Hospital Market to Grow at a 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.
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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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