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June 15, 2021, 2:48 a.m. EDT

Hospital Services Market Size Worth $ 15.45 Trillion by 2027: Precedence Research

Jun 15, 2021 (Market Stats News via COMTEX) -- The hospital services market, in terms of value, is projected to grow at a healthy CAGR of 8.2% from 2020 to 2027. The market was accounted for US$ 8.22 trillion in 2019 and is expected to reach a market size of US$ 15.45 trillion by the end of 2027. In this study, 2020 has been considered the base year, and 2020 to 2027 the forecast period for estimating the market size of the market.

The global hospital services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The study analyzes and forecasts the market size, in terms of volume (units) and value (USD million), of the market. The report segments the market and forecasts its size, by volume and value. The report discusses the market for hospital services in terms of volume & value. The regions covered in the report are North America, Europe, Asia Pacific and the Rest of the Worlds.

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The healthcare services market comprises of sales of healthcare related goods and services by entities (sole traders, organizations, and partnerships) that offer human healthcare services. This industry includes formations that provide services such as nursing care, dental services, medical & diagnostic laboratory services, residential substance abuse & mental health facilities, and other healthcare services.

Report Highlights

  • In 2019, North America emerged as a global leader accounting for a revenue share of nearly 50% in the global market due to rising cancer cases and cost of medical services

  • The Asia Pacific exhibits attractive growth over the forecast period. Increasing investment for the developed of hospitals and rising number of private market players

  • By service area, cancer and cardiovascular care were observed as the prominent revenue shareholder owing to aging population and cancer cases across the world

  • Based on service type, inpatient service was the prominent segment in the global market because of hospitalization procedures that require long hospital stay

  • Development in the communication technology anticipated to spur the growth of outpatient service over the analysis period

  • In 2019, community hospitals were the largest revenue contributor and observed to grow at a steady pace during the coming years.

  • Private hospitals seek lucrative growth over the forecast period due to the expansion of specialist capabilities and specifically cater to the critical patients

Growth Factors

Key factors driving the global hospital services market are rise in prevalence of chronic diseases, aging population, rise in disposable income especially in the developing countries, and spike in the penetration of health insurance services. People with an age of 60 years and above are expected to contribute around 17% of the world's population by 2030, high from the present population rate of 12%. Moreover, World Health Organization (WHO) has reported that around 70% of global deaths were due to non-communicable diseases in the year 2015.

The hospital infrastructure is still underdeveloped in several developing countries of Africa, the Asia Pacific, and Latin America. In India, the number of hospital beds is less than 1 per 1,000 populations that is quite below the Organization for Economic Co-operation and Development (OECD) average of more than 5 and the WHO average of around 2.7. This gap between supply and demand of hospital beds in developing and underdeveloped economies has led to significant growth in the private hospitals market. Apollo Hospitals Enterprise Ltd., India's largest private hospital services provider, has expanded its capacity from 150 beds in 1983 to over 9,500 beds in 69 hospitals.

Regional Snapshots

North America is the most prominent revenue source compared to other region. The region accounted for around 50% of the total market value share in the year 2019. Ageing population, rising cases of cancer, and increasing cost of medical services in the region are the key factors that drive the overall market growth. Further, the region expected to retain its leading position over the forecast period. Technological advancement and increased spending on the development of hospitals across the region anticipated to propel the market growth. Introduction of smart hospitals that integrate artificial intelligence, analytics platform, and various connectivity solutions projected to upend the market trend in the healthcare service industry.

On the other side, the Asia Pacific expected to be the fastest growing region over the analysis period. The growth of the region is mainly attributed to the rising number of patients, increased number of surgeries, improves quality of hospital services, and rising number of private players in the developing nations such as China, India, and Korea. Further, the region encountered the highest spending on healthcare services in the recent past compared to other regions. Undeveloped healthcare facilities and treatment procedures in some of the parts of the Asia Pacific offer prominent opportunity for the players to enhance their market share in the region.

