Hospital Market to grow at CAGR of 6.70% during the Forecast Period
Increasing disposable income is expected to drive the global hospital
market growth.
According to TechSci Research report, “Global
Hospital
Market By Ownership (Public v/s Private), By Type (General, Specialty,
Multi- Specialty), By Type of Services (In-Patient Services v/s Out-Patient
Services), By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500 beds), By
Company, By Region, Forecast & Opportunities, 2026”, stood at USD4207.46 billion in
2020 and is expected to grow at CAGR of 6.70% during the forecast period. Health insurance
plans covering the treatment cost in developed countries is a major factor contributing
to the growth of global hospital market. Quality healthcare professionals
providing efficient treatment and presence of global players in the hospital
industry is expected to boost the global hospital market growth. Also, the surge
in the demand for psychiatry services and mental wellness hospitals among youth
to cope up with busy lifestyle is anticipated to boost the global hospital
market growth throughout the forecast period. Increasing awareness towards
mental and physical well-being and rise in the geriatric population world-wide
is fueling the global hospital market growth in coming years.
Browse 175 Figures, 1 Table spread through 211 Pages and an
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Global hospital market has been segmented based
on ownership, type, type of services, bed capacity, region, and company. Based
on type of services, global hospital market can be classified into in-patient
services and out-patient services. In-patient services segment dominated the
overall market in 2020 with a share of 55.99%. In-patient services are
hospitalization procedures including patient stay which is expected to play a
major role to generate market revenue. However, with advent of technologies and
discoveries for quick and efficient treatment coupled with shorter recovery time
for surgeries is reducing the time for patient stay in the hospitals.
Out-patient services consisting of remote consultations and telemedicine are expected
to witness significant growth during the forecast period. Increase in the
convenience and great recovery results are other factors leading to the growth
of the global hospital market.
Based on type, the market can be categorized
into general, specialty and multi-specialty hospitals. The market is expected
to be dominated by general hospitals while multi-specialty is expected to
register significant growth during the forecast period. A multi-specialty
hospital offers treatment for various ailments under one roof. Also,
multi-specialty hospitals are equipped with advanced diagnosis and treatment options
along with the presence of skilled professionals who can treat more than one disease.
This in turn
improves the overall patient experience.
Asia Pacific hospital market is expected to
witness significant growth of around 7.67% CAGR during the forecast period.
This can be ascribed to the growing geriatric population in the region
susceptible to various chronic diseases. A new trend towards the adoption of
digital health solutions and services is being observed across hospitals in the
Asia Pacific region especially in countries like China, Japan, Australia, among
others. This in turn is expected to create lucrative opportunities for the
growth of the overall hospital market in the region. Also, the region has been
significantly hit by the COVID-19 pandemic with China being its epicenter, it
has developed a strong network of hospitals to treat COVID-19 infected patients
thereby driving the market growth through 2026. Additionally, the presence of
two world’s highly populated countries, China and India, with a large patient
pool is expected to significantly impact the growth of the hospital market in
the region.
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Some of the leading players in global hospital
market are Ramsay Health Care, Community Health Systems, Inc., Spire Healthcare
Group plc, Tenet Healthcare Corporation, Universal Health Services, Inc., IHH
Healthcare Berhad, Apollo Hospitals Enterprise Limited, HCA Healthcare, Inc.,
Fresenius SE & Co. KGaA, ORPEA Group, Netcare Limited, Aster DM Healthcare
Limited. In order to expand
their market share, the companies adopt new product launches, collaborations, conduction
of periodic sales and many more strategies. The growth of the global hospital
market can be attributed to the increase in the affordability of hospital
services coupled with emerging prevalence of diseases.
“Proliferation
of internet across the globe and emergence of new technologies owing to huge
investments in healthcare sector is expected to boost the market. Also,
technological breakthroughs with adoption of digital healthcare technologies
such as artificial intelligence, big data analytics, internet of medical
things, among others to provide seamless service with real-time analytics is
anticipated to boost the global hospital market. The number of multi-specialty
hospitals is expected to increase significantly during the forecast period.
This can be attributed to various benefits provided by these hospitals such as
making the overall treatment procedure for a disease or injury quite simpler
with an improved patient care and experience.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Hospital Market By Ownership (Public v/s Private), By Type (General, Specialty,
Multi- Specialty), By Type of Services (In-Patient Services v/s Out-Patient
Services), By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500 beds), By
Company, By Region, Forecast & Opportunities, 2026”, has evaluated the
future growth potential of global hospital market and provided statistics &
information on market size, shares, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global hospital market.
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