Global Hospital Services Market Size to Garner US$ 14.10 Trillion by 2028

Ottawa, Canada – Global Hospital Services Market size is expected to garner around US$ 14.10 Trillion by 2028, according to a new report by Vision Research Reports.

The global Hospital Services market size was valued at US$ 7.10 trillion in 2020 and is anticipated to grow at a CAGR of 8.8% during forecast period 2021 to 2028.

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.

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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.

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.

Report Highlights

Hospital service areas are segmented by medical conditions into acute care, cancer care, cardiovascular, neurorehabilitation & psychiatry services, pathology lab diagnostics & imaging, obstetrics & gynecology, and others. Each service area covers a significant condition for a demographic and observes major diseases/conditions with high prevalence.

Among these segments, cancer and cardiovascular care were observed to be the largest individual in terms of medical costs incurred. The rise in the incidence of cancer and a globally aging population are expected to promote the growth of this segment. However, in terms of revenue, the others segment was observed to be the largest. This segment includes various medical services provided in a hospital, ranging from cosmetic to orthopedic procedures and includes dentistry as well. With the rise in demand for esthetic procedures and awareness about dental hygiene, a significant rise in revenue of the others segment is anticipated.

Based on type, the hospital services market has been classified into inpatient and outpatient services. Till recently, inpatient services, including hospitalization procedures that require a patient stay, were considered as a primary revenue source for hospitals. However, in recent times, due to improved quality of wound healing equipment and quicker recovery from surgeries, patient stay duration has decreased significantly, resulting in the gradual decline of the inpatient market. Furthermore, the longer hospital stay is an additional cost for hospitals, as they reduce a hospital’s capacity to admit new patients.

The outpatient market, on the other hand, is expected to grow in the future as a result of development in communication technology, which paved the way for the growth of telemedicine and remote consultation procedures. Shorter patient stay and higher medical costs for inpatients have therefore made outpatient segment a more lucrative market for hospital services providers.

The market has been segmented on the basis of hospital ownership type into private, state-owned, and community/public hospitals. The hospital market structure was influenced by the privatization of the hospital industry in the U.S. and U.K. Many retail clinics fall under the network of private hospitals. Globally, the hospital ownership segment indicates the revenue generated by the hospital institution type per region.

The hospital services industry is expected to exhibit growth, majorly attributed to private and community hospitals. Community/public hospitals remain the largest segment globally. Community hospitals are observed to have the largest number of patient beds and cater to numerous service areas/medical conditions via their specialized departments.

North America dominated the regional segment in 2020 and held around 49.0% of revenue share. The rising cost of medical services and the increasing incidence of cancer in North America are expected to fuel the market growth during the forecast period.

Download this Research Report – Hospital Services Market 2021 to 2028

Key Players

  • HCA Healthcare
  • Mayo Clinic
  • Cleveland clinic
  • Tenet Healthcare
  • Spire Healthcare Group plc
  • Community Health Systems, Inc.
  • Fortis Healthcare
  • Ramsay Healthcare

Market Segmentation

  • Service Type Outlook
    • Inpatient Service
    • Outpatient Services
  • Hospital Type Outlook
    • Private Hospital
    • State-owned Hospital
    • Public/Community Hospital
  • Service Areas Outlook
    • Acute Care
    • Cardiovascular
    • Cancer Care
    • Neurorehabilitation & Psychiatry Services
    • Pathology Lab, Diagnostics, and Imaging
    • Obstetrics & Gynecology
    • Others
  • Regional Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • Italy
      • France
      • Spain
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Columbia
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa

Download this Research Report – Hospital Services Market 2021 to 2028

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