Health Services Market
Health Services Market Forecasts to 2030 - Global Analysis By Service Type (Hospitals and Clinics, Pharmaceutical Services, Dental Services and Other Services), By Payer Type (Public Payers, Private Payers and Employer-Sponsored Insurance), Specialty and By Geography
According to Stratistics MRC, the Global Health Services Market is growing at a CAGR of 7.6% during the forecast period. Health services encompass a wide range of medical, preventive, and therapeutic activities aimed at maintaining or improving individuals' health. These include medical consultations, diagnostic tests, treatment procedures, surgeries, rehabilitation programs, and preventive measures like vaccinations and health education. Health services can be provided by various professionals, including physicians, nurses, therapists, and other allied health professionals, within healthcare facilities such as hospitals, clinics, and community health centers.
The Indian healthcare industry reached over $370 billion in 2022. According to Nexdigm, the healthcare industry is expected to reach over $610 billion by 2026.
Market Dynamics:
Driver:
Rising prevalence of chronic diseases
As populations age and lifestyles evolve, chronic conditions such as diabetes, cardiovascular diseases, cancer, and respiratory ailments become more prevalent. This trend increases the demand for healthcare services, including medical consultations, diagnostic tests, long-term treatments, and specialized care. Consequently, healthcare providers, facilities, and pharmaceutical companies experience heightened demand, driving growth in the health services market as they strive to meet the evolving healthcare needs of individuals affected by chronic diseases.
Restraint:
Shortage of healthcare professionals
The shortage of healthcare professionals presents a significant restraint in the health services market. This scarcity limits the capacity to meet growing healthcare demands, leading to longer wait times, reduced access to care, and potential quality issues. Additionally, it places strain on existing healthcare workers, contributing to burnout and decreased job satisfaction.
Opportunity:
Telehealth and remote monitoring
Telehealth and remote monitoring represent significant opportunities in the health services market by leveraging technology to improve access to healthcare and enhance patient outcomes. These innovations allow patients to consult with healthcare providers remotely, reducing the need for in-person visits and enabling real-time monitoring of vital signs and symptoms. This not only increases convenience for patients but also facilitates early intervention and proactive management of chronic conditions, ultimately leading to more efficient healthcare delivery and improved overall health outcomes.
Threat:
Cybersecurity threats
Cybersecurity threats pose a significant risk in the health services market due to the sensitive nature of patient data and critical healthcare systems. Breaches can result in unauthorized access to patient records, compromising privacy and confidentiality. Moreover, disruptions to electronic health records (EHR) systems or medical devices can endanger patient safety and disrupt healthcare delivery, which limits market expansion.
Covid-19 Impact:
The COVID-19 pandemic has profoundly impacted the health services market by increasing demand for healthcare services, particularly for testing, treatment, and vaccinations. It has strained healthcare systems, leading to disruptions in non-urgent care, financial challenges for healthcare providers, and shifts towards telemedicine and digital health solutions. Additionally, supply chain disruptions and workforce shortages have further complicated healthcare delivery, necessitating adaptation and resilience within the industry.
The hospitals and clinics segment is expected to be the largest during the forecast period
The hospitals and clinics segment is anticipated to dominate the health services market during the forecast period due to their role as primary healthcare providers, offering a wide range of medical services, from primary care to specialized treatments and surgeries. With increasing healthcare needs globally, coupled with growing investments in hospital infrastructure and technological advancements, hospitals and clinics are poised to continue serving as essential hubs for healthcare delivery, driving their prominence in the market.
The public payers segment is expected to have the highest CAGR during the forecast period
The public payers segment is projected to experience the highest growth rate in the health services market during the forecast period. This growth can be attributed to initiatives by governments worldwide to expand healthcare coverage and ensure access to essential services for all citizens. Increased public spending on healthcare, coupled with policies promoting universal health coverage and reimbursement programs, is expected to drive demand for health services covered by public payers, thereby fueling the segment's growth.
