In-Depth Industry Outlook: Healthcare Services Market Size & Forecast (2024)

Healthcare Services Market Size And Forecast

Healthcare Services Market size was valued at USD 13.31 Trillion in 2024 and is projected to reach USD 22.57 Trillion by 2031, growing at a CAGR of 8.27% from 2024 to 2031.

Over the last few decades, expenditure on medicine has grown extensively. Sophisticated testing technology has made it possible for better and earlier disease detection as well as treatment research for terminal diseases like cancer. The earnings made by different cutting-edge medical centers are the primary source of medical innovation. The industry for medical service providers is projected to grow as consciousness and profitability rise, as is already the case in many developed countries, where healthcare services significantly contribute to GDP growth. The market suffered a setback during the Covid-19 pandemic. The COVID-19 outbreak as well as the measures taken to contain it were the main causes of the decline.

Global Healthcare Services Market Definition

Organizations, sole traders, and collaborations that offer human healthcare services sell healthcare services relating goods in the Healthcare Services Market. Medical diagnostic laboratories, medical treatment, dental treatment, residential drug abuse, psychological health facilities, and other health services are all part of this industry.

The healthcare industry’s greatest essential shareholders are healthcare services. Pharmaceutical companies, long-term care, the medical device industry, medical building management, and the medical consumables industry all contribute to the market. Hospitals have the largest consumer base in the healthcare industry, as an end-use segment.

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Global Healthcare Services Market Overview

The increase in the number of elderly people, faster economic growth, technological advancements, changes in lifestyles, and enhanced ability to survive and standard of living is expected to contribute to the growth of the Healthcare Services Market. Increasing the assertion of bundled payments, utilizing digital tools, rising cross-industry and cross-company partnerships, concentrating on the development of novel drugs, and obtaining hybrid imaging techniques are all major trends in the Healthcare Services Market.

The costs of medical facilities have increased dramatically over the past few decades. Sophisticated testing techniques have prepared the path for initial and enhanced disease detection, as well as research into the treatment of terminal diseases like cancer. The Healthcare Services Market is forecast to expand due to rising affordability and a rise in awareness, which is already obvious in many countries as it significantly contributes to GDP growth.

Several developed countries have introduced health insurance plans in response to rising healthcare costs. Healthcare insurance is by far the most crucial component of the healthcare industry in North America. Its growing popularity among many consumers and the general public is expected to boost demand in the coming years. Furthermore, healthcare services contribute significantly to the overall earnings of the healthcare industry.

Increasing interest rates, growing attention to alternative treatments and natural treatments, federal requirements in health services, and strict government regulations all seem to be factors that could slow the development of this industry in the world. Low healthcare access and a scarcity of skilled manpower also hampered growth during the historical period. The COVID-19 pandemic put unprecedented strains on health systems, but the sector has shown perseverance to quickly bring new products to market. COVID-19, on the other hand, affects various segments of the healthcare industry.

Global Healthcare Services Market Segmentation Analysis

The Global Healthcare Services Market is segmented on the basis of Type, Expenditure, and Geography.

Healthcare Services Market, By Type

• Hospitals and Clinics
• Pharmaceutical Companies
• Dental Services
• Nursing Care
• Medical & Diagnostic Laboratory Services
• Others

Based on Type, the market is classified into Hospitals and Clinics, Pharmaceutical Companies, Dental Services, Nursing Care, Medical & Diagnostic Laboratory Services, and Others. During the forecast period, the hospital segment is projected to dominate the Global Healthcare Services Market. Hospitals are an important part of the healthcare sector and a major source of earnings for the entire industry, and a source of science, research, and innovation. Different health product manufacturers make substantial financial and marketing investments to promote their products in hospitals. As a result, strategic decisions made within the hospital sector have a significant impact on other healthcare industries.

Healthcare Services Market, By Expenditure

• Public
• Private

Based on Expenditure, the market is classified into Public and Private. A private investment typically entails a private equity group acquiring all or part of a healthcare facility or system. In addition to strengthening the population’s well-being, state investment in health and well-being has a large and powerful compounding impact on the economy.

Healthcare Services Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Healthcare Services Market is classified into North America, Europe, Asia Pacific, And The Rest of the World. North America has been the most important region and a made-up maximum of revenue share. During the forecast period, The growth of the market tends to be affected by rising healthcare costs and the increasing number of cancer cases in North America. In the market for healthcare services. The expansion of the Asia-Pacific regional market is expected to be driven by things like top hospital services and more private players in places like India, China, and Thailand among others. In the global market for health care services, Africa has been the smallest region.

Key Players

The “Global Healthcare Services Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Community Health Systems, Inc., Fresenius Medical Care AG & Co. KGaA, Quest Diagnostics Incorporated, National Health Service, Kaiser Permanente, DaVita Inc., Mayo Clinic, Genesis Healthcare, Universal Health Services, Inc., Sonic Healthcare Limited.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• May 2022 – Continuous Engagement between Community and Clinic Treatment, or CONNECT, is a new way to treat mental health problems. It was announced by the New York City Health Department and the Mayor’s Office of Community Mental Health. This new model aims to fill gaps inside the mental health care system, go beyond the traditional role of clinics, put community collaboration at the center, and address the underlying causes of mental health problems.
• May 2022 – With the presentation of WellaHealth 2.0, WellaHealth adds to its health care services.

