Global Healthcare Services Market - 2023-2030

Overview

The Global Healthcare Services market reached US$ 784.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 1,293.1 billion by 2030. The global healthcare services market is expected to exhibita CAGR of 6.6 % during the forecast period (2023-2030).

The health care system is an organisation of people, institutions, and resources that deliver health care to specific populations. Over the last five years, services and technology have become the fastest-growing profit pool in the healthcare industry, owing to the substantial value creation potential of technological-based and -enabled advances.

Furthermore, most healthcare services and technology companies have focused on managing medical costs and quality or on increasing effectiveness and efficiency in administrative functions, several developed countries have introduced health insurance plans in response to rising healthcare costs and the increase in the number of infectious diseases can accelerate the healthcare services market size with ignificantkey players like Universal Health Services, CVS Health, AmeriTypeBergen Corporation, Elevance Health, andothers actively operating in the market.

Dynamics

The Strategies Adopted by the Companies Helps to Drive the Market Growth

The healthcare industry is made up of a number of different sectors, each with its own set of characteristics, ranging from pharmaceuticals and devices to health insurers and hospitals. Numerous factors influence investments in this area, including favourable demographic trends and negative reimbursement trends. Due to the factors mentioned above, companies develop new services, which helps to drive market expansion.

For instance, in December 2021, Sameday Health, a leading COVID-19 testing organisation and premium healthcare provider, announced the debut of their new House Calls service. The new service, which aims to provide healthcare that revolves around the client in the comfort of one's home, hotel, or place of business, will provide patients with highly personalised, convenient, and ultra-private care in select major cities and neighbouring suburbs such as Los Angeles, New York City, San Diego, Denver, Miami, Atlanta, Boston, Washington DC, and others.

Additionally, on November 09, 2022, Caraway, a digital healthcare startup for college women ages 18-27, announces the launch of its virtual healthcare services on college campuses across the country, beginning with four states: New York, California, Ohio, and North Carolina, which account for 25% of all college women in the United States. Caraway offers on-demand access to mental, physical, and reproductive healthcare services in one location, allowing college women + to receive the treatment they require when they need it. As a result, the above factors contribute to market expansion.

Prevalence of Chronic Diseases will Helps to Drive the Market Growth

Healthcare services play a critical role in the management and treatment of chronic diseases. Chronic diseases are long-term health conditions that often require ongoing medical attention and support. Healthcare services enable early detection and diagnosis of chronic diseases through regular screenings, check-ups, and medical tests. Early detection allows for timely interventions and treatment, which can prevent the disease from progressing to a more severe stage.

For instance, according to National Association of Chronic Disease Directors, stated that, nearly 60% of adult Americans have at least one chronic disease. Chronic conditions like diabetes, cancer, and cardiovascular disease are the leading causes of death in the United States. Around 37.0 million people, or 11.3% of the U.S. population, have diabetes. An estimated 28.7 million people - or 28.5% of the population - had diagnosed diabetes. Approximately 8.5 million people have diabetes but have not yet been diagnosed (2022). Thus rise of chronic diseases which helps to drive the market growth.

The Low Quality Health Care Services will Hamper the Market Growth

Poor quality health care hinders progress towards better health in countries of all income levels. Patients are unable to receive the degree of care they require due to a shortage of specialists in a single facility or region. Overcrowding is also causing an increase in the number of patients receiving subpar care.

Because universal healthcare is provided for free to everybody, many patients must endure lengthy wait times. Furthermore, medical workers must operate under duress in order to attend to every patient. This causes them to prioritise prescribing more people over closely evaluating each one. As a result, all of the above will restrict market expansion.

Segment Analysis

The global healthcare services market is segmented based on type, expenditure, age group, service type, service areas, end user and region.

The Home Healthcare Services Accounted for Approximately 35.07% of the Healthcare Services Market Share

Home healthcare services play an important role in providing medical and non-medical assistance to people in their own homes. These services are especially valuable to the elderly, those suffering from chronic illnesses, and those recovering from traumas or procedures. Avoiding unnecessary hospital visits saves money. Home health care can also save money by postponing or reducing the need for nursing home care or other sorts of more intense care. Thus, patient comfort and cost effectiveness contribute to segment growth.

Additionally, due to new launch of new services helps to drive the segment growth. For instance, in March 2022, Biofourmis, a Boston-based global leader in virtual care and digital therapies, announced that it has been chosen as the technology solutions partner for Blessing Health System's newest programme, which provides acute-level hospital treatment within patients' homes.

