PUBLISHER: The Business Research Company | PRODUCT CODE: 1427852
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427852
A hospital's emergency department (ED) is a critical facility that delivers around-the-clock emergency care to patients in need of immediate medical assistance. It is imperative for hospitals and medical facilities to offer top-notch medical or surgical services to individuals requiring urgent attention.
Connectivity within the hospital emergency department primarily falls into two categories wired and wireless. Wired connectivity involves the use of physical cables or wires to establish connections between devices or networks. This method encompasses the transmission of data or signals through tangible mediums such as copper wires, fiber optic cables, or coaxial cables. Wired connectivity is instrumental in hospitals' emergency departments, ensuring efficient and dependable communication and data transfer within the healthcare environment. The hospital emergency department is equipped to handle diverse medical conditions, including cardiac, neurologic, traumatic, gastrointestinal, infectious, psychiatric, among others. Applications of hospital emergency departments encompass remote medicine management, medical assistance, medical-connected imaging, electronic health records, clinical workflow, and more, catering to the needs of hospitals, ambulatory surgical centers (ASCs), and similar healthcare entities.
The hospital emergency department market research report is one of a series of new reports from The Business Research Company that provides hospital emergency department market statistics, including the hospital emergency department industry's global market size, regional shares, competitors with a hospital emergency department market share, detailed hospital emergency department market segments, market trends, and opportunities, and any further data you may need to thrive in the hospital emergency department industry. This hospital emergency department market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hospital emergency department market size has grown strongly in recent years. It will grow from $135.48 billion in 2023 to $143.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historical period can be ascribed to factors such as population growth and aging, heightened urbanization, concerns related to public health and epidemics, changes in healthcare policies, and a growing awareness among patients.
The hospital emergency department market size is expected to see strong growth in the next few years. It will grow to $175.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to factors such as population health management, the rising prevalence of chronic diseases, the expansion of emergency medical services (EMS), the integration of artificial intelligence (AI), and preparedness for global health threats. Major trends expected in the forecast period include the formation of public-private partnerships, technological advancements in telemedicine, progress in medical technology, innovative designs for emergency department facilities, and the utilization of wearable health technologies.
The increasing prevalence of visits to hospital emergency departments is anticipated to drive the growth of the hospital emergency department market in the future. An emergency department (ED) is a specialized medical facility focused on emergency medicine, providing prompt outpatient services to patients in need of immediate care. The growing number of patients seeking emergency medical attention contributes to the demand for enhanced facilities, resources, and services in hospital emergency departments. For example, according to the California Health and Human Services Agency, a US-based state agency, the 2021 Emergency Department Summary Report indicated that the number of emergency department admissions reached 1,962,045, up from 1,851,863 emergency department admissions in 2020. Therefore, the increasing prevalence of visits to hospital emergency departments is propelling the growth of the hospital emergency department market.
The escalating aging population is expected to drive the growth of the hospital emergency department market in the future. The term 'aging population' refers to a demographic trend characterized by a growing proportion of elderly individuals within a society or population. The aging population utilizes hospital emergency departments for immediate and specialized medical care, addressing acute health issues, managing chronic conditions, and seeking prompt intervention for age-related health challenges. For instance, in October 2022, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, the world's population of people aged 60 years and older is growing rapidly, and it is expected to double by 2050, reaching 2.1 billion. Therefore, the rising aging population is propelling the growth of the hospital emergency department market.
Technological advancements emerge as a prominent trend gaining traction in the hospital emergency department market. Companies within the market are adopting new technologies to maintain their competitive positions. For example, in December 2021, Shannon Health, a US-based company, implemented PeraHealth's latest clinical decision support platform, introducing RI Triage, specifically designed for use in the Emergency Department. Shannon Health is among the pioneering institutions to adopt 'RI Triage,' a streamlined approach for utilizing the Emergency Department (ED). Developed with the support of the Biomedical Advanced Research and Development Authority (BARDA), this technology aims to assist hospitals in managing ED care during surges, such as the challenges posed by the COVID-19 pandemic.
Major companies operating in the hospital emergency department market are focusing on developing innovative products, including communication tools, to enhance the experience of patients visiting the emergency department. A communication tool is a resource or system designed to facilitate clear and effective communication. For instance, in January 2023, Owensboro Health Regional Hospital (OHRH), a US-based hospital, launched the ERAdvisor communication tool, a mobile platform providing real-time information on wait times, lab and imaging results, and facilitating secure sharing with family and friends. The tool aims to improve patient satisfaction and understanding of the emergency process, ultimately contributing to better patient care.
In October 2022, Beckman Coulter Diagnostics, a US-based company engaged in developing, manufacturing, and marketing biomedical testing products, acquired StoCastic, LLC for an undisclosed amount. This acquisition marks a significant milestone for Beckman Coulter as it advances its strategy to develop a comprehensive portfolio of Clinical Decision Support (CDS) solutions. StoCastic LLC, a US-based company specializing in artificial intelligence, provides evidence-based decision support for hospital emergency departments (ED).
Major companies operating in the hospital emergency department market report are Merck & Co. Inc., Thermo Fisher Scientific Inc., Massachusetts General Hospital, Mayo Clinic Hospital, NYC Health Hospitals, University of Michigan Health - Ann Arbor, Cedars-Sinai Medical Center, Barnes-Jewish Hospital, New York-Presbyterian Hospital, Ronald Reagan UCLA Medical Center, Charles River, Texas Health Resources, Baystate Medical Center, QIAGEN, Hartford Hospital, Parkland Health, Lakeland Regional Health, Sharp Grossmont Hospital, St. Joseph's Health, Butler Memorial Hospital, USA Health, Natchitoches Regional Medical Center, Schoolcraft Memorial Hospital, Brigham and Women's Hospital, Grady Memorial Hospital, Baptist Health South Florida, Montefiore Medical Center, Lac+Usc Medical Center
North America was the largest region in the hospital emergency department market in 2023. The regions covered in the hospital emergency department market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hospital emergency department market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hospital emergency department market includes revenues earned by immediate medical care, triage, acute treatment, complex investigation and diagnostic services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hospital Emergency Department Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hospital emergency department market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hospital emergency department ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hospital emergency department market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.