PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401825
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401825
Hospital Emergency Department Market size was valued at USD 1,24,000 Million in 2022, expanding at a CAGR of 4.1% from 2023 to 2030.
Emergency Departments (EDs) within hospitals cater to diverse medical needs spanning cardiology, neurology, gastroenterology, infectious diseases, and psychiatry. The escalation in occurrences of these ailments has led to a surge in ED visits. Additionally, the expanding elderly populace in the United States has contributed to market growth, given their heightened requirement for immediate medical interventions. Many hospitals are integrating sophisticated technologies, including Artificial Intelligence (AI), to enhance diagnostic capabilities and streamline routine processes such as formulating treatment plans and prescriptions. The COVID-19 pandemic substantially accelerated the adoption of telehealth services within hospitals.
Hospital Emergency Department Market- Market Dynamics
Substantial footfall in hospital Emergency Departments (EDs) and the presence of comprehensive insurance coverage to propel market demand
The principal factors driving market expansion includes the substantial footfall in hospital Emergency Departments (EDs) and the presence of comprehensive insurance coverage. As per CDC data, the U.S. witnessed around 131 million ED visits annually in 2020, with approximately 19% of adults and 4.7% of children seeking ED care. Notably, about 60% of emergency care was dispensed outside standard business hours, emphasizing the dearth of more affordable alternatives as a pivotal factor contributing to the high ED visitation rates. The implementation of telehealth services is instrumental in reducing wait times and mitigating overcrowding in EDs. Medicare and Medicaid play a crucial role in providing insurance coverage for emergency healthcare services. The CDC reports that over 40% of ED visits by adults aged 65 and above are facilitated by ambulance services, covered under Medicare Part B. Additionally, Medicare Part B extends coverage to air ambulance transportation when essential. Furthermore, Medicare Part A covers a portion of expenses if a patient enters the emergency room and gets admitted as an inpatient, while Part B covers costs for doctor consultations when patients are not admitted as inpatients.
Hospital Emergency Department Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2023-2030)
Based on Insurance segmentation, private & others was predicted to show maximum market share in the year 2022
Based on Conditions segmentation, infectious was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Hospital Emergency Department Market is segmented on the basis of Insurance, Application, Conditions, and Region.
The market is divided into two categories based on Insurance: Medicare & Medicaid and private & others. The segment dominated by private & others held the highest revenue share in 2022 and is expected to exhibit the fastest growth rate. This growth is attributed to the increasing presence of commercial insurance providers and rising disposable incomes. For example, a study from the University of North Carolina demonstrated that between 1996 and 2015, private insurance paid more for ED visits compared to Medicare or Medicaid. Some private payers leverage value-based care strategies to reduce ED visits and hospitalizations instead of reducing coverage, such as Humana's application of value-based care models in Medicare Advantage plans, resulting in fewer ED visits.
The market is divided into seven categories based on Conditions: traumatic, infectious, gastrointestinal, psychiatric, cardiac, neurologic, and others. The infectious conditions segment commanded the largest revenue share in 2022 due to heightened ER visits during flu seasons. The CDC's National Hospital Ambulatory Medical Care Survey indicated that in 2018, fever and cough accounted for a significant number of emergency visits in the U.S. This segment is forecasted to experience the highest Compound Annual Growth Rate (CAGR) during the projection period due to the high transmissibility of infectious diseases.
Hospital Emergency Department Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Within the Hospital Emergency Department (ED) market, companies employ diverse strategies to meet the changing healthcare demands. One pivotal tactic involves enhancing workflow efficiency by incorporating advanced technologies such as electronic health records (EHRs), telemedicine, and AI-powered triage systems. These technologies streamline patient intake, diagnosis, and treatment processes, resulting in reduced wait times and an improved standard of patient care. Additionally, companies invest in data analytics and predictive modeling to anticipate patient requirements, optimize resource allocation, and effectively manage ED capacity. Collectively, these strategies aim to elevate operational efficiency, enhance patient satisfaction, and elevate the overall quality of care provided within hospital emergency departments.
Owensboro Health Regional Hospital (OHRH) introduced a novel communication tool in January 2023 within its Emergency Department to provide real-time updates to enhance patient experiences.
Additionally, Virginia Mason Franciscan Health (VMFH) launched the building of Washington state's first hybrid ER/urgent care center in August 2022, kicking off a four-year plan to build a succession of hybrid clinics in the Puget Sound area. These facilities will use Intuitive Health's revolutionary care philosophy, bringing emergency and urgent care services together under one roof.
The scope of this report covers the market by its major segments, which include as follows: