The global hospital services market size is expected to reach USD 14.8 Trillion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 8.1%. Growing incidence of cancer & other chronic diseases and high cost of treatment are expected to be the vital impact rendering drivers for the market.
Globally, around USD 100 Billion is spent on detecting and treating various cancers, of which, USD 35 Billion is spent on chemotherapy and other cancer drugs alone. According to the American Society of Clinical Oncology, for the year 2016 in the U.S, there were more than 15.5 million cancer survivors, with around 1.7 million individuals being newly diagnosed-a growth of 2% when compared to 2015.
In order to cater to a large consumer population that can afford quality treatments, private hospitals are expected to diversify their specialist service offerings and exhibit growth during the forecast period. Hospital industry is shifting toward premium services, especially in North America and Europe (particularly U.K.), which will increase the value of the market further.
Longer patient wait times and poorer quality of services in state-owned hospitals are major driving forces for private players leading the hospital services market.
Private hospitals are more inclined to provide quality outpatient services via various online and telecommunication networks in terms of consultation, diet/medication review, and health monitoring. Outpatient service quality has therefore improved steadily, and their demand is expected to outgrow inpatient services in the future.
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Further key findings from the report suggest:
Outpatient services is expected to be the fastest growing hospital service type over the forecast period, at a CAGR of 8.5%
As per analysis of hospital industry, private hospitals are expected to lead the market among state owned and community hospitals, as increasing consumer affordability and lucrative facilities provided by private hospitals attract more patients globally.
North America was the leading hospital services market in terms of hospital revenue and is expected to maintain its position during the forecast period, as the region has the most expensive healthcare service providers in the world.
Based on application, neurorehabilitation & psychiatry services is expected to be the fastest growing, as a result of rising incidence of mental disorders and growing demand for mental wellness services. The segment is expected to fuel growth of outpatient services further, since the introduction of telemedicine in healthcare.
Some major players include HCA Healthcare; Ascension Health; Cleveland Clinic; Community Health Systems, Inc.; Spire Healthcare Group plc.; and Mayo Clinic.
Grand View Research has segmented the global hospital services market based on service type, hospital type, service areas, and region:
Hospital Services Service Type Outlook (Revenue, USD Million, 2015 - 2026)
Hospital Services Hospital Type Outlook (Revenue, USD Million, 2015 - 2026)
Hospital Services Service Areas Outlook (Revenue, USD Million, 2015 - 2026)
Neurorehabilitation & Psychiatry Services
Pathology Lab, Diagnostics, and Imaging
Obstetrics & Gynecology
Hospital Services Regional Outlook (Revenue, USD Million, 2015 - 2026)
Middle East & Africa
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