Hospital Market to grow at CAGR of 6.70% during the Forecast Period: TechSci Research

According to TechSci Research report, “Global Hospital Market, By Ownership (Public v/s Private), By Type (General, Specialty, Multi- Speciality), 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 (North America, South America, Asia Pacific, Middle East & Africa, Europe), 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 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.

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 growth.

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 (Fortis Healthcare Limited), Apollo Hospitals Enterprise Limited, HCA Healthcare, Fresenius SE (Helios and Vamed), ORPEA Group, Netcare Limited, and 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 owing to increase in the affordability of hospital services coupled with emerging diseases in the prevailing conditions is aiding market growth which eventually increase the competition amongst themselves and give out more positive outcomes.

“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,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

According to TechSci Research report, “Global Hospital Market, By Ownership (Public v/s Private), By Type (General, Specialty, Multi- Speciality), 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 (North America, South America, Asia Pacific, Middle East & Africa, Europe), 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 global hospital market.