Healthcare Consulting Market Growth Forecast | Global Trends 2024-2032

The global healthcare consulting market was valued at USD 17.64 billion in 2023. The ventilator industry is projected to grow from USD 19.65 billion in 2024 to reach USD 46.61 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.4% during the forecast period 2024-2032.

Market Current Scenario

The healthcare consultancy market has expanded considerably in the last few years. This growth is facilitated by several factors, like the rise in demand worldwide for healthcare services has provided new challenges for medical professionals. Moreover, the market gained significant traction in Hong Kong, the United Kingdom, South Korea, the United States, India Malaysia Canada, and Germany. Further, at the time of fierce competition, the giant healthcare companies are hiring specialized health services research experts in their health service committee to find solutions to up-and-coming market difficulties. However, the escalating healthcare expenditure a key issue for insurers, which ultimately impedes the market growth.

Market Drivers

The growth of the healthcare consulting market is driven by the swift adoption of digital technologies. Digital transformation has been a catalyst for companies exploring to expand. Technological developments such as AI-powered medical systems, Software as a Medical Device (SaMD), telemedicine, online appointments, and electronic health records are few noteworthy instances of digitalization in this market. Moreover, these technologies are reforming the patient communication with medical professionals, exchange of this data with suppliers, and treatment roadmap and schedules. Further, it propels operational excellence, improves quality of patient care, and navigating the complications of this market. Additionally, there is considerable shortage of skilled professional which is influencing the adoption of digital healthcare advisory for better management of services and administration.

Market Restraints

The growth of the healthcare consulting market is challenged by the pressure of new diseases, insufficient skilled professionals, poor administrative channels, data threats, and the increasing costs. The problems involve a wide variety of stakeholders under the healthcare ecosystem who want strategic advisory guidance to attain their goals. As per a report by the PricewaterhouseCoopers' (PwC) Health Research Institute, healthcare expenditures are estimated to rise by 8 per cent next year. It is the biggest expected surge since 2012.

Another factor restricting the market expansion is weak administrative channels. Industry experts highlighted that the crux of the problem lies in the restrictions of existing healthcare management systems.

SEGMENT ANALYSIS

Healthcare Consulting Market By Type of Service

• IT Consulting
• Strategy Consulting
• Financial Consulting
• Digital Consulting
• Operations Consulting
• HR & Talent Consulting

The strategy consulting segment accounted for the maximum market share and is expect to further evolve during the forecast period. The segment’s market growth can be attributed to the rising necessity as a result of continued uncertainty in world market. Keeping ahead of swift changes in the healthcare landscape is challenging for companies everywhere. Hence, the demand for these strategic consulting has increased in the last few years, especially from the outbreak of COVID-19. Furthermore, the market is experiencing quick transformation, fuelled by a combination of revolutionising patient expectations, changing policy dynamics, and technological breakthroughs.

Healthcare Consulting Market By End-User

• Life Science Companies
• Payers
• Providers
• Government Bodies

The life science companies segment continues to be the most dominant category of the healthcare consulting market and is projected to expand beyond throughout the estimation period. The major trends shaping the segment are swift rise in the adoption of Generative AI (GenAI), changes or modifications in regulations and policies around the world, geopolitical situation, and surging pricing pressures. Market players are progressively employing GenAI to uplift revenue, reduce costs, and speed up drug discovery. With regulatory, economic, and geopolitical dynamics still looking instable, life sciences will likely be required to remain dependent on partnerships, agility, and innovation as they capitalise on their strong commitment to improving the lives of patients.

REGIONAL ANALYSIS

North America remains the frontrunner in the healthcare consulting market and is all set continue to reign during the forecast period. The regional growth in the market can be linked to the escalating cost burden on pharmaceutical organizations and expanding M&A operation. This expansion is led by the United States and Canada. U.S. is at the forefront of the healthcare revolution. In addition, the enforcement of policies like Affordable Care Act in the U.S. has expanded reach and availability of healthcare services, however, it also brings complications in adherence and operations of medical providers.

Asia Pacific is rapidly growing in the healthcare consulting market with India being viewed as a promising destination.

Recent Market Developments

• In April 2024, Soprav Healthcare Consulting reported via press release its formal inauguration as a new organization. It will provide operational, organizational, financial, investment, and regulatory assistance to healthcare entities, comprising wellness, health-tech, digital, med-tech, pharmaceuticals, medical practitioners, hospitals, and other B2B2C market under the umbrella of global healthcare. Soprav’s entry into healthcare consulting market is expected to bring new opportunities for the market.

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