Physicians And Other Health Practitioners Global Market Report 2024

The physicians and other health practitioners market size has grown strongly in recent years. It will grow from $1,709.96 billion in 2023 to $1,856.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed during the historical period can be attributed to several factors, including medical advancements, the presence of an aging population, the expansion of health insurance coverage, the implementation of government healthcare programs, and the influence of healthcare regulations. These elements have collectively contributed to the growth and development of healthcare services provided by physicians and other healthcare practitioners.

The physicians and other health practitioners market size is expected to see strong growth in the next few years. It will grow to $2,364.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The projected growth in the forecast period can be attributed to various factors, including the continued expansion of telemedicine and digital health solutions, the challenges posed by healthcare workforce shortages, efforts to promote health equity, and potential shifts in reimbursement models within the healthcare industry. Major trends in the forecast period encompass the integration of telehealth, a focus on patient-centered care, an emphasis on preventive care and lifestyle medicine, the growing interest in alternative and complementary medicine, and the adoption of team-based care to address evolving healthcare needs.

The growth of the physicians and other health practitioners market is bolstered by the anticipated stable economic growth in both developed and developing countries. In September 2023, the Bureau of Economic Analysis reported that the real gross domestic product (GDP) in the United States increased at an annual rate of 2.1% in the second quarter of 2023. The market is further supported by recovering commodity prices, especially after a significant decline in the recent past. Stable growth is expected in developed economies, with emerging markets likely to grow slightly faster than their developed counterparts in the forecast period. This stable economic growth is set to boost investments in end-user markets, thereby driving the physicians and other health practitioners market during the forecast period.

The primary categories of physicians and other healthcare practitioners include specialist doctors, primary care doctors, podiatrists, physical therapists, optometrists, and chiropractors. Optometrists are healthcare professionals with expertise in evaluating and addressing various aspects of eye health, including vision deficiencies, symptoms of injury, ocular diseases or abnormalities, and broader health issues related to the eyes. These healthcare services can involve different types of expenditures, both public and private, and cater to the needs of both male and female patients.

The physicians and other health practitioners market research report is one of a series of new reports that provides physicians and other health practitioners market statistics, including physicians and other health practitioners industry global market size, regional shares, competitors with a physicians and other health practitioners market share, detailed physicians and other health practitioners market segments, market trends and opportunities, and any further data you may need to thrive in the physicians and other health practitioners industry. This physicians and other health practitioners market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing number of hospitals is anticipated to be a driving force behind the growth of the physicians and other health practitioners market in the coming years. Hospitals serve as essential healthcare facilities staffed with medical professionals and equipped with resources to provide a wide range of medical services, including diagnosis, treatment, surgical procedures, and emergency care. Physicians and other health practitioners play a pivotal role in hospitals by offering critical medical expertise, diagnoses, treatments, and patient care. Their presence ensures the effective delivery of healthcare services and contributes to the overall well-being of patients. For instance, as of May 2023, the United States had 6,129 hospitals, signifying a 0.591% increase from the previous year when there were 6,093 hospitals, according to the American Health Care Association. Thus, the rising number of hospitals is a significant factor propelling the growth of the physicians and other health practitioners market.

One of the major barriers to the growth of the overall healthcare industry is the inadequacy of public health insurance. The lack of public health insurance coverage poses challenges for patients in accessing essential health services. According to a recent report by the World Health Organization (WHO) and the World Bank, 400 million people do not have access to essential health services, and 6% of individuals in low- and middle-income countries are either pushed further into extreme poverty or tipped into it due to health-related expenses. The inadequacy of public health insurance schemes, particularly in certain developing economies, represents a significant impediment to adequate health protection and is likely to restrain the growth of the physicians and other health practitioners market during the forecast period.

Physicians and other health practitioners are increasingly adopting e-prescriptions to reduce errors and enhance service quality. E-prescribing, or electronic prescribing, involves the computer-based generation, transmission, and filling of medical prescriptions. This technology allows healthcare professionals, including physicians, nurse practitioners, and physician assistants, to electronically transmit new prescriptions or renewal authorizations to pharmacies, whether in the community or through mail-order services. E-prescribing is particularly beneficial to physicians as it minimizes errors that can occur with handwritten prescriptions. The trend of e-prescribing offers opportunities to improve the service quality of physicians and other healthcare professionals.

Prominent companies operating in the physicians and other health practitioners market are concentrating on the development of innovative solutions, such as digital assistants for doctors, to gain a competitive edge in the market. Digital assistants for doctors are AI-powered software or applications designed to support healthcare professionals, especially doctors, in various aspects of their clinical and administrative tasks. For example, in March 2023, a French-based digital startup named Nabla introduced Copilot, a new service that leverages GPT-3 to assist physicians with their paperwork. Copilot serves as a digital assistant for doctors, capable of transcribing and repurposing information obtained from video conversations. It automates the translation of patient discussions into different document-based outputs, including prescriptions, follow-up appointment letters, and consultation summaries. This innovative approach underscores the commitment of these major companies to innovation and growth within the physicians and other health practitioners market.

Major companies operating in the physicians and other health practitioners market include IHH Healthcare, MEDNAX, Fresenius Medical Care AG & Co. KGaA, NHS England, US Physical Therapy, Henry Schein Inc., Healthway Medical Corp Ltd., Universal Health Services, UnitedHealth Group, CVS Health Corp., McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Elevance Health, Centene Corporation, HCA Healthcare Inc., Molina Healthcare Inc., Siemens Healthineers AG, Johnson & Johnson, Pfizer Inc., Merck & Co. Inc., Abbott Laboratories, Thermo Fisher Scientific Inc., Danaher Corporation, Boston Scientific Corporation, Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings Inc., Becton Dickinson and Company, Cerner Corporation, Epic Systems Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., Teladoc Health Inc., Humana Inc., Anthem Inc.

North America was the largest region in the physicians and other health practitioners market in 2023. Asia-Pacific was the second largest region in the physicians and other health practitioners market. The regions covered in the physicians and other health practitioners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the physicians and other health practitioners market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The physicians and other health practitioners market includes revenues earned by entities by providing specialized care services by professionals such as neurologists, urologists, and cardiologists. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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