The global healthcare industry is one of the most dynamic and promising industries in the world. According to the Inkxpert research, the industry has been growing at a high pace and is expected to reach $11,908.9 billion by 2022 from $8,452 billion in 2018.
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Major Drivers of Market Growth
The major drivers for this growth include demographic changes and rising health care expenditure globally. The government's focus on improving healthcare standards and increasing access to affordable care is also expected to drive market growth. Governments are encouraging private insurers to provide more coverage options for their citizens as they seek ways to reduce health costs and improve patient outcomes.
In addition to these factors, Inkxpert market analysis predicts several other factors that are expected to drive the growth of this market over the next few years. These include:
- Increase in prevalence of lifestyle diseases such as heart diseases, diabetes, and cancer.
- Globalization of health services leads to increased access to health care services at a lower cost.
- Adoption of technology-based solutions for patient management along with an increasing focus on preventive healthcare activities.
- Expansion in emerging markets like India, China, Brazil, and Mexico where these services are needed more than ever before.
- The growing prevalence of chronic conditions such as diabetes and mental disorders among younger individuals will drive demand for behavioral health services over the next few years.
Market Segmentation
The global healthcare market consists of various segments, including hospitals, clinics, laboratories, and other medical centers. According to the Inkxpert research, hospitals account for the largest share of this market due to their high patient load and associated costs of technology, infrastructure, and staff. Clinics also contribute significantly to this market due to their focus on primary care as opposed to specialized treatments found in hospitals. In 2018, the top 10 competitors in the industry accounted for 7.2 percent of the overall market.
The United States constitutes the largest regional market and Asia Pacific is amongst the fastest growing regional market growing at a CAGR of 13.4% as per Inkxpert market analysis. The popularity of medical tourism has also led to a significant uptick in demand for healthcare services, particularly in the Asia Pacific and Africa.
The Way Forward
The increasing prevalence of lifestyle diseases has led healthcare providers to focus on preventive care strategies such as diet counseling, weight management programs, and exercise regimes to combat these lifestyle diseases. Healthcare providers have also focused on offering better value propositions through effective pricing strategies that offer additional services beyond diagnosis and treatment procedures such as fitness assessments, nutrition counseling, and behavioral counseling among others. These initiatives have helped healthcare providers gain an edge over their competitors in the competitive landscape of the global healthcare market.
Furthermore, there will be an increase in demand for clinical services such as laboratory tests, radiology services, imaging equipment, and other medical equipment used during patient visits. Moreover, there is also a shift from hospital-based care toward ambulatory care with an increasing number of patients opting for home visits by physicians or other healthcare professionals.
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