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Global Healthcare Consulting Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type of Service, End-User and Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Industry Forecast (2021 to 2026)
The global healthcare consulting market size was valued at USD 14.22 billion in 2020 and is forecasted to register a CAGR of 11.4% between 2021 to 2026.
The practice of sharing experience, offering guidance, and encouraging healthcare businesses to make business decisions that encourage growth and benefit their customers and patients is known as healthcare consulting. Healthcare consultants are industry specialists with the education and experience in healthcare legislation, rules, and policies to assist medical organizations and hospitals in running their companies efficiently and successfully. Healthcare consultancy aids healthcare institutions in addressing frequent issues. These services are either offered by large consulting firms or by particular consultants hired by healthcare institutions.
The primary purpose of healthcare consulting is to assist management in making better decisions and, as a result, increasing the profit potential of the business. Healthcare consulting services aid in maximizing efficiency, increasing income, and making structural changes. Strategic advising, technology implementation, HR and people management, legal and regulatory affairs, marketing, contract specialists, and revenue and reimbursement experts are examples of these services. Hospitals, clinics, physician's offices, nursing homes, pharmaceutical companies, medical device manufacturers, government organizations, and health insurance plans all seek healthcare consulting services.
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Changing patient expectations boost the global healthcare consulting market.
The healthcare consulting market is primarily driven by the growing demand for various healthcare services as a result of changing patient expectations. The aging population increased life expectancy, and increased prevalence of chronic illnesses need alteration of healthcare facilities. In addition, patient experience expectations are shifting as a result of value-based treatments. Patients seeking low-cost treatments have grown as a result of patient-centered government legislation. As a result, there is a greater need for healthcare consulting services.
Healthcare consulting is becoming easier as technology advances.
Technological advancements in consulting services also drive the healthcare consulting industry. Major technological advancements such as interoperability, advanced analytics, machine learning, digitization, and the Internet of Things, among others, have found a wide range of applications in healthcare and offer significant opportunities to address the half-trillion-dollar annual healthcare spending gap. Hospitals and medical institutions are implementing consulting services with information technology, infrastructure management, IT security services, and cloud-based services. This robust IT support, along with agile methodologies, provides healthcare providers a competitive advantage in terms of quality improvement, cost reduction, increased profitability, and inventory management. Consequently, many healthcare institutions engage healthcare consultants to make the process go more smoothly. As a result, the healthcare consulting services industry is growing.
The need for the healthcare consulting market is further growth due to increased competition.
The healthcare consulting services market has also been driven by increased competition in the healthcare industry. Many corporations have joined the healthcare sector in recent years. The government encourages numerous new businesses to enter the healthcare field. In 2019, there are approximately 2,500 healthcare start-ups divided into 34 categories. In addition, the MSME programs provide loans to enterprises that want to expand. As a result of the increased competition, healthcare providers must achieve a competitive edge, increasing demand for healthcare consulting services.
However, data security issues and expensive service prices may limit the growth of the healthcare consulting services market in the future. Some hospitals are unable to pay the healthcare consultancy's fee structure. The cost of hiring a specific healthcare consultant exceeds the hospital's budget, causing them to explore alternatives. A healthcare consultant must also deal with a large volume of data from medical institutions. This may result in the loss of patient information. The loss of patient data costs hospitals a lot of money. In the same way, the danger of cybersecurity creates uncertainty in the digital consulting industry. As a result, the market for healthcare consulting is lagging.
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Impact of COVID-19 on the global healthcare consulting market:
Covid – 19 consulting plays a major role in this pandemic situation. The COVID-19 epidemic is currently affecting the whole globe. Pneumonia, severe and acute respiratory problems, multiple organ failure, and death can all result from this illness. COVID-19 is more common in the elderly population. Due to the increased occurrence of coronavirus diseases, hospital admissions for both covid – 19 and noncovered – 19 patients are at an all-time high. As a result, the need for consulting services is on the rise. Pandemic-induced lockdowns, travel bans, and social isolation have further raised the importance of remote diagnosis, care, and consultation. Healthcare consulting firms provide COVID-19 consulting services to assist in navigating HHS guidelines and other information sources about Provider Relief Funds (PRF) reporting obligations. As a result, in a pandemic crisis, demand for healthcare consulting services is growing.
In covid – 29 scenarios, healthcare consulting plays a significant role. It assists in advising international financial institutions on COVID-19 response and employee health and safety, conducting research demonstrating that anticoagulants improved the chances of survival among hospitalized COVID-19 patients, and facilitating collaborative COVID-19 discussions between clinical leadership and other stakeholders. In addition, during a coronavirus epidemic, demand for digital consulting peaks.
Governments have also funded IT technologies to encourage healthcare IT, resulting in a rise in the need for consultants. The Department of Health and Human Services (HHS), for example, has hired McKinsey & Company to help handle $175 billion in federal relief funds for hospitals affected by the coronavirus outbreak. In addition, various consulting firms are coming forward to help hospitals in this covid - 19 situations. During the COVID-19 epidemic, for example, HSG, a national healthcare consulting business, developed a checklist for healthcare facilities to utilize while dealing with a range of clinical, operational, and financial difficulties.
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By Type of Service:
KEY MARKET PLAYERS:
Key players operating in the global healthcare consulting services market include Accenture, Better Living Now, Inc., West Monroe, McKinsey & Company, Ernst & Young Global Limited, BKD, LLP, Health Advances LLC, Deloitte, Cognizant, KPMG, Boston consulting group, Huron Consulting, FTI Consulting, and many other.
These players adopted mergers and acquisitions, services expansion, and cost-effective solutions to enhance their share in the industry.
For example, On 3 February 2021, VMG Health, the global leader in full-service healthcare transaction advising and consulting, is happy to announce the acquisition of Health Care Futures, a Minneapolis-based business strategy and consulting organization. On 13 May 2020, HSG, a national healthcare consulting organization, has launched a new Virtual Health Consulting service to assist hospitals, healthcare systems, and medical practices in determining if virtual visits with patients are feasible.