Region with largest share:
Europe is positioned to maintain its leadership in the health services market due to well-established healthcare systems, robust infrastructure, and extensive government support for healthcare initiatives. The region's aging population and rising chronic disease burden drive demand for healthcare services, while advancements in medical technology and innovation further bolster its competitive edge. Additionally, Europe's emphasis on universal healthcare coverage and patient-centric care models contributes to its continued dominance in the global health services market, ensuring sustained growth and development.
Region with highest CAGR:
Asia Pacific is poised for rapid growth in the health services market due to rising healthcare expenditures, increasing investments in healthcare infrastructure, and expanding healthcare access in populous countries like China and India, which are driving market expansion. Additionally, advancements in healthcare technology, growing awareness of preventive healthcare, and government initiatives to improve healthcare systems further contribute to the region's growth prospects. With a large and diverse population, Asia Pacific presents significant opportunities for expansion and innovation in the health services sector.
Key players in the market
Some of the key players in Health Services Market include Abbott Laboratories, Anthem, Inc., AstraZeneca plc, Bajaj Finserv Health, Becton, Dickinson and Company (BD), Cardinal Health, Inc., Centene Corporation, Cigna Corporation, CVS Health Corporation, Fresenius SE & Co. KGaA, HCA Healthcare, Humana Inc., Johnson & Johnson, McKesson Corporation, Medtronic plc, MeraDoc, Merck & Co., Inc., Novartis AG, Pfizer Inc., Roche Holding AG, Siemens Healthineers AG, The Cigna Group and UnitedHealth Group.
Key Developments:
In March 2024, MeraDoc, MakeMyTrip partner to offer real-time medical services across India. With this alliance, Meradoc's digital-health platform and its services will now become available 24x7 on a real-time basis to MakeMyTrip customers across India, the company said in a statement.
In January 2024, Bajaj Finserv Health, a wholly-owned subsidiary of Bajaj Finserv, on Tuesday acquired an entire stake in Vidal Healthcare Services at an enterprise value of Rs 325 crore. The Pune-based healthtech firm has a network of over 1,00,000 doctors, 5,500 labs and 2,100 hospitals. The acquisition at an enterprise value of Rs 325 crore is expected to close by March.
In January 2024, Global health company The Cigna Group announced that it has entered into a definitive agreement whereby Health Care Service Corporation (HCSC) will acquire The Cigna Group's Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D and CareAllies businesses, for a total transaction value of approximately $3.7 billion. As part of the transaction, The Cigna Group and HCSC have agreed to enter into a four-year services agreement under which Evernorth Health Services, a subsidiary of The Cigna Group, will continue to provide pharmacy benefit services to the Medicare businesses, effective on closing of the transaction.
Service Types Covered:
• Hospitals and Clinics
• Pharmaceutical Services
• Dental Services
• Nursing Care
• Medical & Diagnostic Laboratory Services
• Other Service Types
Payer Types Covered:
• Public Payers
• Private Payers
• Employer-Sponsored Insurance
Specialties Covered:
• Cardiology
• General Medicine
• Neurology
• Obstetrics and Gynecology
• Oncology
• Orthopedics
• Pediatrics
• Other Specialties
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Health Services Market, By Service Type
