Elective Healthcare Services Market Report 2024

This Elective Healthcare Services market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The elective healthcare services market size has increased by grown strongly in recent years. It will grow from $1.3 trillion in 2023 to $1.41 trillion in 2024 at a compound annual growth rate (CAGR) of 9%. The growth during the historic period can be attributed to the increasing aging population, heightened awareness of health and wellness, improvements in healthcare infrastructure, a rise in medical tourism, and greater 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 $2.01 trillion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth during the forecast period can be attributed to the rising demand for minimally invasive procedures, the expansion of healthcare facilities, a growing middle-class population, improved insurance coverage for elective procedures, and a greater emphasis on personalized medicine. Major trends for this period include the expansion of virtual healthcare services, the increasing popularity of non-surgical aesthetic procedures, the growth of home healthcare services, the development of smart medical devices, and advances in telemedicine.

The growing use of virtual care options is anticipated to drive the expansion of the elective healthcare services market. Virtual care alternatives include remote healthcare services provided through digital tools like telemedicine, mobile health apps, and online patient portals, allowing patients to consult with healthcare professionals without needing to visit in person. This increase in virtual care is fueled by technological advancements and a rising demand for convenient and accessible healthcare solutions, especially accelerated by the COVID-19 pandemic. Elective healthcare services benefit from virtual care alternatives by improving accessibility, convenience, and efficiency for patients seeking non-urgent medical treatments. For example, a report from the Centers for Disease Control and Prevention in October 2022 highlighted that 37% of adults used telemedicine services in the past year. Usage was higher among women, with 42% utilizing telemedicine compared to 31.7% of men, and increased with age, from 29.4% for adults aged 18-29 to 43.3% for those aged 65 and above. Thus, the rising adoption of virtual care alternatives is contributing to the growth of the elective healthcare services market.

Leading companies in the elective healthcare services market are innovating with AI-powered diagnostics and treatment planning tools, such as AI assistants, to improve efficiency and offer personalized support. AI assistants are advanced software applications that use natural language processing and machine learning to perform tasks, provide information, and assist users. For instance, in March 2024, Salesforce Inc., a US-based software company, introduced Einstein Copilot, an AI assistant designed for the healthcare sector. Einstein Copilot uses a healthcare organization’s private data to streamline operations, allowing providers and care teams to capture and summarize information from various sources, update patient details, and automate tasks. It helps generate detailed patient summaries and enables care managers to find in-network providers and complete electronic referral forms through natural language prompts integrated into their workflows.

In August 2022, Apollo Hospitals Enterprise Limited, a multinational healthcare group based in India, acquired Nayati Healthcare and Research Pvt. Ltd. for $54 million. This acquisition aims to broaden Apollo’s reach in Haryana, leveraging the city’s rapid growth and affluent population. It is intended to enhance Apollo’s brand, integrate advanced clinical solutions, and promote digital healthcare innovations, aligning with its goal of providing top-tier healthcare in the region. Nayati Healthcare and Research Pvt. Ltd. is an Indian hospital chain specializing in elective healthcare services.

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.

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.

The countries covered in the elective healthcare services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Elective healthcare services refer to medical procedures and treatments that are not urgent or immediately necessary for maintaining life or health but are chosen by the patient. These services can usually be scheduled in advance, allowing patients to plan around their personal and professional commitments. Elective procedures are generally performed to enhance quality of life, improve appearance, or address non-life-threatening medical concerns.

The main types of elective healthcare services include aesthetic services, treatment for apnea, management of gastrointestinal disorders, allergy treatments, pain management, weight loss, and others. Aesthetic services focus on procedures and treatments designed to enhance appearance and beauty. These services are available at medical centers, hospitals, clinics, and ambulatory centers for both men and women.

The elective healthcare services market research report is one of a series of new reports that provides elective healthcare services market statistics, including elective healthcare services industry global market size, regional shares, competitors with a elective healthcare services market share, detailed elective healthcare services market segments, market trends and opportunities, and any further data you may need to thrive in the elective healthcare services industry. This elective healthcare services 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 elective healthcare services market includes revenues earned by entities by teeth whitening and cosmetic bonding, vision correction, arthroscopic surgeries and reproductive health services. 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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