OTTAWA, November 26, 2020 (GLOBE NEWSWIRE) – Precedence Research, recently published report on “Hospital services market (By type of hospital: public hospital, private hospital and public hospital; By type of service: Outpatient and inpatient services; By service areas: Cardiovascular, acute care, cancer care, diagnostics and imaging, neurorehabilitation services and of Psychiatry, Gynecology and Others) – Global market size, trend analysis, segment forecast, regional outlook 2020-2027 ”.
The health services market includes sales of health-related goods and services by entities (sole proprietorships, organizations, and partnerships) that provide human health services. This industry includes formations that provide services such as nursing, dental services, medical and diagnostic laboratory services, residential addiction and mental health facilities, and other health services.
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The main factors driving the global hospital services market are the increase in the prevalence of chronic diseases, the aging of the population, the increase in disposable income, especially in developing countries, and the skyrocketing of services health insurance. People aged 60 and over are expected to account for around 17% of the world’s population by 2030, a high rate compared to the current population rate of 12%. Additionally, the World Health Organization (WHO) reported that about 70% of deaths worldwide were due to noncommunicable diseases in 2015.
Hospital infrastructure is still underdeveloped in several developing countries in Africa, Asia-Pacific and Latin America. In India, the number of hospital beds is less than 1 per 1000 population, which is well below the Organization for Economic Co-operation and Development (OECD) average of over 5 and the average of the WHO about 2.7. This gap between supply and demand for hospital beds in developing and underdeveloped economies has led to significant growth in the private hospital market. Apollo Hospitals Enterprise Ltd., India’s largest provider of private hospital services, increased its capacity from 150 beds in 1983 to over 9,500 beds in 69 hospitals.
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Highlights of the report
- In 2019, North America emerged as a global leader accounting for almost 50% revenue share in the global market due to rising cancer cases and the cost of medical services
- Asia-Pacific shows attractive growth over the forecast period. Growing investment for developed hospitals and growing number of private market players
- By service area, Cancer and Cardiovascular Care has been observed as the major shareholder of revenues due to aging population and cancer cases around the world
- On the basis of the type of service, inpatient service was the largest segment of the global market due to inpatient procedures requiring a long hospital stay.
- The development of communication technology is expected to drive the growth of outpatient services during the analysis period
- In 2019, community hospitals were the main contributor to revenue and have seen steady growth in the years to come.
- Private hospitals seek lucrative growth over the forecast period due to expanding specialist capacities and specifically target critical patients
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North America is the most important source of income compared to other regions. The region accounted for around 50% of the total market value share in 2019. Aging population, rising cancer cases and rising cost of medical services in the region are the main factors driving overall growth of the market. In addition, the region expected to maintain its leadership position during the forecast period. Technological advancements and increasing spending for hospital development in the region are expected to propel the market growth. Introduction of smart hospitals that integrate artificial intelligence, analytics platform, and various connectivity solutions that are believed to reverse the market trend in the healthcare service industry.
On the other hand, Asia-Pacific is expected to be the fastest growing region during the analysis period. The growth of the region is mainly attributed to the growing number of patients, the increase in the number of surgeries, the improvement in the quality of hospital services and the growing number of private actors in developing countries such as China. , India and Korea. In addition, the region has recorded the highest expenditure on health services in the recent past compared to other regions. The underdeveloped healthcare facilities and treatment procedures in parts of the Asia Pacific region provide a significant opportunity for players to increase their market share in the region.
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Key players and strategies
Players in the global hospital services market face moderate competition due to the rapid evolution of medical services. In addition, medical advancement as well as increased spending on hospital development in the regions has triggered the pace of competition across the market. Today, hospital service providers primarily focus on providing differential services to their clients through technology and various management solutions. In addition, they also focus on M&A and geographic expansion strategies to establish their service chain in various regions or parts of the country.
Some of the major players operating in the market are Mayo Clinic, HCA Healthcare, Cleveland Clinic, Spire Healthcare Group plc, Ramsay Health Care, Ascension Health, Community Health Systems, Inc., Tenet Healthcare and Fortis Healthcare among others.
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