(Companies: National Health Service, Kaiser Permanente, Fresenius Medical Care AG & Co. KGaA, Community Health Systems And DaVita Inc.)
The global healthcare services market was valued nearly at $6707 billion in 2018. North America was the largest market for healthcare services, accounting for more than 41% of the global market in 2018. The USA is the largest country in terms of value in the healthcare services market.
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.
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Healthcare Services Market Size
The global healthcare services market size is expected to grow at an annual growth rate of around 9.3% to nearly $9,581 billion by 2022. Growth in the historic period resulted from rapid growth in the size of elderly populations, strong economic growth in emerging markets, health insurance reforms and home care/monitoring. Factors that negatively affected growth in the historic period were low healthcare access, and shortages of skilled human resources.
Going forward, faster economic growth, technological developments, changes in lifestyles and improved survival and quality of life will drive the growth. Factors that could hinder the growth of this market in the future are government regulations, interest rate increases and government provisions in healthcare services.
The global market for healthcare services is highly fragmented. Players in the market include National Health Service, Kaiser Permanente, Fresenius Medical Care AG & Co. KGaA, Community Health Systems and DaVita Inc.
National Health Service was the largest competitor in the healthcare services market in 2018 with around 2.5% share of the market. It is the UK’s publicly funded health system created under the UK’s National Health Service Act. It has more than 1.5 million employees. NHS England, NHS Scotland, NHS Wales were established in the year 1948. It has more than 1.5 million employees.
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Healthcare Services Market Segmentation
The Healthcare Services market is segmented by type of service, by end user gender, and by geography.
By Service Type- The healthcare services market can be segmented by service type into
- a) Hospitals And Clinics
- b) Physicians And Other Health Practitioners
- c) Nursing Care
- d) Dental Services
- e) Medical And Diagnostic Laboratory Services
- f) Residential Substance Abuse And Mental Health Facilities
- g) Ambulance Services
- h) All Other Ambulatory Health Care Services
Hospitals and clinics had the highest growth rate of nearly 8.2% during the historic period. Health insurance programs by governments, funds from private healthcare, increased public spending on infrastructure, changes in lifestyles, the rise in disposable incomes and medical tourism, and changes in lifestyles that lead to lifestyle diseases.
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