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What are the latest figures on the healthcare services market’s size and projected CAGR?
The healthcare services market size has grown strongly in recent years. It will grow from $8778.73 billion in 2024 to $9255.77 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to medical advancements, aging population, health insurance expansion, government healthcare programs, healthcare regulations.
The healthcare services market size is expected to see steady growth in the next few years. It will grow to $11222.08 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to telehealth and digital health, healthcare workforce shortages, health equity initiatives, value-based care, the potential shifts in reimbursement models. Major trends in the forecast period include telemedicine integration, patient-centered care, preventive care and wellness, personalized medicine, healthcare consolidation.
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Which Market drivers have played a significant role in driving the healthcare services market?
Survival rates and quality of life have improved tremendously over the past decade. Medical and technological advances have played an important role in their progress. High technology diagnostics and therapeutic equipment integrating doctors’ practice patterns have improved healthcare services delivery. According to a report by TrendWatch, medical advances are responsible for a 70% improvement in survival rates for heart attack patients and a two-thirds reduction in mortality rates for those suffering from cancer. These factors contribute to the potential growth of the market.
What are the key segments within the healthcare services market?
The healthcare services market covered in this report is segmented –
1) By Type: Medical And Diagnostic Laboratory Services, Dental Services, Home Health Care And Residential Nursing Care Services, Residential Substance Abuse And Mental Health Facilities, Hospitals And Outpatient Care Centers, Physicians And Other Health Practitioners, All Other Ambulatory Health Care Services, Ambulance Services
3) By Type of Expenditure: Public, Private
3) By End User Gender: Male, Female
Subsegments:
1) By Medical and Diagnostic Laboratory Services: Clinical Laboratories, Diagnostic Imaging Services
2) By Dental Services: General Dentistry, Specialized Dental Services (Orthodontics, Periodontics)
3) By Home Health Care and Residential Nursing Care Services: Home Health Care, Nursing Care Facilities (Assisted Living, Skilled Nursing Facilities)
4) By Residential Substance Abuse and Mental Health Facilities: Residential Mental Health Facilities, Substance Abuse Rehabilitation Centers
5) By Hospitals and Outpatient Care Centers: General Medical and Surgical Hospitals, Specialty Hospitals (Psychiatric, Rehabilitation), Outpatient Care Centers (Surgery Centers, Dialysis Centers)
6) By Physicians and Other Health Practitioners: General Practitioners, Specialist Physicians (e.g., Cardiologists, Dermatologists), Chiropractors and Other Health Practitioners
7) By All Other Ambulatory Health Care Services: Medical Imaging Centers, Outpatient Diagnostic and Treatment Centers
8) By Ambulance Services: Ground Ambulance Services, Air Ambulance Services
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Which key players are shaping the healthcare services market?
Major companies operating in the healthcare services market include UnitedHealth Group Incorporated, Kaiser Permanente, HCA Healthcare, Fresenius Medical Care AG & Co. KGaA, Tenet Healthcare, Mayo Clinic, Community Health Systems, Laboratory Corporation of America, Cleveland Clinic, Davita Inc., CVS Health, McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Cigna Corporation, Elevance Health, Centene Corporation, Pfizer Inc., Johnson & Johnson, Humana Inc., Merck & Co. Inc., AbbVie Inc., Bristol-Myers Squibb Company, Abbott Laboratories, Molina Healthcare Inc., Danaher Corporation, Eli Lilly and Company, Gilead Sciences Inc., Regeneron Chemicals Inc., Zoetis Inc., Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Quest Diagnostics Incorporated, Agilent Technologies Inc., West Pharmaceutical Services Inc., Align Technology Inc.
Which transformative trends will shape the healthcare services market landscape?
The shared medical appointments (SMA) model is being increasingly adopted globally to optimize resources and reduce costs. This is a model generally defined as multiple patients being seen as a group by a multi-disciplinary medical care team for follow-up or routine care. It is being adopted by hospitals to create awareness and counsel individual patients dealing with similar medical conditions. The SMA supplements the traditional physician-patient appointment. SMAs provide individual evaluation and disease management for each patient at the same time that they provide counseling to the patient within a group setting. SMAs are currently used to address diabetes, asthma, ulcerative colitis, MS, cancer, HIV, menopause, insomnia and stress.
How do regional factors impact the healthcare services market, and which region is the largest contributor?
North America was the largest region in the healthcare services market in 2023. Western Europe was the second largest region in the healthcare services market. The regions covered in the healthcare services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Healthcare Services Market Report 2025 Offer?
The healthcare services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Healthcare services are the medical services provided to the people who are in need by healthcare professionals, organizations and healthcare workers. These services are provided to patients, families and communities.
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