- 20 November 2020 03:13
Hospital Services Market Drive 8.2% Growth by 2027
The global hospital services market was valued at USD 8.22 Trillion in 2019 and expected to reach USD 15.45 Trillion by 2027 and poised to grow at a compound annual growth rate (CAGR) 8.2% during the forecast period 2020 to 2027.
Growing incidence of cancer & other chronic diseases and high cost of treatment are expected to be the vital impact rendering drivers for the market.
Globally, around USD 100 Billion is spent on detecting and treating various cancers, of which, USD 35 Billion is spent on chemotherapy and other cancer drugs alone. According to the American Society of Clinical Oncology, for the year 2016 in the U.S, there were more than 15.5 million cancer survivors, with around 1.7 million individuals being newly diagnosed-a growth of 2% when compared to 2015.
In order to cater to a large consumer population that can afford quality treatments, private hospitals are expected to diversify their specialist service offerings and exhibit growth during the forecast period. Hospital industry is shifting toward premium services, especially in North America and Europe (particularly U.K.), which will increase the value of the market further.
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Longer patient wait times and poorer quality of services in state-owned hospitals are major driving forces for private players leading the hospital services market.
Private hospitals are more inclined to provide quality outpatient services via various online and telecommunication networks in terms of consultation, diet/medication review, and health monitoring. Outpatient service quality has therefore improved steadily, and their demand is expected to outgrow inpatient services in the future.
Key suggestions from the report:
- Outpatient services is expected to be the fastest growing hospital service type over the forecast period, at a CAGR of 8.5%
- As per analysis of hospital industry, private hospitals are expected to lead the market among state owned and community hospitals, as increasing consumer affordability and lucrative facilities provided by private hospitals attract more patients globally.
- North America was the leading hospital services market in terms of hospital revenue and is expected to maintain its position during the forecast period, as the region has the most expensive healthcare service providers in the world.
- Based on application, neurorehabilitation & psychiatry services is expected to be the fastest growing, as a result of rising incidence of mental disorders and growing demand for mental wellness services. The segment is expected to fuel growth of outpatient services further, since the introduction of telemedicine in healthcare.
- Some major players include HCA Healthcare; Ascension Health; Cleveland Clinic; Community Health Systems, Inc.; Spire Healthcare Group plc.; and Mayo Clinic.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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Certain of the leading players in the hospital services sector are as below:
- Mayo clinic
- HCA Healthcare
- Cleveland clinic
- Spire Healthcare Group plc
- Ramsay Health Care
- Ascension Health
- Community Health Systems, Inc.
- Tenet Healthcare
- Fortis Healthcare
Segments Covered in the Report
By Hospital Type
- State-owned Hospital
- Private Hospital
- Public/ Community Hospital
- Outpatient Services
- Inpatient Service
- Acute Care
- Cancer Care
- Diagnostics, and Imaging
- Neurorehabilitation & Psychiatry Services
- North America
- Asia Pacific
- South Korea
- Rest of the World