Additionally, on February 9, 2023, Orlando Health introduced hospital care at home, a programme that provides acute hospital-level care in the homes of adult patients. Orlando Health patients who meet strict clinical criteria defined by emergency department and hospital clinicians at Orlando Health Orlando Regional Medical Centre and Orlando Health South Seminole Hospital are eligible for the programme. As a result, the aforementioned elements contribute to segment growth.

Geographical Penetration

North America Accounted for Approximately 45.4% of the Market Share in 2022

The most significant market for health care services was North America. Rising demand for primary care and digital health services in North America has contributed to the market's rise. Additionally, due to the vast number of individuals getting older and the increased incidence of numerous chronic conditions, there has been an increase in need for primary care services. Furthermore, increased healthcare expenditure in the North American region has aided market expansion.

For instance, according to Health and Human Services (HHS), NHE increased by 2.7% to $4.3 trillion in 2021, or $12,914 per person, accounting for 18.3% of GDP. Medicare spending is expected to increase 8.4% to $900.8 billion in 2021. The federal government (34%) and households (27%), respectively, financed the majority of total health spending. The private corporate portion of health spending accounted for 17% of overall health care spending, 15% was accounted for by state and local governments, and 7% was accounted for by other private sources. As a result, the aforementioned factors contribute to the region's growth.

Competitive Landscape

The major global players in the healthcare services market HCL Technologies Limited, Voyager Home Health Care, Universal Health Services, CVS Health, AmerisourceBergen Corporation, Elevance Health, Centene Corporation, GE Health care, Omega Healthcare, Hinge Health, Inc and others.

COVID-19 Impact Analysis

The COVID-19 pandemic has demonstrated how health-system vulnerabilities can have far-reaching consequences for health, economic advancement, trust in governments, and social cohesion. Containing and limiting the virus's propagation and infection rate remains critical. But so is improving health-care systems' ability to respond quickly and effectively.

This includes the administration of COVID-19 vaccinations. Vaccine programmes are being launched in a number of nations following lightning-fast development and testing. The COVID-19 pandemic and lockdown had a negative influence on health and healthcare. The amplification of income disparity during the lockdown is likely to have long-term negative effects.

By Type

• Primary Care Services
• Emergency Medical Services
• Digital health Services
• Diagnostic Services
• Mental Health Services
• Home Healthcare Services
• Others

By Expenditure

• Public
• Private

By Age Group

• Children
• Adults

By Service Type

• Outpatient Services
• Inpatient Service

By Service Areas

• Cardiovascular
• Acute Care
• Cancer Care
• Diagnostics, and Imaging
• Neurorehabilitation & Psychiatry Services
• Gynecology
• Others

By End User

• Healthcare Providers
• Health Insurance Payers
• Pharmaceutical Companies
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• In July 2023, TPG Inc agreed to invest $1.4 billion for healthcare IT platform Nextech in order to expand the private equity firm's foothold in the healthcare services sector. TPG will have access to Nextech's network of over 11,000 physicians and over 60,000 clinics under the agreement. TPG has previously invested in IQVIA Holdings, a provider of data and clinical research services, as well as the healthcare software businesses WellSky and Lyric.
• On June 23, 2023, The World Health Organisation and multilateral development banks have launched a new funding platform to boost basic health care services. Three multilateral development banks have joined with WHO to launch the new Health Impact Investment Platform, which aims to invest in and strengthen essential, climate and crisis-resilient primary health care (PHC) services in low- and low-and-middle-income countries (LICs and LMICs).
• On December 13, 2022, The United States Agency for International Development (USAID) announced new collaborations to expedite primary health care in Cote d'Ivoire, Ghana, Kenya, Malawi, and Nigeria at the U.S.-Africa Leaders Summit in Washington, D.C. The partnership announced today leverages the global health footprint in these countries, supported by an average of over $415 Billion annually, and improves coordination to harmonise investment approaches and demonstrate measurable improvements in primary healthcare outcomes.

Why Purchase the Report?

• To visualize the global healthcare services market segmentation based on type, expenditure, age group, service type, service areas, end user, and region,as well as understandkey commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of healthcare services market-level with all segments.
• PDF report consists of a comprehensiveanalysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available asexcelconsisting of key products of all the major players.

The global Healthcare Services Market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies