The healthcare industry has seen tremendous growth and evolution in recent years as the world’s response to the COVID-19 pandemic has re-shaped the way people live, work, and seek out medical care. As healthcare providers continue to update and streamline their operations, healthcare consultants are often a source of valuable help in shaping digital transformation strategies and implementations of advanced Information Technology infrastructure. According to a new study by Grand View Research, Inc., the healthcare consulting market is set to continue its growth well into the next several years.
The new report, titled “Healthcare Consulting Services Industry Procurement Intelligence Report” details a variety of factors driving healthcare industry growth, including aging of the global population and the mounting disease burden, the increased desire for value-based care, and technical innovations and advancements. The market for healthcare consulting services is growing due to an increased need for digitalization, adoption of analytics and cloud services, and increasing demand to reduce the rising costs of healthcare.
Valued at $8.75 billion in 2017 and estimated to reach $20.06 billion by 2026 at a CAGR of 11.3%, the healthcare consulting market serves a wide variety of clients, from care providers to payors to government agencies, providing fertile ground for IT modernization as well as regulatory compliance efforts, which frequently require highly specialized knowledge and skills to design and implement.
Grand View Research is not the only market researcher to predict strong market growth in the coming years. Chicago-based research firm MarketsandMarkets has also predicted explosive growth - though in more optimistic numbers - projecting the market to reach $41.2 billion by 2025 at a CAGR of 11.5%. MarketsandMarkets’ report predicts the United States will lead the growth as continually inflating costs of healthcare also account for a similar increase in consulting spend.
As healthcare providers and consumers continue their adaptation to the “new normal” of technology-driven, data-backed healthcare, consultancy firms will be well-suited to assist in efforts to continue modernization and innovation in the space. At the pace technology is driving change in markets worldwide, it’s likely subsequent reports will predict further growth well into years beyond 2026.