Healthcare Services Market to Grow by USD 6.26 Trillion from 2024 to 2028, Driven by Rising Chronic Disease Prevalence, Report on AI's Impact
Healthcare Services Market 2024-2028: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The healthcare services market report covers the following areas:
Healthcare Services Market Size
Healthcare Services Market Trends
Healthcare Services Market Industry Analysis
Porter's Five Forces Analysis
Customer Landscape
The healthcare services market is fragmented, and the degree of fragmentation will accelerate. The increasing prevalence of chronic diseases will offer immense growth opportunities. However, the Increasing healthcare costs will hamper the market growth
Healthcare Services Market 2024-2028: Drivers & Challenges
Chronic diseases, including cardiovascular diseases (CVDs), cancer, chronic obstructive pulmonary disease (COPD), and type-2 diabetes, are major health concerns worldwide, accounting for 74% of all global deaths according to the World Health Organization (WHO). These diseases are often caused by modifiable risk factors such as high blood pressure, high blood cholesterol, obesity, unhealthy diets, and tobacco use. For instance, CVDs are the leading cause of non-communicable disease (NCD) deaths, claiming 17.9 million lives annually. It is essential for healthcare services to focus on prevention and early detection to reduce the burden of these diseases. Healthcare providers can offer education on healthy lifestyle choices, regular screenings, and effective treatment options to help manage and prevent chronic diseases.
The global healthcare services market faces substantial challenges due to escalating healthcare costs. This trend negatively affects various aspects, including access to care and service quality. For instance, US healthcare spending grew 4.1% in 2022, reaching approximately USD4.5 trillion or USD13,493 per person (Centers for Medicare and Medicaid Services). This increase in costs makes it harder for individuals and families to afford essential medical treatments and services. Consequently, access to care becomes limited, potentially impacting overall healthcare system sustainability.
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Segment Overview
This healthcare services market report extensively covers market segmentation by
End-user
Service
Geography
1.1 Adult care- The adult care segment in the healthcare services market caters to the unique healthcare needs of adults, ranging from young adults to older individuals. This segment includes preventive screenings, chronic disease management, acute care for illnesses and injuries, behavioral health services, and women's health services. Adult care providers collaborate to deliver comprehensive care, including primary care physicians, specialists, nurses, therapists, and allied health professionals. The adult care segment addresses the growing healthcare needs of the global population, including the rising prevalence of chronic conditions, mental health disorders, lifestyle-related illnesses, and age-related health concerns. Providers focus on preventive care, early detection, and personalized treatment plans to optimize health outcomes and improve quality of life. Advancements in medical research, technology, and treatment modalities have enhanced adult care services, enabling tailored treatments, precision medicine, and minimally invasive procedures. Digital health solutions, telemedicine, and electronic health records facilitate improved care coordination, patient engagement, and access to services. The adult care segment is evolving to meet changing healthcare needs, emphasizing holistic care approaches, patient-centered care models, and shared decision-making. Healthcare organizations promote health and wellness initiatives, lifestyle modifications, and patient education to empower adults to manage their health and preventive care. These factors are expected to drive the growth of the adult care segment in the global healthcare services market.
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Healthcare Services Market 2024-2028: Key Highlights
CAGR of the market during the forecast period 2024-2028
Detailed information on factors that will assist healthcare services market growth during the next five years
Estimation of the healthcare services market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the healthcare services market across North America, Europe, Asia, and Rest of World (ROW)
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of healthcare services market vendors
Healthcare Services Market Scope
Report Coverage
Details
Base year
2023
Historic period
2017-2021
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 8.73%
Market growth 2024-2028
USD 6263.7 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
7.43
Regional analysis
North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution
North America at 35%
Key countries
US, Germany, and China
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Apollo Hospitals Enterprise Ltd, athenahealth Inc., Community Health Systems Inc., CVS Health Corp., DaVita Inc., Dr Lal PathLabs Ltd., Expedient Healthcare Marketing Pvt. Ltd., Fresenius Medical Care AG and Co. KGaA, Genesis Healthcare Inc., iHealth Labs Inc., Max Healthcare Institute Ltd, Mayo Foundation for Medical Education and Research, McKesson Corp., OMH HealthEdge Holdings LLC, Optum Inc., Quest Diagnostics Inc., Sonic Healthcare Ltd., Universal Health Services Inc., and West Suffolk NHS Foundation Trust
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
About USTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@technavio.comWebsite: www.technavio.com/
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