USD 10.44 trillion
Report ID:
SQMIG35D2011 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|Tables:
90
|Figures:
74
Global Hospital Services Market size was valued at USD 10.44 trillion in 2019 and is poised to grow from USD 11.1 trillion in 2023 to USD 19.61trillion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).
The global hospital services market is primarily driven by the rise in chronic illness prevalence, ageing populations, rising disposable income, particularly in developing nations, and the increased penetration of health insurance services. The main forces driving this industry are the sales earnings earned by numerous cutting-edge medical institutions. Over the projection period, the availability of next-generation stents, rising knee replacement surgery rates around the world, and rising cancer incidence are expected to have a significant impact on the hospital services market. The market expansion will be afterwards constrained by the high cost of surgical treatments as well as the absence of insurance coverage.
In recent years, the cost of medical facilities has increased. Advanced diagnostic technologies have paved the road for earlier and better disease detection as well as funded research into treatments for terminal diseases like cancer. The demand for medical services is predicted to expand due to rising affordability and public knowledge, which is currently happening in many nations where it is contributing considerably to GDP growth (GDP). As knowledge and cost-effectiveness rise, the demand for medical services is anticipated to rise. This is currently the case in many developed nations, where healthcare services have a large positive impact on the expansion of the hospital services market.
US Hospital Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.44 trillion
Largest Segment
Private Hospital
Fastest Growth
Private Hospital
Growth Rate
8.7% CAGR
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The global hospital services market is segmented based on hospital type, service type, services areas and region. Based on hospital type the Hospital Services Market is segmented into state-owned hospital, private hospital, and public hospital. Based on service areas the Hospital Services Market is segmented into: acute care, cardiovascular, cancer care, neurorehabilitation & psychiatry services, others. Based on Service type it is bifurcated into outpatient services and inpatient service. Based on region the Hospital Services Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Hospital Services Market Analysis by Service Type
The market is divided into inpatient and outpatient services based on the type of service provided. Hospitals generally view inpatient treatment, particularly hospitalisation procedures that call for a patient stay, as their main source of income. The patient stay length has, however, fallen dramatically in recent years due to better wound healing equipment quality and quicker recovery from procedures, which has led to the continuing reduction of the inpatient sector. Additionally, lengthier hospital stays increase the expense to hospitals since they limit their ability to take on new patients.
The expansion of telemedicine and remote consultation procedures, on the other hand, opened the door for the outpatient market, which is anticipated to expand in the future as a result of advancements in communication technology. Outpatient services are now a more attractive market for hospital service providers due to shorter patient stays and greater medical costs for inpatients.
Hospital Services Market Analysis by Hospital Type
According to the ownership type of the hospitals, the market has been divided into private, state-owned, and community/public hospitals. The privatisation of the hospital sector in the United States and the United Kingdom had an impact on the hospital market structure. The network of private hospitals includes a large number of retail clinics. The expansion of the hospital services sector is anticipated, with private and community hospitals playing a significant role. Globally, community/public hospitals continue to dominate. The majority of patient beds are found in community hospitals, which also provide care for a wide range of service areas and medical disorders thanks to their specialised departments. They are typically supported by businesses, crowdfunded communities, and local charitable groups. However, according to a study of the hospital sector, private hospitals are increasingly being seen to increase their specialisation capabilities and cater to patients who need urgent medical attention, such as cancer and cardiovascular treatment. In contrast, state-owned hospitals prioritise treating patients who require immediate attention, such as infection control and accident/trauma treatments. Therefore, especially in industrialised regions of the world, it is anticipated that these hospitals would have a falling market share in the future.
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In 2021, North America dominated the global market and accounted for over 49.0 percent of total sales. During the forecast period, the rising cost of healthcare services and the rising prevalence of cancer in North America are anticipated to drive market expansion. The region's market is anticipated to develop as a result of the rising prevalence of cancer and rising costs of healthcare in the area. In addition, the region's established medical facilities and healthcare infrastructure are expected to help it continue its leadership during the predicted period. Due to significant potential government investments for enhancing their healthcare infrastructure, emerging nations in the Middle East, Africa, Latin America, and Asia Pacific are anticipated to drive the regional market growth over the forecast period.
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Hospital Services Market Driver
Hospital Services Market Restraint
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The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our hospital services market reports, some of the leading quality Hospital Services manufacturers are as follows: HCA Healthcare (US), Mayo Clinic (US), Cleveland clinic (US), Tenet Healthcare (US), Spire Healthcare Group plc (UK), Community Health Systems, Inc. (US), Fortis Healthcare (India), Ramsay Healthcare (Australia)
Top Players in the Global Hospital Services Market
Hospital Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by hospital type, the largest portion of hospitals worldwide is still community/public hospitals. Community hospitals are found to have the most patient beds and, through their specialised departments, to care for a variety of service areas/medical issues. Region-wise, the North America dominated the global market by more than 49%, followed by Asia Pacific.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 10.44 trillion |
Market size value in 2031 | USD 19.61trillion |
Growth Rate | 8.7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Hospital Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hospital Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hospital Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hospital Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Hospital Services Market size was valued at USD 10.44 trillion in 2019 and is poised to grow from USD 11.1 trillion in 2023 to USD 19.61trillion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).
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Report ID: SQMIG35D2011
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