2019 Healthcare Services Market Size, Share, Growth, Trends And Industry Overview

The healthcare services market consists of sales of healthcare services and related goods by entities (organizations, sole traders and partnerships) that provide human healthcare services. This industry includes establishments that provide services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare services.

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The global market for healthcare services reached a value of nearly $6707.3 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.6% since 2014, and is expected to grow at a CAGR of 9.3% to nearly $9,581.0 billion by 2022.

Growth in the historic period resulted from rapid growth in the size of elderly populations, strong economic growth in emerging markets, health insurance reforms and home care/monitoring. Factors that negatively affected growth in the historic period were low healthcare access, and shortages of skilled human resources.

Going forward, faster economic growth, technological developments, changes in lifestyles and improved survival and quality of life will drive the growth. Factors that could hinder the growth of this market in the future are government regulations, interest rate increases and government provisions in healthcare services.

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The key driver of the healthcare services market includes:
Changes In Lifestyles – Changes in lifestyles and an increase in sedentary jobs are transforming the disease profile of the world population from communicable disease to non-communicable disease such as cancer, diabetes and cardiovascular diseases. China and India together had about 154 million diabetic patients in 2014, and India is expected to have about 100 million diabetic patients by 2030.In 2017, in the US there were 31.8 million people living with diabetes or prediabetes. And expected to reach 53.1 million in 2025. Lifestyle changes are expected to be a major driver of the healthcare services market.

North America is the largest market for healthcare services, accounting for almost 41.1% of the global market. It was followed by Asia-Pacific, Western Europe, and then the other regions. Going forward, Asia-Pacific and Africa will be the fastest growing regions in this market.

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