Hospital Market to Grow with a CAGR of 6.92% through 2028
Increasing prevalence of diseases and increasing healthcare expenditures
by different governments across the globe is expected to drive the Global Hospital
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Hospital Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Hospital Market stood at USD 4,522.30 billion in 2022 and is anticipated to grow
with a CAGR of 6.92% in the forecast period, 2024-2028. The global hospital
market is being driven by several key factors, including the rise in chronic
diseases prevalence, the aging population, the increase in disposable income
(especially in developing countries), and the growing penetration of health
insurance services.
The primary drivers of this market are the sales profits generated by
cutting-edge medical institutions. As knowledge and affordability continue to
increase, the demand for medical services is expected to expand, as already
observed in many developed countries where healthcare services contribute
significantly to the growth of the Hospital Market.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on
"Global Hospital Market.”
The global hospital market is projected to experience growth during the
forecast period. This growth can be attributed to the increasing elderly
population affected by various chronic diseases, including cancer, diabetes,
cardiovascular diseases, renal disorders, and others. Consequently, the demand
for treatment has risen, leading to an expanded patient pool. Additionally, the
market is expected to benefit from the growing healthcare expenditures by
governments worldwide and the presence of large hospital chains. Furthermore,
advancements in diagnostic technologies and increased awareness are anticipated
to create lucrative opportunities for market growth until 2028.
Healthcare services play a pivotal role in the healthcare industry,
serving as its largest component. The healthcare services market encompasses
pharmaceutical companies, the medical devices sector, long-term care services,
healthcare facility management services, and the medical consumables industry.
Among these, hospitals have the largest consumer base within the healthcare
industry, making them integral to the sector. As major revenue sources,
hospitals fuel research and innovation, prompting multiple corporations to
invest significant efforts in revenue generation and marketing strategies to
promote their products and services within hospitals. Consequently, strategic
decisions within the hospital sector hold considerable power to influence other
sectors within the healthcare industry, including suppliers, service providers,
and distributors.
Advanced medical tools have paved the way for early disease detection
and improved care for terminal illnesses such as cancer. Increasing
affordability and awareness among people are expected to drive growth in the
medical services sector, as witnessed in many countries already. This sector
significantly contributes to the overall market growth. With rising healthcare
costs, several developed countries have implemented health insurance schemes,
which have gained popularity among customers and the general public. This
popularity is expected to boost demand in the coming years. Key drivers of
hospital care include an aging population, a rise in chronic diseases, an
increase in disposable income (especially in developing countries), and higher
health insurance penetration rates.
Globally, low- and middle-income countries bear a substantial disease
burden. Limited access to medical facilities, as well as a scarcity of
hospitals and healthcare practitioners, have hindered the development of the
hospital sector in many developing nations. Private hospitals are expected to
diversify their specialty service offerings and expand their reach to cater to
a vast patient market that can afford quality treatments. The deployment of
cloud-based electronic health records (EHRs), the implementation of big data
analytics solutions, and the adoption of mobile and IoT technologies offer
significant opportunities and industry-trend-based strategies in the global
hospital market.
Rising cancer incidence worldwide, an increasing number of knee
replacement surgeries, and the availability of next-generation stents are key
factors anticipated to drive the global hospital industry in the forecast
period. However, the high cost of surgical procedures and lack of insurance
coverage may hinder market growth.
Over the past few decades, the cost of medical facilities has seen a
significant increase. Advanced diagnostic technologies have played a crucial
role in early disease detection and research for terminal diseases like cancer.
Increasing affordability and awareness among people are expected to drive
growth in the medical services market, which has already been observed in many
countries, contributing significantly to the Gross Domestic Product (GDP).
With the escalating cost of healthcare facilities, several developed
nations have established health insurance plans. In North America, healthcare
insurance is a vital and influential sector in the healthcare industry. Its
rising influence among consumers and the general public is projected to drive
demand in the coming years. Furthermore, healthcare services contribute
significantly to the overall revenue of the healthcare industry. Pharmaceutical
companies, long-term care services, the medical devices sector, the medical
consumables industry, and healthcare facility management services all play
prominent roles in the healthcare services market. Hospitals, as an end-use
segment, capture a significant consumer base within the healthcare industry.
The Global Hospital Market is segmented into ownership, type, type of
services, bed capacity, regional distribution, and company.
Based on type of services, the outpatient services segment is projected
to experience a significant growth rate of 7.55% during the forecast period.
This segment encompasses a wide range of medical procedures, tests, and
services that can be provided to patients without the need for an overnight
stay in a hospital. The convenience and accessibility of outpatient services
have contributed to their popularity among patients and healthcare providers
alike.
One of the key factors driving the expansion of the outpatient services
segment is the trend towards shorter patient stays. With advancements in
medical technology and treatment techniques, more procedures can now be
performed on an outpatient basis, eliminating the need for extended hospital
stays. This not only provides convenience for patients but also helps to reduce
the burden on healthcare facilities. Moreover, the high costs associated with
inpatient services have also played a role in the growing demand for outpatient
services. Furthermore, advancements in surgical equipment and devices have also
contributed to the expansion of outpatient services. Innovations in technology
have made it possible to perform a wider range of procedures safely and effectively
in an outpatient setting. This has opened up new possibilities for patients who
may have previously required inpatient care.
Based on region, North America segment is expected to grow during the
forecast period. In 2022, North America emerged as a global leader,
accounting for a significant revenue share in the global hospital market. The
region's market growth is expected to be propelled by the rising incidence of
cancer and increasing cost of medical services. Furthermore, North America is
anticipated to maintain its dominance during the forecast period, attributed to
its well-developed medical centers and healthcare facilities. The regional
market growth is also expected to be driven by the emerging economies of Middle
East, Africa, Latin America, and Asia Pacific, which have high potential
government investments to improve their healthcare infrastructure.
The global hospital market is characterized by fragmentation, with the
presence of numerous large and small firms having both global and regional
focus. HCA Healthcare, Ascension Health, Tenet Healthcare Corporation, Mayo
Clinic, and Community Health Systems, Inc. are among the largest hospital
service providers worldwide, with a global presence. These companies have been
implementing various strategies such as acquisitions, expansions, and
investments, focusing on enhancing their hospital networks across North America
and Europe in recent years.
Major companies operating in Global Hospital Market are:
- Ramsay
Health Care Limited
- Community
Health Systems, Inc.
- Spire
Healthcare Group plc
- Tenet
Healthcare Corporation
- Universal
Health Services, Inc.
- IHH
Healthcare Berhad
- Apollo Hospitals
Enterprise Limited
- HCA
Healthcare, Inc.
- Fresenius
SE & Co. KGaA
- ORPEA
Group
Download Free Sample Report
Customers can also request for 10% free customization on this report.
“The market growth in the healthcare industry is expected to be fostered
by increasing healthcare expenditures by different governments across the
globe. This is further supported by the penetration of large hospital chains,
which leads to enhanced healthcare services and accessibility. Moreover, the
market is anticipated to witness lucrative opportunities due to increasing
awareness among individuals regarding the importance of early diagnosis and
advancements in diagnostic technologies. These advancements enable accurate and
timely detection of diseases, leading to better treatment outcomes and improved
patient care. Overall, these factors contribute to the positive growth
trajectory of the healthcare market in the coming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Hospital Market Segmented By Ownership (Public v/s Private), By
Type (General, Specialty, Multi- Specialty), By Type of Services (In-Patient
Services v/s Out-Patient Services), By Bed Capacity (Up to 100 beds, 100-500
beds, Above 500 beds), By Region and Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential
of Global Hospital Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Hospital
Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com