Healthcare Services Global Market Report 2024

The healthcare services market size has grown strongly in recent years. It will grow from $8,348.44 billion in 2023 to $8,963.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to various factors, including advancements in medical technology, a growing aging population, expanded health insurance coverage, government healthcare programs, and the presence of healthcare regulations.

The healthcare services market size is expected to see strong growth in the next few years. It will grow to $10,908.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to various key factors, including the continued expansion of telehealth and digital health services, addressing healthcare workforce shortages, advancing health equity initiatives, the adoption of value-based care models, and potential shifts in reimbursement mechanisms. Major trends expected in the forecast period encompass the integration of telemedicine, a heightened focus on patient-centered care, the promotion of preventive care and wellness initiatives, the advancement of personalized medicine approaches, and ongoing healthcare consolidation efforts.

Over the last decade, there have been significant advancements in both survival rates and the quality of life for patients. These remarkable improvements can be attributed to the intersection of medical and technological breakthroughs, which have had a profound impact on the delivery of healthcare services. High-tech diagnostic and therapeutic equipment now seamlessly align with doctors' clinical practices, resulting in enhanced healthcare outcomes. A report from TrendWatch underscores the pivotal role of medical innovations, revealing a 70% enhancement in survival rates for individuals experiencing heart attacks and a two-thirds reduction in mortality rates among cancer patients. These factors collectively contribute to the potential expansion of the healthcare market.

The primary types of healthcare services comprise medical and diagnostic laboratory services, dental services, home healthcare and residential nursing care services, residential substance abuse and mental health facilities, hospitals and outpatient care centers, physicians and other health practitioners, all other ambulatory healthcare services, and ambulance services. Hospitals and outpatient care centers offer diagnostic and medical treatment to patients with various medical conditions. Healthcare expenditures may be classified as public or private and are utilized by both males and females

The healthcare services market research report is one of a series of new reports that provides healthcare services market statistics, including healthcare services industry global market size, regional shares, competitors with a healthcare services market share, detailed healthcare services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare services industry. This healthcare services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growth of healthcare services is expected to be driven by the increasing healthcare expenditures in the foreseeable future. Healthcare expenditures encompass all the costs associated with delivering healthcare services, as well as activities related to family planning, nutrition programs, and emergency assistance with a primary focus on health. The expansion of healthcare spending plays a crucial role in enhancing access to healthcare services, reducing barriers to care, and potentially benefiting a larger segment of the population. For example, as reported by the American Medical Association in March 2023, healthcare spending in the United States witnessed a 2.7% increase, reaching $12,914 per person in 2021, totaling $4.3 trillion. Consequently, the upsurge in healthcare expenditures is a driving force behind the growth of the healthcare services market.

Numerous federal and state governments are currently providing their citizens with healthcare services that are either subsidized or entirely free of charge. Given that a majority of these governments are delivering high-quality healthcare services at no cost or reduced rates, patients often choose to access government healthcare services, which can in turn limit the opportunities for private healthcare service providers. For instance, the UK's National Health Service (NHS) offers free healthcare services to all legal residents and visitors. Looking ahead, it is anticipated that the government's provision of healthcare services at both federal and state levels will act as a significant constraint on the healthcare services market.

The shared medical appointments (SMA) model is gaining increasing global adoption as a means to optimize healthcare resources and reduce costs. This model is typically characterized by multiple patients being seen together as a group by a multidisciplinary medical care team for follow-up or routine care. Hospitals are increasingly incorporating SMAs as a way to raise awareness and provide counseling to individual patients dealing with similar medical conditions. SMAs complement the traditional one-on-one physician-patient appointments. They offer individual evaluation and disease management for each patient while also providing counseling in a group setting. Currently, SMAs are being employed to address a wide range of medical conditions, including diabetes, asthma, ulcerative colitis, multiple sclerosis, cancer, HIV, menopause, insomnia, and stress.

Prominent healthcare services market players are intensifying their emphasis on developing cutting-edge solutions, including generative artificial intelligence (AI) solutions, aimed at maximizing profitability within the market. Generative AI solutions are AI systems and algorithms crafted to produce content, such as text, images, audio, or video, that is typically creative, coherent, and contextually fitting. For example, in July 2023, Amazon Web Services, an American IT service management company, introduced a novel healthcare-centered service known as AWS HealthScribe. This service is driven by generative AI technology and is specifically tailored to automatically generate clinical documentation. Leveraging speech recognition and generative AI, it analyzes discussions between patients and clinicians to create clinical notes, expediting documentation processing and enhancing clinical efficiency. Furthermore, the service complies with the Health Insurance Portability and Accountability Act (HIPAA) and is applicable for both telehealth and in-clinic consultations.

Major companies operating in the healthcare services market include UnitedHealth Group Incorporated, Kaiser Permanente, HCA Healthcare, Fresenius Medical Care AG & Co. KGaA, Tenet Healthcare, Mayo Clinic, Community Health Systems, Laboratory Corporation of America, Cleveland Clinic, Davita Inc., CVS Health, McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Cigna Corporation, Elevance Health, Centene Corporation, Pfizer Inc., Johnson & Johnson, Humana Inc., Merck & Co. Inc., AbbVie Inc., Bristol-Myers Squibb Company, Abbott Laboratories, Molina Healthcare Inc., Danaher Corporation, Eli Lilly and Company, Gilead Sciences Inc., Regeneron Pharmaceuticals Inc., Zoetis Inc., Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Quest Diagnostics Incorporated, Agilent Technologies Inc., West Pharmaceutical Services Inc., Align Technology Inc.

North America was the largest region in the healthcare services market in 2023. Western Europe was the second largest region in the healthcare services market. The regions covered in the healthcare services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the healthcare services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The healthcare services market includes revenues earned by entities by providing human healthcare services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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