Healthcare Services in 2024: Trends, Innovations, and Market Opportunities

The Business Research Company recently released a comprehensive report on the Global Healthcare Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare services market size has grown strongly in recent years. It will grow from $8348.44 billion in 2023 to $8963.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to medical advancements, aging population, health insurance expansion, government healthcare programs, healthcare regulations.

The healthcare services market size is expected to see strong growth in the next few years. It will grow to $10908.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to telehealth and digital health, healthcare workforce shortages, health equity initiatives, value-based care, the potential shifts in reimbursement models. Major trends in the forecast period include telemedicine integration, patient-centered care, preventive care and wellness, personalized medicine, healthcare consolidation.

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Market Drivers and Trends:

Survival rates and quality of life have improved tremendously over the past decade. Medical and technological advances have played an important role in their progress. High technology diagnostics and therapeutic equipment integrating doctors' practice patterns have improved healthcare services delivery. According to a report by TrendWatch, medical advances are responsible for a 70% improvement in survival rates for heart attack patients and a two-thirds reduction in mortality rates for those suffering from cancer. These factors contribute to the potential growth of the market.

The shared medical appointments (SMA) model is being increasingly adopted globally to optimize resources and reduce costs. This is a model generally defined as multiple patients being seen as a group by a multi-disciplinary medical care team for follow-up or routine care. It is being adopted by hospitals to create awareness and counsel individual patients dealing with similar medical conditions. The SMA supplements the traditional physician-patient appointment. SMAs provide individual evaluation and disease management for each patient at the same time that they provide counseling to the patient within a group setting. SMAs are currently used to address diabetes, asthma, ulcerative colitis, MS, cancer, HIV, menopause, insomnia and stress.

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Major Key Players of the Market:

UnitedHealth Group Incorporated, Kaiser Permanente, HCA Healthcare, Fresenius Medical Care AG & Co. KGaA, Tenet Healthcare, Mayo Clinic, Community Health Systems, Laboratory Corporation of America, Cleveland Clinic, Davita Inc., CVS Health, McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Cigna Corporation, Elevance Health, Centene Corporation, Pfizer Inc., Johnson & Johnson, Humana Inc., Merck & Co. Inc., AbbVie Inc., Bristol-Myers Squibb Company, Abbott Laboratories, Molina Healthcare Inc., Danaher Corporation, Eli Lilly and Company, Gilead Sciences Inc., Regeneron Pharmaceuticals Inc., Zoetis Inc., Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Quest Diagnostics Incorporated, Agilent Technologies Inc., West Pharmaceutical Services Inc., Align Technology Inc.

Healthcare Services Market 2024 Key Insights:

• The healthcare services market size is expected to see strong growth in the next few years. It will grow to $10908.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Advancements In Medical Technology And Improved Patient Outcomes
• Shared Medical Appointments A Collaborative Approach To Patient Care
• North America was the largest region in the healthcare services market in 2023

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