Healthcare Consulting Services Market

Agreements, acquisitions, services launches, and investments were the most widely adopted growth strategies by key players in the Healthcare Consulting Services Market

The global healthcare consulting services market is expected to reach USD 15.88 billion by 2023 from USD 9.76 billion in 2018 at a CAGR of 10.2%. Factors driving the growth of this market include the growing geriatric population, rising importance of value-based healthcare, and technological advancements in healthcare such as the implementation of IT consulting for EHR, EMR, and revenue cycle management system in hospitals around the world.

The healthcare consulting services market is dominated by players such as Accenture (US), McKinsey & Company (US), Cognizant (US), Deloitte Consulting (UK), and Ernst & Young (UK).

Most companies in the healthcare consulting services market adopted agreements, acquisitions, and services launches as the key business growth strategies. These strategies accounted for the largest share of the overall growth approaches mapped from 2015 to 2018. Some of the leading players who adopted these strategies include Accenture (US), Deloitte Consulting (UK), and Cognizant (US).

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Accenture (US) held the leading position in the healthcare consulting services market in 2017. The company adopts inorganic growth strategies such as acquisitions to strengthen its position in the market. For instance, in 2016, the company acquired Sagacious Consultants, an EHR consulting practice. This expanded the company’s capabilities and pushed the use of EHR to drive financial performance and improve patient care in organizations worldwide.

McKinsey & Company (US) held the second position in the healthcare consulting services market in 2017. The company has been focusing on acquisitions to enhance its presence in the market. For instance, in 2015, McKinsey & Company acquired Lunar, a design company with the aim to enhance advisory services related to digitizing processes, reimagine business models, and improve the overall customer experience for customers. In addition, the company’s strong position in the market is attributed to its strong distribution network in both developed and developing countries.

Cognizant Technology Solutions Corporation held the third position in the healthcare consulting services market in 2017. The company is concentrating on mergers and acquisitions to expand its product portfolio and geographical presence. In 2017, the company acquired Bolder Healthcare Solutions, a provider of revenue cycle management solutions for hospitals, physicians practices, and other specialties. The company is also set to acquire the Advanced Technology Group by the end of 2018, with the aim of expanding its cloud quote to cash capabilities.

Related Reports:

Healthcare Consulting Services Market by Type of Service (Strategy Consulting, Digital Consulting, IT Consulting, Operations Consulting, Financial Consulting, HR Talent Consulting), End User & Region - Global Forecast to 2023

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Report Code
HIT 6686
Published ON
Oct, 2018
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