The elective healthcare services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Elective Healthcare Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The elective healthcare services market size has increased by grown strongly in recent years. It will grow from $1,302.97 billion in 2023 to $1,419.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to rising aging population, growing awareness of health and wellness, improved healthcare infrastructure, a rise in medical tourism, increasing accessibility to elective procedures.
The elective healthcare services market size is expected to reach strong growth in the next few years. It will grow to $2,011.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rising demand for minimally invasive procedures, the expansion of healthcare facilities, a growing middle-class population, enhanced insurance coverage for elective procedures, and an increased focus on personalized medicine. Major trends in the forecast period include growth in virtual healthcare services, increasing popularity of non-surgical aesthetic procedures, expansion of home healthcare services, development of smart medical devices, and advances in telemedicine.
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Scope Of Elective Healthcare Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Elective Healthcare Services Market Overview
Market Drivers –
The rising adoption of virtual care alternatives is expected to propel the growth of the elective healthcare services market going forward. Virtual care alternatives encompass a range of healthcare services delivered remotely through digital communication tools, such as telemedicine, mobile health apps, and online patient portals, allowing patients to consult with healthcare providers without physical visits. The increase in virtual care alternatives is driven by advancements in technology and the growing demand for accessible, convenient healthcare solutions, especially during the COVID-19 pandemic. Elective healthcare services require virtual care alternatives to increase accessibility, convenience, and efficiency for patients seeking non-urgent medical treatments. For instance, in October 2022, according to a report published by the Centers for Disease Control and Prevention, a US-based government agency, 37.0% of adults reported using telemedicine services within the past 12 months in 2021. Women were more likely to use telemedicine, with 42.0% having utilized these services compared to 31.7% of men. Additionally, telemedicine usage positively correlated with age, increasing from 29.4% among adults aged 18–29 to 43.3% among those aged 65 and above. Therefore, the rising adoption of virtual care alternatives is driving the growth of the elective healthcare services market.
Market Trends —
Major companies operating in the elective healthcare services market are developing AI-powered diagnostics and treatment planning, such as AI assistants, to enhance efficiency, provide personalized support, and facilitate access to medical information and services through automated, data-driven interactions. AI assistants are intelligent software applications designed to perform tasks, provide information, and assist users through natural language processing and machine learning. For instance, in March 2024, Salesforce Inc., a US-based software company, launched Einstein Copilot, a healthcare AI assistant. Einstein Copilot is a conversational AI assistant designed to leverage a healthcare organization’s private data to streamline operations. It enables providers and care teams to capture and summarize information from various clinical and nonclinical sources, update patient and member details, and automate manual tasks. With Einstein Copilot, providers can generate comprehensive patient summaries that include medications, diagnoses, social determinants, assessments, and care gaps. Additionally, care managers can utilize the AI to locate in-network providers based on location, specialty, and plan coverage and automatically complete electronic referral forms using natural language prompts integrated into their workflow.
The elective healthcare services market covered in this report is segmented —
1) By Type: Aesthetic Services, Apnea, Gastrointestinal Disorder, Allergies, Pain Management, Weight Loss, Other Types
2) By Application: Medical Centers, Hospitals, Clinics, Ambulatory Centers
3) By End User Gender: Male, Female
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Regional Insights —
North America was the largest region in the elective healthcare services market in 2023. The regions covered in the elective healthcare services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies —
Major companies operating in the elective healthcare services market are HCA Healthcare Inc., Tenet Healthcare Corp., Mayo Clinic, Sutter Health, LifePoint Health Inc., Universal Health Services Inc., Cleveland Clinic, Johns Hopkins Medicine, Integrated Healthcare Holdings (IHH) Bhd, UMass Memorial Health Care Inc., Healthscope Pty Ltd., Surgical Care Affiliates (SCA), Geisinger Medical Center, Catholic Health Initiatives (CHI), Tufts Medical Center Parent Inc., Pristyn Care, Fortis Healthcare Ltd., Mykare Health, Moorfields Eye Hospital NHS Foundation Trust, Glamyo Health, Medfin India Pvt. Ltd.
Table of Contents
1. Executive Summary
2. Elective Healthcare Services Market Report Structure
3. Elective Healthcare Services Market Trends And Strategies
4. Elective Healthcare Services Market — Macro Economic Scenario
5. Elective Healthcare Services Market Size And Growth
…..
27. Elective Healthcare Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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