The global hospital services market size is expected to be worth around US$ 15.8 trillion by 2030, according to a new report by Vision Research Reports.
The global hospital services market size was valued at US$ 8.8 trllion in 2020 and is anticipated to grow at a CAGR of 9.1% during forecast period 2021 to 2030
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Hospital Services Market (By Service Type: Inpatient Service, Outpatient Services; By Hospital Type: Private Hospital, State-owned Hospital, Public/Community Hospital; By Service Areas: Acute Care, Cardiovascular, Cancer Care, Neurorehabilitation & Psychiatry Services, Pathology Lab, Diagnostics, and Imaging, Obstetrics & Gynecology, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||USD 15.8 trillion by 2030|
|Growth Rate||CAGR of 9.1% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Service type, Hospital type, Service areas|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||HCA Healthcare; Mayo Clinic; Cleveland clinic; Tenet Healthcare; Spire Healthcare Group plc; Community Health Systems, Inc.; Fortis Healthcare; Ramsay Healthcare|
Growing incidence of cancer & other chronic diseases and high cost of treatment are expected to be the vital impact rendering drivers for the market.
Medical costs have increased in the last few decades. Advanced diagnostic technology has paved the way for improved & early disease detection and aided research on treatments for terminal diseases, such as cancer. Medical innovation is primarily fueled by the sales profits made by various cutting-edge medical institutions. With increasing awareness and affordability, the market for medical services is expected to grow, which is already evident among many developed nations, as healthcare services contribute significantly to the growth of their GDP.
By Service Area Analysis
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.
By Service Type Analysis
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.
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.
By Hospital Analysis
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.
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.
By Regional Analysis
North America accounted 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.
However, Asia Pacific is anticipated to witness the fastest growth over the forecast period. Improving the quality of hospital services and the rising number of private players in countries such as China, India, & Thailand are expected to fuel the growth of the regional market.
- HCA Healthcare
- Mayo Clinic
- Cleveland clinic
- Tenet Healthcare
- Spire Healthcare Group plc
- Community Health Systems, Inc.
- Fortis Healthcare
- Ramsay Healthcare
- Service Type
- Inpatient Service
- Outpatient Services
- Hospital Type
- Private Hospital
- State-owned Hospital
- Public/Community Hospital
- Service Areas
- Acute Care
- Cancer Care
- Neurorehabilitation & Psychiatry Services
- Pathology Lab, Diagnostics, and Imaging
- Obstetrics & Gynecology
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America
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