Hospital Services Market to Reach $ 7.4 Trillion, Globally, by 2032 at 5.8% CAGR: Allied Market Research

The global hospital services market is expanding rapidly due to an increase in prevalence of chronic diseases, growing demand for quality care and presence of reimbursement policies. 

PORTLAND, Ore., Nov. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hospital Services Market by Service Type (Inpatient Service, Outpatient Services), by Hospital Type (Private Hospitals, Public Hospitals), by Services Area (Cardiovascular care, Neurology, Orthopedic, Gynecology, Cancer care, Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global hospital services market valued for $4.2 trillion in 2022 and is estimated to reach $7.4 trillion by 2032, exhibiting a CAGR of 5.8% from 2023 to 2032. 

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Hospital services serve as the foundation of a hospital's offerings and are often tailored to meet the needs and preferences of the hospital's primary users. The objective is to position the hospital as a comprehensive or central institution within the local community or the broader medical network. Hospitals typically comprise fundamental services and personnel, commonly encompassing medical and surgical departments, offering clinical care for specific diseases and health conditions, in addition to emergency medical attention. Hospital services encompass a wide spectrum, ranging from essential healthcare to the provision of education and research at major medical school centers, as well as services delivered through a network of industry-owned entities such as health maintenance organizations. 

Prime determinants of growth  

Growing technological advancements, rise in prevalence of chronic diseases such as diabetes, cardiological diseases, cancer and others and growing adoption and awareness for early diagnosis are the factors that drive the growth of the global hospital services market. However, professionals' shortage is hampering the hospital services market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the hospital services market during the forecast period. 

Report coverage & details: 

 
 Economic Downturn Analysis: Impact of Recession in 2023 on the Hospital Services Market

• During a recession, the impact on healthcare services, including hospital services, can be significant and complex.  
• The economic downturn has led to a decrease in healthcare budgets, resulting in reduced investments in research and development, as well as limited access to medical resources owing to the loss of employer-sponsored health insurance. 

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The inpatient service segment to maintain its leadership status throughout the forecast period. 

Based on service type, the inpatient services segment dominated the market in 2022, accounting for more than three-fifths of the global hospital services market, these include the continued demand for comprehensive, round-the-clock medical care that inpatient services offer, particularly for acute conditions and surgeries. Additionally, the aging population and the prevalence of chronic diseases often require extended hospital stays and specialized inpatient care. The trust and assurance associated with inpatient services for critical medical situations contribute to their sustained dominance in the market. However, the outpatient services segment is expected to register a highest CAGR of 6.4% during the forecast period, owing to advancements in communication technology. Technological developments have facilitated the expansion of telemedicine and remote consultation procedures, reducing patient stays and medical expenses. Consequently, the outpatient sector is flourishing as it aligns with the growing preference for shorter and more cost-effective healthcare solutions. 

The private hospital segment to maintain its lead position during the forecast period. 

Based on hospital type, the private service segment accounted for the largest share in 2022, accounting for nearly three-fourths of the global hospital services market revenue is expected to register fastest CAGR of 6.1% during the forecast period. This is attributed to the increasing emphasis of private hospitals on enhancing their specialized capabilities to cater to patients with critical care needs, such as those requiring cancer or cardiovascular care. Furthermore, the commitment to delivering high-quality, patient-centered care and investing in state-of-the-art medical technologies contributes to the sustained dominance of private hospitals in the market. 

The other segment to maintain its lead position during the forecast period. 

Based on service areas, the others segment accounted for the largest share in 2022, accounting for nearly half of the global hospital services market revenue. This segment encompasses a wide range of medical services provided within a hospital, spanning from cosmetic and orthopedic procedures to dentistry. The projected dominance of this segment is attributed to the increasing demand for aesthetic procedures and a growing awareness of dental hygiene. However, the cancer segment is projected to register a highest CAGR of 8.4% during the forecast period owing to the prevalence of cancer, which necessitates specialized and often long-term medical attention. Furthermore, continuous advancements in medical research and treatment options, along with a growing focus on early detection and intervention, are driving the demand for these specialized healthcare services. 

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North America to maintain its dominance by 2032 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global hospital services market revenue, owing to a well-established and advanced healthcare infrastructure, including a high concentration of world-class hospitals and medical facilities. Furthermore, a robust healthcare insurance system and government-funded healthcare programs contribute to widespread access to hospital services in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.2% from 2023 to 2032, owing to rapid urbanization and population growth, resulting in an expanding middle-class population with increased healthcare needs. Furthermore, there is a rising awareness of the importance of healthcare, leading to higher demand for hospital services in the region. 

Leading Market Players: - 

• HCA Healthcare Inc.  
• Mayo Clinic  
• The Cleveland Clinic  
• Spire Healthcare Group Plc  
• Ramsay Health Care Limited  
• Community Health Systems Inc.  
• IHH Healthcare  
• Tenet Healthcare Corp.  
• Ascension 
• UT Health San Antonio 

The report provides a detailed analysis of these key players of the global hospital services market. These players have adopted different strategies such as acquisition, expansion, agreement and partnership, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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