Market Research Future (MRFR) has published on the “Global Hospital Services Market”.
The hospital services market is estimated to register a CAGR of 8.60% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global hospital services market— Mayo clinic, HCA Healthcare, Cleveland clinic, Spire Healthcare Group plc, Ramsay Health Care, Ascension Health, Community Health Systems, Inc., Tenet Healthcare, Fortis Healthcare.
The global hospital services market is accounted to register a CAGR of 8.60% during the forecast period and is estimated to reach USD 21906.9 billion by 2032.
The rising prevalence of chronic diseases such as diabetes, heart disease, and cancer has increased the demand for ongoing medical care and hospital services for disease management and treatment. As the global population continues to grow and age, there is a higher demand for healthcare services. Older individuals typically require more medical care, including surgeries, chronic disease management, and long-term care, which drives the need for hospital services. Further, the advances in medical technology have expanded the range of services that hospitals can offer. New diagnostic tools, surgical techniques, and treatments require specialized facilities and equipment, encouraging the growth of hospital services.
The global hospital services market has been segmented based on hospital type, service type and service areas.
On the basis of hospital type, the market is segmented into State-owned Hospital, Private Hospital, Public/ Community Hospital. The public/community hospital segment was attributed to holding the largest market share in 2022, as it ensures the healthcare services for a wide population base.
Based on service type, the global hospital services market has been segmented into Outpatient Services and Inpatient Service. The inpatient services segment was expected to hold the largest market share in 2022, it provides care for individuals with acute and severe medical conditions.
Based on service areas, the global hospital services market has been segmented into Cardiovascular, Acute Care, Cancer Care, Diagnostics and Imaging, Neurorehabilitation & Psychiatry Services, Gynaecology and Others. The diagnostic and imaging segment was expected to hold the largest market share in 2022, as it allows detection, diagnosis and monitoring of various medical conditions.
The global hospital services market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe hospital services market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The hospital services market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World hospital services market comprises of Middle East, Africa, and Latin America.
The largest market share for hospital services was maintained by the North American regional sector. This increase is due to its well-established healthcare infrastructure, including a vast network of hospitals and medical facilities. Additionally, high healthcare expenditure levels and advanced medical technology adoption further bolster the region's dominance. North America also benefits from a strong pharmaceutical industry and research institutions, attracting patients from around the world and contributing to its leadership in the global hospital services market. Further, the region's robust economy and high standards of medical care make it a preferred destination for medical tourism, further solidifying its dominance in the global hospital services market.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for hospital services is driven by the region's aging population, which increases the demand for healthcare services and specialized treatments. Additionally, government-funded healthcare systems and insurance coverage ensure widespread access to hospitals, promoting service utilization.
The Asia Pacific region’s rapidly growing population, coupled with increasing urbanization, leads to higher healthcare needs and greater demand for hospital services, particularly in densely populated urban areas. Many countries in Asia Pacific have established themselves as medical tourism hubs, attracting patients from around the world seeking high-quality, cost-effective healthcare services. Further, the governments in the region are investing in healthcare infrastructure and implementing reforms to expand access to healthcare services, which contributes to the growth of hospital facilities and healthcare delivery systems
Furthermore, the rest of the world's hospital services market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the increasing healthcare infrastructure development, growing demand for quality healthcare services, fuelled by population growth and aging demographics. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study