Patient Temperature Management Market Size Explores Growth Opportunities from 2020 to 2028
The growth of the global Patient Temperature Management Market can be attributed to enhancement in healthcare services and better medical facilities around the world over the forecast period (2019-2028). Health spending in the United States is estimated to grow at an average of 5.5%, by reaching an estimated value of USD 6 trillion by 2027. This can be attributable to rising prices of healthcare products and services during the period. Healthcare expenditure comprises of three key sectors namely prescription drugs, hospital spending and physician and clinical services. Prescription drugs in the U.S. achieved an estimated growth rate of 3.3% in 2018 which is further expected to increase to 4.6% in 2019. On the other hand, spending on prescription drugs is estimated to rise by an average of 6.1% per year for the period (2020-2028).
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Moreover, a rise in Medicare and Medicaid spending accompanied by rising wages and employment rates are anticipated to aid the growth of the market over the forecast period.
The rate of growth of Medicare services at an estimated rate of 5.9% in 2018, owing to high demand for Medicare services and is predicted to reach an estimated 7.1% in 2019. On the other hand, Medicaid spending achieved a lower growth rate of 2.2% in 2018 and is predicted to grow at 4.8% in 2019. The health sector held the second highest position holding 7.7% share in 2018, out of the worldwide growth of R&D sector. Globally, the number of persons employed grew from 2.5 million in 2008 to 3.5 million in 2017. On the other hand, in Europe region, the number of persons employed increased from 1 million in 2008 to 1.4 million in 2017. Additionally, the expenditure on private health insurance is anticipated to achieve 5.1% growth every year during the forecast period.
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Furthermore, to provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the globalPatient Temperature Management market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter's five forces analysis, absolute $ opportunity and anticipated cost structure of the market.
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