operations and boost cloud adoption.

Feb-2021: Cognizant took over Linium, a cloud transformation consultancy group specializing in the ServiceNow platform and solutions for smart digital enterprise workflows. Following the acquisition, the specialized ServiceNow focus of Linium aimed to expand Cognizant’s enterprise service management capabilities while supporting its own longstanding ServiceNow alliance.

Jan-2021: Deloitte took over HashedIn Technologies Private Limited, a leading cloud-native software engineering, and product development firm. Following the acquisition, the two companies would together assist the customers to imagine, provide and run their futures with cloud technologies. Moreover, the integrated capabilities of the two companies would strengthen the capacity to develop software products and intelligent solutions that boost innovation at the edge.

Oct-2020: Accenture took over OpusLine, an independent Paris-based health consulting company renowned for its strategic advisory and transformational services provided to healthcare organizations in France. Following the acquisition, OpusLine would become part of the new Health practice of Accenture Strategy & Consulting in France, strengthening its ability to assist customers’ innovate and provide digital innovation across their organization.

Jun-2020: Cognizant took over Collaborative Solutions, adding new finance and HR advisory and implementation services to Cognizant’s cloud offerings. This acquisition would provide the company with new finance and HR advisory and implementation services to Cognizant’s cloud offerings.

Jan-2020: Accenture acquired Clarity Insights, a data science consultancy with artificial intelligence (AI), machine learning (ML), and enterprise automation expertise. Through this acquisition, Accenture would expand its resources to assist healthcare companies with data science.

Scope of the Study

Market Segments covered in the Report:

By End User

• Government Bodies

• Healthcare Providers

• Pharmaceutical & Biotechnology Companies

• Health Insurance Payers

• Medical Device Companies

By Type of Service

• Operations Consulting

• HR & Talent Consulting

• IT Consulting

• Strategy Consulting

• Financial Consulting

• Digital Health Consulting

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• McKinsey & Company

• Ernst & Young Global Limited

• Bain & Company, Inc.

• Huron Consulting Group, Inc.

• West Monroe Partners, Inc.

• Accenture PLC

• Cognizant Technology Solutions Corporation

• Deloitte Touche Tohmatsu Limited

• IQVIA Holdings, Inc.

• Boston Consulting Group

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