Ace Matrix Analysis

TheAce Matrixprovided in the report would help to understand how themajor key playersinvolved in this industry are performing as we provide arankingfor thesecompaniesbased on various factors such asservice features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, werankthe companies into four categories asActive, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Healthcare Services Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Healthcare Services Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

Research Methodology of Verified Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with ourSales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

1 INTRODUCTION OF GLOBAL HEALTHCARE SERVICES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources

4 GLOBAL HEALTHCARE SERVICES MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis

5 GLOBAL HEALTHCARE SERVICES MARKET, BY TYPE
5.1 Overview
5.2 Hospitals & Clinics
5.3 Pharmaceutical Companies
5.4 Dental Services
5.5 Nursing Care
5.6 Medical & Diagnostic Laboratory Services
5.7 Others

6 GLOBAL HEALTHCARE SERVICES MARKET, BY EXPENDITURE
6.1 Overview
6.2 Public
6.3 Private

7 GLOBAL HEALTHCARE SERVICES MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Italy
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa

8 GLOBAL HEALTHCARE SERVICES MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies

9 COMPANY PROFILES

9.1 Community Health Systems, Inc.
9.1.1 Company Overview
9.1.2 Company Insights
9.1.3 Business Breakdown
9.1.4 Product Benchmarking
9.1.5 Key Developments
9.1.6 Winning Imperatives
9.1.7 Current Focus & Strategies
9.1.8 Threat from Competition
9.1.9 SWOT Analysis

9.2 Fresenius Medical Care AG & Co KGaA
9.2.1 Company Overview
9.2.2 Company Insights
9.2.3 Business Breakdown
9.2.4 Product Benchmarking
9.2.5 Key Developments
9.2.6 Winning Imperatives
9.2.7 Current Focus & Strategies
9.2.8 Threat from Competition
9.2.9 SWOT Analysis

9.3 Quest Diagnostics Incorporated
9.3.1 Company Overview
9.3.2 Company Insights
9.3.3 Business Breakdown
9.3.4 Product Benchmarking
9.3.5 Key Developments
9.3.6 Winning Imperatives
9.3.7 Current Focus & Strategies
9.3.8 Threat from Competition
9.3.9 SWOT Analysis

9.4 National Health Services
9.4.1 Company Overview
9.4.2 Company Insights
9.4.3 Business Breakdown
9.4.4 Product Benchmarking
9.4.5 Key Developments
9.4.6 Winning Imperatives
9.4.7 Current Focus & Strategies
9.4.8 Threat from Competition
9.4.9 SWOT Analysis

9.5 Kaiser Permanente
9.5.1 Company Overview
9.5.2 Company Insights
9.5.3 Business Breakdown
9.5.4 Product Benchmarking
9.5.5 Key Developments
9.5.6 Winning Imperatives
9.5.7 Current Focus & Strategies
9.5.8 Threat from Competition
9.5.9 SWOT Analysis

9.6 DaVita Inc.
9.6.1 Company Overview
9.6.2 Company Insights
9.6.3 Business Breakdown
9.6.4 Product Benchmarking
9.6.5Key Developments
9.6.6 Winning Imperatives
9.6.7 Current Focus & Strategies
9.6.8 Threat from Competition
9.6.9 SWOT Analysis

9.7 Mayo Clinic
9.7.1 Company Overview
9.7.2 Company Insights
9.7.3 Business Breakdown
9.7.4 Product Benchmarking
9.7.5Key Developments
9.7.6Winning Imperatives
9.7.7 Current Focus & Strategies
9.7.8 Threat from Competition
9.7.9 SWOT Analysis

9.8 Genesis Healthcare
9.8.1 Company Overview
9.8.2 Company Insights
9.8.3 Business Breakdown
9.8.4 Product Benchmarking
9.8.5Key Developments
9.8.6Winning Imperatives
9.8.7Current Focus & Strategies
9.8.8 Threat from Competition
9.8.9 SWOT Analysis

9.9 Universal Health Services, Inc.
9.9.1 Company Overview
9.9.2 Company Insights
9.9.3 Business Breakdown
9.9.4 Product Benchmarking
9.9.5Key Developments
9.9.6Winning Imperatives
9.9.7Current Focus & Strategies
9.9.8Threat from Competition
9.9.9 SWOT Analysis

9.10 Sonic Healthcare Limited
9.10.1 Company Overview
9.10.2 Company Insights
9.10.3 Business Breakdown
9.10.4 Product Benchmarking
9.10.5 Key Developments
9.10.6 Winning Imperatives
9.10.7 Current Focus & Strategies
9.10.8 Threat from Competition
9.10.9 SWOT Analysis

10 KEY DEVELOPMENTS
10.1 Product Launches/Developments
10.2 Mergers and Acquisitions
10.3 Business Expansions
10.4 Partnerships and Collaborations

11 Appendix
11.1 Related Research

Report Research Methodology

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

Econometrics and data visualization model

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

• Market drivers and restraints, along with their current and expected impact
• Raw material scenario and supply v/s price trends
• Regulatory scenario and expected developments
• Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

• Established market players
• Raw data suppliers
• Network participants such as distributors
• End consumers

The aims of doing primary research are:

• Verifying the collected data in terms of accuracy and reliability.
• To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix