Global Healthcare Services Market Overview: Growth Driven by Tech Innovations, Medical Tourism, and Improved Access.

Global Market Model's Global Healthcare Services Market Overview: Growth Fueled by Technological Innovations, Medical Tourism, and Enhanced Access

LONDON, GREATER LONDON, UNITED KINGDOM, September 19, 2024 /EINPresswire.com/ -- The Global Market Model is the world’s largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.

Healthcare Services Market Size and Future Growth Prospects
The global healthcare services market was valued at $8,166.4 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2033. This growth is driven by advancements in diagnostic and therapeutic technologies, increasing medical tourism, improved healthcare access, and evolving lifestyles, including a rise in sedentary occupations.

Market Composition and Major Healthcare Services Segments
Healthcare services include medical care provided by professionals, organizations, and facilities. In 2023, this market accounted for 4.9% of global GDP, with annual per capita expenditure reaching $1,036.4. The sector benefits from technological progress making services more affordable, high per-capita incomes, significant healthcare spending in developed regions, supportive government initiatives, and the rising prevalence of chronic diseases such as Alzheimer’s and Parkinson’s among the aging population. Hospitals and outpatient care centers were the largest segments, constituting 54.2% of the market in 2023.

Key Markets and Healthcare Services Sector Trends
The USA led the global healthcare services market in 2023, holding 39.9% of the global share. The sector's expansion is supported by high levels of technological innovation, a growing influx of medical tourists, and improved healthcare access. Increased access to healthcare and better survival rates are also contributing to market growth.

Healthcare Services Forecast Stability
The current forecast remains consistent with the February 2024 update. Previous economic challenges and inflation, which led to increased costs in medical care services due to rising operational, supply, administration, and labor expenses, were factored into the earlier forecast. Expectations of price stabilization over the long term, with easing inflation, have kept the forecasts stable.

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Oliver Guirdham
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