Latest News- Healthcare Services Market: Adult care is expected to lead the End-user segment during 2024-2028

The Healthcare Services Market is being driven by Increasing prevalence of chronic diseases

The Healthcare Services Market is expected to grow at a CAGR of 8.73% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6263.7 billion. The healthcare services market has witnessed a notable shift due to the increasing adoption of telemedicine, or telehealth, which utilizes digital communication and technology to deliver remote clinical healthcare services. Telemedicine's popularity stems from its ability to expand access to healthcare, particularly for individuals in geographically remote or underserved regions. By eliminating the need for physical travel, patients can now consult with healthcare professionals more conveniently and efficiently, thereby enhancing overall patient care and satisfaction. Additionally, telemedicine offers cost savings for both patients and providers, as well as increased productivity and efficiency for healthcare organizations. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Adult care
  • Geriatric care
  • Pediatric care
• Service
  • Hospitals and clinics
  • Primary care services
  • Long-term care services
  • Home healthcare
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
  • Asia
    • China
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of chronic diseases
• Rise in geriatric population globally
• Growing focus on patient satisfaction in healthcare services

However, the market also witnesses some limitations, which are as follows:

• Increasing healthcare costs
• Limited availability of skilled workforce
• Increasing cases of fraudulent acts by service providers

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Market Scope in Healthcare Services Market Research Report

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Research Analysis Overview

The healthcare services market encompasses a wide range of offerings, including medical consumables, medical devices, long-term care facilities, psychological health facilities, residential drug abuse treatment centers, dental treatment, medical diagnostic laboratories, and services provided by medical professionals. Medical innovation and treatment research drive advancements in disease detection and chronic disease management. Universal healthcare and medical tourism are shaping the industry, with private hospitals and publicly owned hospitals offering both outpatient and inpatient services. Service expansion is influenced by regulatory impact, value-based care, electronic health records, telehealth, and digital health technologies. Patient engagement is a key focus, with insurance coverage and consumerism driving demand for quality care. Medical diagnostic laboratories and medical innovation play a crucial role in detecting and treating various health conditions. The market is constantly evolving to meet the changing needs of patients and the healthcare industry.

Market Research Overview

In accordance with Technavio's market analysis, the healthcare services market under consideration is a significant segment of the expansive global healthcare equipment market. This market encompasses entities involved in the research and development (R&D) of various product categories, such as capital equipment, instruments, implants, accessories, and consumables. These products are utilized for the diagnosis, monitoring, and treatment of diverse diseases. Technavio calculates the size of the global healthcare equipment market by aggregating the revenues generated by manufacturers of diagnostic equipment and devices spanning various therapy areas. The healthcare equipment industry is segmented into Devices, which comprises advanced, differentiated, and clinically validated data-driven devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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