How Is The Healthcare Services Market Segmented?
The healthcare services market covered in this report is segmented –
1) By Type: Medical And Diagnostic Laboratory Services, Dental Services, Home Health Care And Residential Nursing Care Services, Residential Substance Abuse And Mental Health Facilities, Hospitals And Outpatient Care Centers, Physicians And Other Health Practitioners, All Other Ambulatory Health Care Services, Ambulance Services
3) By Type of Expenditure: Public, Private
3) By End User Gender: Male, Female
Subsegments:
1) By Medical and Diagnostic Laboratory Services: Clinical Laboratories, Diagnostic Imaging Services
2) By Dental Services: General Dentistry, Specialized Dental Services (Orthodontics, Periodontics)
3) By Home Health Care and Residential Nursing Care Services: Home Health Care, Nursing Care Facilities (Assisted Living, Skilled Nursing Facilities)
4) By Residential Substance Abuse and Mental Health Facilities: Residential Mental Health Facilities, Substance Abuse Rehabilitation Centers
5) By Hospitals and Outpatient Care Centers: General Medical and Surgical Hospitals, Specialty Hospitals (Psychiatric, Rehabilitation), Outpatient Care Centers (Surgery Centers, Dialysis Centers)
6) By Physicians and Other Health Practitioners: General Practitioners, Specialist Physicians (e.g., Cardiologists, Dermatologists), Chiropractors and Other Health Practitioners
7) By All Other Ambulatory Health Care Services: Medical Imaging Centers, Outpatient Diagnostic and Treatment Centers
8) By Ambulance Services: Ground Ambulance Services, Air Ambulance Services
What Is Driving The Healthcare Services Market? Advancements In Medical Technology And Improved Patient Outcomes
Survival rates and quality of life have improved tremendously over the past decade. Medical and technological advances have played an important role in their progress. High technology diagnostics and therapeutic equipment integrating doctors’ practice patterns have improved healthcare services delivery. According to a report by TrendWatch, medical advances are responsible for a 70% improvement in survival rates for heart attack patients and a two-thirds reduction in mortality rates for those suffering from cancer. These factors contribute to the potential growth of the market.
What Is Driving The Healthcare Services Market? Increasing Healthcare Expenditures Boosting The Healthcare Services Market
The rise in healthcare expenditures is expected to propel the growth of the healthcare services market going forward. Health expenditures refer to all costs associated with providing health services, family planning activities, nutrition programs, and emergency help with a focus on health. Increased healthcare expenditures improve access to healthcare services, reducing barriers to care and potentially benefiting a larger portion of the population. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2022 and 2023, healthcare spending in the UK increased by 5.6% compared with growth of 0.9% in 2022. The UK healthcare expenditure in UK healthcare expenditure was around $317.63 billion (£292 billion) in 2023. Therefore, the rise in healthcare expenditures is driving the growth of the healthcare services market.
Who Are The Major Players In The Global Healthcare Services Market?
Major companies operating in the healthcare services market include UnitedHealth Group Incorporated, Kaiser Permanente, HCA Healthcare, Fresenius Medical Care AG & Co. KGaA, Tenet Healthcare, Mayo Clinic, Community Health Systems, Laboratory Corporation of America, Cleveland Clinic, Davita Inc., CVS Health, McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Cigna Corporation, Elevance Health, Centene Corporation, Pfizer Inc., Johnson & Johnson, Humana Inc., Merck & Co. Inc., AbbVie Inc., Bristol-Myers Squibb Company, Abbott Laboratories, Molina Healthcare Inc., Danaher Corporation, Eli Lilly and Company, Gilead Sciences Inc., Regeneron Pharmaceuticals Inc., Zoetis Inc., Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Quest Diagnostics Incorporated, Agilent Technologies Inc., West Pharmaceutical Services Inc., Align Technology Inc.
What Are The Key Trends Of The Global Healthcare Services Market? Shared Medical Appointments A Collaborative Approach To Patient Care
The shared medical appointments (SMA) model is being increasingly adopted globally to optimize resources and reduce costs. This is a model generally defined as multiple patients being seen as a group by a multi-disciplinary medical care team for follow-up or routine care. It is being adopted by hospitals to create awareness and counsel individual patients dealing with similar medical conditions. The SMA supplements the traditional physician-patient appointment. SMAs provide individual evaluation and disease management for each patient at the same time that they provide counseling to the patient within a group setting. SMAs are currently used to address diabetes, asthma, ulcerative colitis, MS, cancer, HIV, menopause, insomnia and stress.
What Are The Key Trends Of The Global Healthcare Services Market? Transforming Healthcare Documentation With Generative Artificial Intelligence (AI) Solutions
Major companies operating in the healthcare services market are increasing their focus on developing advanced solutions, such as generative artificial intelligence (AI) solutions to maximize profit in the market. Generative AI solutions refer to artificial intelligence systems and algorithms designed to generate content, such as text, images, audio, or video, that is often creative, coherent, and contextually relevant. For instance, in July 2023, Amazon Web Services, a US-based IT service management company, launched a new healthcare-focused service, AWS HealthScribe, powered by generative AI and designed to create clinical documentation automatically. The service uses speech recognition and generative AI to analyze patient-clinician conversations and generate clinical notes, which can expedite documentation turnaround time and improve clinical productivity. Additionally, the service is Health Insurance Portability and Accountability Act (HIPAA) eligible and can be used for telehealth and in-clinic consultations.
Regional Outlook For The Global Healthcare Services Market
North America was the largest region in the healthcare services market in 2024. Western Europe was the second largest region in the healthcare services market. The regions covered in the healthcare services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the healthcare services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Healthcare Services Market?
The healthcare services market includes revenues earned by entities by providing human healthcare services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare 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.
How is Market Value Defined and Measured?
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.
What is the Market Assessment and Strategic Outlook for the Healthcare Services Industry?
The healthcare services market research report is one of a series of new reports from The Business Research Company that provides healthcare services market statistics, including healthcare services industry global market size, regional shares, competitors with a healthcare services market share, detailed healthcare services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare services industry. This healthcare services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
