The ongoing pandemic has brought about substantial changes to the way healthcare providers interact with their patients and the public. Looking at just one facet of healthcare shows that the use of telehealth technology to remotely evaluate, diagnose, and treat patients has jumped from 25% of physicians to nearly 80% in 2020, with experts estimating that the pandemic drove almost a decade’s worth of telemedicine innovations in a single year. Digital transformation efforts have rapidly transformed the healthcare industry, and as providers continue to seek out new ways to innovate, the growth of the healthcare consulting services market has followed suit.
A new forecast report from Chicago-based research firm MarketsandMarkets has claimed that the global healthcare consulting services market is slated to grow by a CAGR of 11.5%, from $23.9 billion to $41.2 billion by 2026. The firm employs over 850 people globally and works with 80% of Fortune 1000 companies, granting it a unique perspective on market trends.
The expected growth is likely to be driven by increasing levels of digitization in healthcare, adoption of analytics and cloud services, rising global disease burden, and increasing demand to reduce the rising costs of healthcare. With the pandemic placing additional pressure on providers, businesses will continue to look for new technology-driven means of care delivery, with the still-growing use of telehealth expected to drive demand for healthcare consulting services.
The report projects strategy consulting will account for the biggest portion of healthcare sector consulting spend, at 21.1% in 2021, with engagements focusing on driving efficiency and revenue generation to improve organizational profit potential. Healthcare providers are expected to dominate the need for services, as patient volumes continue to increase.
Combining a strong economy with its status as the only developed nation without a single-payer healthcare system, the United States is expected to lead the growth, as inflated costs of healthcare also account for consulting spend. The North American market is expected to continue dominating the global consulting market, with a 46.8% share in 2020 and the highest projected CAGR of 9.3% to 2026.
The report reflects that the largest global firms like Accenture, the Big Four accounting firms, and the Big Three strategy firms are expected to lead the consulting market. However, the rapid growth in the sector still leaves plenty of room for smaller players seeking to play a role in the historic transformation of the healthcare industry.