PUBLISHER: Grand View Research | PRODUCT CODE: 1530027
PUBLISHER: Grand View Research | PRODUCT CODE: 1530027
The global hospital services market size is anticipated to reach USD 5.71 trillion by 2030 and is anticipated to grow at a CAGR of 4.35% from 2024 to 2030, according to a new report by Grand View Research, Inc. This is attributed to the rapidly aging population and changes in population demographics. In addition, the increasing prevalence of chronic conditions such as diabetes, cardiac disorders, and cancer is driving the demand for hospital-based care globally. According to the Global Burden of Disease (GBD) study, in 2021, around 7.26 billion people globally suffered from chronic diseases (non-communicable diseases), substantially increasing from 7.10 billion people in 2019.
Moreover, government policies and insurance coverage changes directly impact access to hospital services globally. Policies promoting or mandating healthcare coverage are expected to increase hospital service use. The Affordable Care Act and other government programs such as Medicare and Medicaid have expanded insurance coverage to million more individuals in the U.S. This increased overall demand for medical services, resulting in higher utilization of hospital care, is expected to contribute to the market's growth over the forecast period. For instance, in April 2022, the Department of Health and Human Services (HHS) launched new measures to improve accessibility and tracking of affordable coverage on HealthCare.gov. The major policy changes include advancing standardized plan options, implementing new network adequacy requirements, increasing coverage value for consumers, increasing access for patients, removing major barriers to coverage, and expanding access to essential community providers.