The global healthcare consulting services market is projected to witness a CAGR of 10.36% during the forecast period 2024-2031, growing from USD 29.03 billion in 2023 to USD 63.86 billion in 2031. Various factors shape the global healthcare consulting services market. These include consulting companies opting for expansion, harnessing the power of artificial intelligence (AI), growing demand for digital health consulting, increased adoption by biotechnology companies, and growing use of the Internet of Things (IoT) technology.
The rising demand for healthcare consulting services has led to the expansion of consulting businesses globally. The expansion of the global healthcare consulting services market is fueled by this expansion strategy, which enables businesses to enter new markets and cater to a wider clientele. Healthcare consulting services are being used by biotechnology companies more and more for strategic direction. The global healthcare consulting services market is expanding because of the crucial role consulting firms play in providing biotech companies with market insights, regulatory compliance, and operational efficiency.
The need for consulting services in this industry is driven by the growing trend towards digital health solutions. The global healthcare consulting services market is growing as a result of consulting firms’ assistance to healthcare organizations in implementing digital technology, streamlining operations, and improving patient care. AI is transforming the healthcare consulting services sector through its integration. AI technologies have the potential to improve decision-making processes, increase efficiency, and offer consulting businesses new insights. As a result, the demand for healthcare consulting services is expected to grow globally. One of the main factors influencing the consulting services market is the use of IoT technology in the healthcare industry. The global healthcare consulting services market is growing as a result of consulting companies' assistance in helping healthcare organizations use IoT solutions for better patient care, operational efficiency, and data security.
For example, in May 2023, two of the world's largest technology companies, Cisco and NTT Ltd., announced a collaboration to develop and implement joint IoT as-a-service solutions that enable businesses to increase operational efficiencies and achieve sustainability objectives.
Consulting Companies Opting for Expansion
A growing number of consulting businesses are extending their reach to support a wider range of clients with their healthcare needs. The global healthcare consulting services market will benefit greatly from this expansion plan, as it will enable a greater number of individuals to access the help they require for managing their health. Furthermore, this industry is being significantly impacted by the incorporation of AI. Consulting firms are using AI to help them make better decisions, work more efficiently, and provide their clients with useful information. Since more and more people are turning to consulting companies for assistance with their healthcare issues, the market is growing because of the increased demand for these services.
- J. Keller Associates, a reputable supplier of safety and compliance solutions, introduced four on-site medical consulting services on February 13, 2024. The purpose of healthcare consulting services is to maintain facilities compliant with intricate accreditation and regulatory standards to provide services to clinics, hospitals, and related medical centers.
Harnessing the Power of Artificial Intelligence
Another global healthcare consulting services market trend includes the utilization of AI. AI is being used by major players in the healthcare consulting services industry to improve client services and growth. These businesses enhance client insights, operational effectiveness, and decision-making through AI integration. Thanks to this development, consulting firms can now offer creative solutions that adapt to the changing needs of their clients. The adoption of AI also encourages moral and effective behavior, which drives the growth of the global healthcare consulting services market. The industry benefits from this technological integration because it makes it possible for consulting companies to develop and improve client service delivery while adapting to changing needs and upholding high ethical standards.
To enable their clients to fully use OpenAI technology and ethically apply generative AI to tackle the most difficult problems, Boston Consulting Group, for example, partnered with OpenAI in July 2023 to launch the Centre for Responsible Generative AI under BCG X.
Growing demand for digital health consulting
The growing need for digital health support is fueling the global healthcare consulting services market growth. To better manage changing rules, increase operational effectiveness, and provide better patient care, healthcare providers look for assistance. The process of incorporating digital technologies into every facet of healthcare operations is known as digital transformation. By improving efficiency, accessibility and overall quality, digital transformation aims to raise the bar for healthcare services in general, from patient care to administrative procedures. The delivery of healthcare is being revolutionized by technologies such as telemedicine platforms, data analytics, and electronic health records (EHRs).
For example, in April 2023, the worldwide leader in digital transformation, Sia Partners, which includes Latham BioPharm Group (LBG), announced the creation of a new capability focused on Digital Health Consulting.
Increased adoption by biotechnology companies
Healthcare consulting services are becoming more and more popular as a source of help for biotechnology enterprises. They look for assistance in cost management for things like formulating and process development. These biotech companies hope to improve their organizational structure and efficiency by forming partnerships with consulting firms. This partnership demonstrates a calculated move on the part of industry participants to improve operations, address regulatory obstacles, and expand in the global healthcare consulting services market. To ensure success for biotech enterprises, consulting organizations are essential in helping them navigate complex laws and successfully launch their goods into the market. This, in turn, is expanding the global healthcare consulting services market share.
As an example, in August 2023, SSI Strategy, a preeminent life sciences consulting firm, declared that it had finalized an acquisition deal to purchase NDA Group AB, a preeminent regulatory affairs and drug development consulting firm. By combining these two important areas of expertise, a world-class consultancy will be established that will advise drug development businesses from concept to commercialization, assisting in the optimization of the development process and maximizing the therapeutic potential of innovative and complicated medicines.
North America dominates the market
Leading the way in the spectacular growth of the global healthcare consulting services market are the United States and Canada. The United States, along with other countries in North America, is home to some of the world's leading health-tech companies. This is a result of the use of digital solutions by many healthcare organizations in these nations, including hospitals, government agencies, and pharmaceutical firms. In addition, healthcare organizations are seeking more regulatory consulting services to comply with the stringent laws and regulations in North America. The market is expanding because of the growing need for regulatory assistance, underscoring the significance of businesses being able to successfully negotiate the complicated regulatory environment.
For example, in October 2023, Mazars USA LLP, the 31st largest accounting and consulting firm in the US, and Forvis LLP, the eighth-largest accounting and consulting firm, signed an acquisition agreement. The acquisition would take effect on June 1, 2024. Apart from the US combination, the Mazars Group, with its headquarters in Paris, and Forvis have inked a deal to collaborate in a global alliance under the Forvis Mazars name.
Future Market Scenario (2024 – 2031F)
- Many companies in the global healthcare consulting services market are making investments to build strong capabilities by recruiting in-house experts.
- To jointly produce efficient and secure solutions, businesses in the global healthcare consulting services market are integrating with the larger ecosystem of close interaction with regulatory bodies.
- To take advantage of big and diverse data sets, the global healthcare consulting services market is seeing a trend of investments in data management and analysis tools.
- In the global healthcare consulting services market, IT companies and consulting firms are collaborating to bring in timely and best-in-class external assets and expertise.
Report Scope
“Healthcare Consulting Services Market Assessment, Opportunities, and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, that provides in-depth analysis and qualitative and quantitative assessment of the current state of the global healthcare consulting services market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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