Hospitals And Outpatient Care Centers Global Market Report 2024

The hospitals and outpatient care centers market size has grown strongly in recent years. It will grow from $4,454.48 billion in 2023 to $4,752.9 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The expansion witnessed in the historical period can be attributed to various factors, including advancements in medical technology, a growing aging population, increased health insurance coverage, the impact of epidemics and pandemics, and the influence of healthcare regulations.

The hospitals and outpatient care centers market size is expected to see steady growth in the next few years. It will grow to $5,625.39 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be attributed to several key factors, notably the rise of digital health and telemedicine, the emphasis on value-based care, the challenges posed by healthcare workforce shortages, changes in healthcare policies, and the focus on health equity and improved access. Major trends expected in this period encompass ambulatory care, patient-centered care, the integration of technology, the provision of preventive and wellness services, and the exploration of alternative care models.

Improvements in access to healthcare services are anticipated in developing countries, driven by the effective implementation of health plans. This positive development is observed in various developing regions such as India, China, and several Latin American countries. Specific country-focused health reforms have been established to enhance healthcare access, such as China's urban resident basic medical insurance and new rural cooperative medical insurance schemes, Brazil's unified health system, and Mexico's widely adopted health insurance initiatives. Consequently, the anticipated increase in access to healthcare services is expected to significantly drive the hospitals and outpatient care centers market.

The primary categories of hospitals and outpatient care centers include hospitals and specific outpatient care facilities. Outpatient care centers within hospitals cater to individuals seeking diagnosis or treatment but do not necessitate overnight admission. These centers serve both public and private sectors and are accessible to individuals of all genders.

The hospitals and outpatient care centers market research report is one of a series of new reports that provides hospitals and outpatient care centers market statistics, including hospitals and outpatient care centers industry global market size, regional shares, competitors with a hospitals and outpatient care centers market share, detailed hospitals and outpatient care centers market segments, market trends and opportunities, and any further data you may need to thrive in the hospitals and outpatient care centers industry. This hospitals and outpatient care centers 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 anticipated growth of the hospitals and outpatient care centers market is expected to be driven by the increasing number of outpatient visits. Outpatient services involve medical care provided to patients who do not necessitate an overnight stay in a healthcare facility. These services typically encompass consultations, diagnostics, treatments, and minor procedures that can be completed within a single day, enabling patients to return home on the same day. Hospitals and outpatient care centers play a pivotal role in delivering specialized medical services to outpatients, ensuring prompt diagnosis, treatment, and ongoing support, thereby enhancing healthcare accessibility and patients' well-being. For instance, as per the National Health Service, a UK government department, there were 95.5 million outpatient attendances in England in 2021-22, marking a 4.5% increase from the previous year. Hence, the increasing number of outpatient visits remains a key driver propelling the growth of the hospitals and outpatient care centers market.

The hospitals and outpatient care centers market faced significant restraint due to the outbreak of COVID-19 in 2022. Lockdowns and restrictions imposed by governments to control the spread of the infectious disease led to limitations in the movement of people and goods. COVID-19, identified in Wuhan, China, in 2019, spread worldwide, affecting regions including Western Europe, North America, and Asia. The pandemic notably affected the hospitals and outpatient care centers market, causing disruptions in the supply chain and reduced patient visits as individuals were cautious about seeking healthcare. Postponements of non-urgent surgeries led to a decline in revenues for these facilities. According to the Investment Information and Credit Rating Agency (ICRA), Limited, private hospitals and healthcare services companies in India are projected to experience a 15% to 20% revenue drop in the 2021 financial year due to the outbreak. The impact of this outbreak is anticipated to have negative effects on businesses through 2020 and into 2021. However, it is expected that the hospitals and outpatient care centers market will gradually recover from this setback over the forecast period, as this was an unexpected and unforeseen event, not stemming from inherent weaknesses in the market or the global economy.

Hospitals are increasingly incorporating mobile and IoT (Internet of Things) technologies to disseminate information to different stakeholders within the hospital ecosystem. This technology provides real-time insights into patient health by actively and passively collecting data. It has the capacity to monitor medical conditions and mitigate life-threatening diseases. The data generated by IoT devices is now of utmost importance for patient care managers and patients, aiding in the diagnosis, tracking, and treatment of medical conditions. Prominent hospitals in the USA, such as HCA, Mercy Virtual Care Centre, and Kaiser Permanente, are at the forefront of adopting IoT technology. Consequently, this technology empowers healthcare providers to make precise and well-informed decisions regarding patients' health.

Key companies within the hospitals and outpatient care centers market are emphasizing the development of innovative services, including psychiatric services, to gain a competitive advantage in the industry. Psychiatric services encompass a branch of healthcare dedicated to diagnosing, treating, and managing mental and emotional disorders. For example, in October 2023, Nutex Health Inc., a US-based healthcare management and operations company, introduced new psychiatric services at hospitals in Texas. These services cater to the specialized treatment of both adult and adolescent patients with acute psychiatric needs within the emergency room setting, working in conjunction with psychiatric providers. Patients undergoing these services receive a psychiatric evaluation in the emergency room and are offered a personalized treatment plan, including psychiatric interventions in the emergency room if deemed necessary.

Major companies operating in the hospitals and outpatient care centers market include Kaiser Permanente, United Health Group Incorporated, HCA Healthcare, Tenet Healthcare, Fresenius Medical Care AG & Co. KGaA, Mayo Clinic, Community Health Systems, Cleveland Clinic, DaVita Inc., Ramsay Health Care, Acadia Healthcare Company, American Addiction Centers, Anabranch Recovery Center, Ascension Seton, Bowling Green Brandywine Treatment Center, Behavioral Health Services, Caron Treatment Centers, Cumberland Heights, CuraLinc Healthcare, Eagle View Behavioral Health, English Mountain Recovery, Farley Center, Foundations Recovery Network, French Creek Recovery Center, Haven Behavioral Healthcare, Highland Hospital, Mountain Laurel Recovery Center, NHS England, North Range Behavioral Health, Peak Behavioral Health, Phoenix House, Promises Behavioral Health, Rogers Behavioral Health, Sierra Tucson, Silver Hill Hospital, St. Gregory Recovery Center, St. Joseph Institute for Addiction, Strategic Behavioral Health, Sunspire Health.

North America was the largest region in the hospitals and outpatient care centers market in 2023. Asia-Pacific was the second largest region in the hospitals and outpatient care centers market. The regions covered in the hospitals and outpatient care centers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the hospitals and outpatient care centers 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 hospitals and outpatient care centers market includes revenues earned by entities by providing primary care, urgent care, short medical procedures, diagnostic test services, and so on. 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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