Healthcare Consulting Services Market To Generate Revenue worth $66.6 Billion by 2030
- Published: February 2024
The global healthcare consulting services market is projected to generate USD 66.6 billion revenue by 2030, advancing at a CAGR of 11.4% during 2024–2030. One of the main drivers for the demand for consulting services in healthcare enterprises is the rapid digitalization of their operations, as well as their rising focus on becoming more efficient and well-structured. Payers, care providers, pharmaceutical & biotechnology firms, manufacturers of medical devices, and government agencies used advanced software and technologies during the COVID-19 pandemic to enhance their overall performance and manage public health.
For instance, Microsoft’s consulting services assisted in the safe and effective delivery of COVID-19 vaccines with its Vaccination Registration and Administration Solution (VRAS).
Additionally, both payers and providers are looking for the best way to leverage digital technology to improve access, connectivity, and engagement, as well as efficiency for both individuals and populations. Since these are all important aspects, companies need effective consultation.
Pharmaceutical & Biotechnology Companies Hold Largest Share
Pharmaceutical & biotechnology companies are significant users of healthcare consulting services. This is due to the multitude of challenges they must confront in managing their operational and IT processes, as well as their constantly shifting business dynamics.
Furthermore, the government bodies category is expected to showcase significant growth in the end user segment. This will be because all the developing nations’ governments are building the strategy to boost their economy and healthcare infrastructure. The idea behind these initiatives is to provide better patient care, amidst the significant prevalence of chronic disease.
APAC To Exhibit Highest Growth Rate
Geographically, the Asia-Pacific region is projected to see the highest CAGR over the forecast period. This is due to an increase in the investment by both domestic and foreign healthcare businesses, a large pool of skilled people, government for digitalization in healthcare, and improvement of the healthcare infrastructure.
Furthermore, the Indian consulting sector has expanded significantly over the years, both in terms of scale and the variety of services it offers. This is credited to the low-cost structures, entry of numerous overseas consulting businesses in the Indian market, relaxation of prior FDI restrictions for foreign companies, and strong capabilities in the provision of care. Hence, the increase in the demand for specialized consulting services in recent years has given many consultants the chance to assist organizations with their expert knowledge and resources.
According to the Associated Chambers of Commerce and Sector of India, the country’s consulting industry was predicted to develop at a compound annual growth rate of 30%, to reach INR 27,000 crore by 2020. Moreover, companies are showing interest in expanding their operations in the region. For instance, in April 2021, PwC inaugurated its Acceleration Centre in Hyderabad, which is envisioned as a cross-functional and collaborative location.
Some of the major players are Accenture plc, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, McKinsey & Company, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, Huron Consulting Group, KPMG International Limited, Boston Consulting Group Inc., Bain & Company Inc., and IQVIA Inc.