Key Players & Strategies

The global hospital services market players face moderate competition owing to rapid changes in the medical services. In addition, medical advancement along with increased spending on the development of hospitals across regions has triggered the pace of competition in the overall market. Today, hospital service providers mainly focus towards offering differential service to their customers via technology and various management solutions. In addition, they also focus on merger & acquisition and geographic expansion strategies to establish their chain of service I various region or parts of the country.

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

This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of hospital type, service type, service areas, and region:

By Hospital Type

  • State-owned Hospital

  • Private Hospital

  • Public/ Community Hospital

By Service Type

  • Outpatient Services

  • Inpatient Service

By Service Areas

  • Cardiovascular

  • Acute Care

  • Cancer Care

  • Diagnostics, and Imaging

  • Neurorehabilitation & Psychiatry Services

  • Gynecology

  • Others

By Regional Outlook

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The hospital services report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Why should you invest in this report?

The company's expert team has been always monitoring the hospital services market for few years, which has assisted them to include actionable insights that can consult the regarded reader with the influence to grow their venture with a high CAGR and gain stellar Return on initial capital investment in the market.

If you are aiming to enter the global hospital services market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for hospital services are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter's Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Hospital Services Market, By Hospital Type

7.1. Hospital Services Market, by Hospital Type, 2020-2027
7.1.1. State-owned Hospital
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Private Hospital
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Public/ Community Hospital
7.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Hospital Services Market, By Service Type

8.1. Hospital Services Market, by Service Type, 2020-2027
8.1.1. Outpatient Services
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Inpatient Service
8.1.2.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Hospital Services Market, By Service Areas

9.1. Hospital Services Market, by Service Areas, 2020-2027
9.1.1. Cardiovascular
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Acute Care
9.1.2.1. Market Revenue and Forecast (2016-2027)
9.1.3. Cancer Care
9.1.3.1. Market Revenue and Forecast (2016-2027)
9.1.4. Diagnostics, and Imaging
9.1.4.1. Market Revenue and Forecast (2016-2027)
9.1.5. Neurorehabilitation & Psychiatry Services
9.1.5.1. Market Revenue and Forecast (2016-2027)
9.1.6. Gynecology
9.1.6.1. Market Revenue and Forecast (2016-2027)
9.1.7. Others
9.1.7.1. Market Revenue and Forecast (2016-2027)

Chapter 10. Global Hospital Services Market, Regional Estimates and Trend Forecast

10.1. North America
10.1.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.1.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.1.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.1.4.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.1.4.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.1.5.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.1.5.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.2.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.2.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.2.4.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.2.4.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.2.5.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.2.5.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.2.6.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.2.6.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.2.7.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.2.7.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.3.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.3.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.3.4.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.3.4.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.3.5.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.3.5.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.3.6.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.3.6.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.3.7.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.3.7.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.4.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.4.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.4.4.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.4.4.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.4.5.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.4.5.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.4.6.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.4.6.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.4.7.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.4.7.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.5.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.5.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.5.4.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.5.4.3. Market Revenue and Forecast, by Service Areas (2016-2027)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Hospital Type (2016-2027)
10.5.5.2. Market Revenue and Forecast, by Service Type (2016-2027)
10.5.5.3. Market Revenue and Forecast, by Service Areas (2016-2027)

Chapter 11. Company Profiles

11.1. Mayo clinic
11.1.1. Company Overview
11.1.2. Hospital Type Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. HCA Healthcare
11.2.1. Company Overview
11.2.2. Hospital Type Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Cleveland clinic
11.3.1. Company Overview
11.3.2. Hospital Type Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Spire Healthcare Group plc
11.4.1. Company Overview
11.4.2. Hospital Type Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Ramsay Health Care
11.5.1. Company Overview
11.5.2. Hospital Type Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Ascension Health
11.6.1. Company Overview
11.6.2. Hospital Type Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Community Health Systems, Inc.
11.7.1. Company Overview
11.7.2. Hospital Type Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Tenet Healthcare
11.8.1. Company Overview
11.8.2. Hospital Type Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Fortis Healthcare
11.9.1. Company Overview
11.9.2. Hospital Type Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions

Chapter 13. Appendix

13.1. About Us
13.2. Glossary of Terms

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The post Hospital Services Market Size Worth $ 15.45 Trillion by 2027: Precedence Research appeared first on Market Stats News .

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