Healthcare Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Healthcare Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 500 pages •
  • Report ID: 6027729 •
  • Format: PDF
Major companies in the healthcare services market include National Health Service; Fresenius Medical Care AG & Co. KGaA; Community Health Systems; DaVita and Universal Health Services.

The global healthcare services market is expected to grow from $6439.93 billion in 2020 to $7044.28 billion in 2021 at a compound annual growth rate (CAGR) of 9.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9110.99 billion in 2025 at a CAGR of 7%.

The healthcare services market consists of sales of healthcare services and related goods by entities (organizations, sole traders and partnerships) that provide human healthcare services.This industry includes establishments that provide services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare services.

The healthcare services market is segmented into 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; and ambulance services.

North America was the largest region in the global healthcare services market, accounting for 40% of the market in 2020.Asia Pacific was the second largest region accounting for 25% of the global healthcare services market.

Africa was the smallest region in the global healthcare services market.

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.

Many federal and state governments are either offering subsidized or free healthcare services to their citizens.Since most of the governments are offering quality healthcare services for free or subsidized rates, patients tend to opt for government healthcare services thereby, limiting the scope for private healthcare service providers.

For example, the NHS (National Health Service) of the UK offers free healthcare services to all legal residents and visitors. Going forward, federal and state provisions are expected to be a major restraint on the healthcare services market.

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.