5.1 Introduction
5.2 Hospitals and Clinics
5.2.1 General Hospitals
5.2.2 Specialty Hospitals
5.2.3 Ambulatory Surgical Centers
5.2.4 Clinics
5.3 Pharmaceutical Services
5.4 Dental Services
5.5 Nursing Care
5.5.1 Skilled Nursing Facilities
5.5.2 Home Health Care
5.6 Medical & Diagnostic Laboratory Services
5.7 Other Service Types
5.7.1 Mental Health Services
5.7.2 Rehabilitation
6 Global Health Services Market, By Payer Type
6.1 Introduction
6.2 Public Payers
6.3 Private Payers
6.3.1 Private Insurance
6.3.2 Out-of-Pocket Payments
6.4 Employer-Sponsored Insurance
7 Global Health Services Market, By Specialty
7.1 Introduction
7.2 Cardiology
7.3 General Medicine
7.4 Neurology
7.5 Obstetrics and Gynecology
7.6 Oncology
7.7 Orthopedics
7.8 Pediatrics
7.9 Other Specialties
8 Global Health Services Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Abbott Laboratories
10.2 Anthem, Inc.
10.3 AstraZeneca plc
10.4 Bajaj Finserv Health
10.5 Becton, Dickinson and Company (BD)
10.6 Cardinal Health, Inc.
10.7 Centene Corporation
10.8 Cigna Corporation
10.9 CVS Health Corporation
10.10 Fresenius SE & Co. KGaA
10.11 HCA Healthcare
10.12 Humana Inc.
10.13 Johnson & Johnson
10.14 McKesson Corporation
10.15 Medtronic plc
10.16 MeraDoc
10.17 Merck & Co., Inc.
10.18 Novartis AG
10.19 Pfizer Inc.
10.20 Roche Holding AG
10.21 Siemens Healthineers AG
10.22 The Cigna Group
10.23 UnitedHealth Group
List of Tables
1 Global Health Services Market Outlook, By Region (2021-2030) ($MN)
2 Global Health Services Market Outlook, By Service Type (2021-2030) ($MN)
3 Global Health Services Market Outlook, By Hospitals and Clinics (2021-2030) ($MN)
4 Global Health Services Market Outlook, By General Hospitals (2021-2030) ($MN)
5 Global Health Services Market Outlook, By Specialty Hospitals (2021-2030) ($MN)
6 Global Health Services Market Outlook, By Ambulatory Surgical Centers (2021-2030) ($MN)
7 Global Health Services Market Outlook, By Clinics (2021-2030) ($MN)
8 Global Health Services Market Outlook, By Pharmaceutical Services (2021-2030) ($MN)
9 Global Health Services Market Outlook, By Dental Services (2021-2030) ($MN)
10 Global Health Services Market Outlook, By Nursing Care (2021-2030) ($MN)
11 Global Health Services Market Outlook, By Skilled Nursing Facilities (2021-2030) ($MN)
12 Global Health Services Market Outlook, By Home Health Care (2021-2030) ($MN)
13 Global Health Services Market Outlook, By Medical & Diagnostic Laboratory Services (2021-2030) ($MN)
14 Global Health Services Market Outlook, By Other Service Types (2021-2030) ($MN)
15 Global Health Services Market Outlook, By Mental Health Services (2021-2030) ($MN)
16 Global Health Services Market Outlook, By Rehabilitation (2021-2030) ($MN)
17 Global Health Services Market Outlook, By Payer Type (2021-2030) ($MN)
18 Global Health Services Market Outlook, By Public Payers (2021-2030) ($MN)
19 Global Health Services Market Outlook, By Private Payers (2021-2030) ($MN)
20 Global Health Services Market Outlook, By Private Insurance (2021-2030) ($MN)
21 Global Health Services Market Outlook, By Out-of-Pocket Payments (2021-2030) ($MN)
22 Global Health Services Market Outlook, By Employer-Sponsored Insurance (2021-2030) ($MN)
23 Global Health Services Market Outlook, By Specialty (2021-2030) ($MN)
24 Global Health Services Market Outlook, By Cardiology (2021-2030) ($MN)
25 Global Health Services Market Outlook, By General Medicine (2021-2030) ($MN)
26 Global Health Services Market Outlook, By Neurology (2021-2030) ($MN)
27 Global Health Services Market Outlook, By Obstetrics and Gynecology (2021-2030) ($MN)
28 Global Health Services Market Outlook, By Oncology (2021-2030) ($MN)
29 Global Health Services Market Outlook, By Orthopedics (2021-2030) ($MN)
30 Global Health Services Market Outlook, By Pediatrics (2021-2030) ($MN)
31 Global Health Services Market Outlook, By Other Specialties (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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