With the Breakout of COVID-19 globally, the need for protective equipment like face masks, PPE, face shields, and other equipment becomes paramount for the frontline health workers, who need it on the daily basis to ensure they are fully prepared and safe from the virus. In their pursuit to save lives from the virus.
The world was not prepared for a pandemic like COVID-19 and certainly at that scale. As a consequence, it has put a strain on healthcare systems and led to a scarcity of equipment. Though the countries have come out of that phase significantly but nations are still suffering to get adequate healthcare equipment.
Ultimately giving a significant rise to functional medical products.
Besides COVID-19, chronic diseases such as cancer, diabetes and cardiovascular diseases (CVD), metabolic, Parkinson’s diseases, infectious diseases (HIV/AIDS) have significantly increased.
Thanks to factors such as the higher number of people living in city life, sitting work for a longer period, unbalanced diet, rapid economic growth, technological progress, changes in lifestyles and better survival and quality of life will undoubtedly boost the need.
Which shows in recent data by ResearchAndMarkets.com, that the global market for healthcare services will reach a value of nearly $9.58 trillion by 2022, growing at a CAGR of 9.3%. which was $6.70 trillion in 2018, having grown at a compound annual growth rate (CAGR) of 7.6% since 2014.
Aspects that can adversely affect growth are low healthcare access, and of skilled human resource scarcities. Including govt. regulations and provisions, the increased interest rate in healthcare services.
The segments of the healthcare services market are by type of end-user gender into female end-users and male end-users.
The female end-users segment accounted for 55.3% in 2018. And the male end-users segment is expected to be the fastest-growing segment going forward at CAGR of 9.4%.
As for the top regions, North America was the largest market for healthcare services, accounting for 41.1% of the global market in 2018. It was followed by Asia Pacific, Western Europe and then the other regions.
The Middle East and the Asia Pacific will be the fastest-growing regions in this market with 14.30% and 14.29% CAGR respectively. Followed by Africa and Eastern Europe – the market is expected to grow at 13.7% and 11.8% CAGR respectively.
In this industry, healthcare services are the largest segment of the global healthcare market taking up 79.4%. Followed by pharmaceutical drugs, medical equipment and then the other segments.
Biologics is expected to be the fastest-growing segment in the healthcare market going forward at 13.6% CAGR during the forecast period.
This will be followed by veterinary healthcare, healthcare services, and pharmaceutical drugs, where the markets are expected to grow at CAGRs of 10.9%, 9.3% and 6.0% respectively.
The top prospects in the global healthcare services market will arise in hospitals and clinics segment which will gain $1.68 trillion of global annual sales by 2022.
The size of the healthcare services market will gain the most in China at $657.3 billion. Healthcare services trend-based strategies include increasing the adoption of bundled payments, using digital tools and adopting shared medical appointments by companies.
Top players will adopt strategies in the healthcare services industry include obtaining companies in similar industries to expand their presence and focusing on offering quality services to their patients.
Companies and providers will continue to prioritize and leverage the potential of specialty-specific analytics solutions to investigate drug utilization, treatment variability, clinical trial eligibility, billing discrepancy, and self-care program attribution specific to major chronic conditions.
As for long-term patients are not treated in hospitals, the demand for home healthcare for better treatment facilities with skilled professionals for patients suffering from diseases will rise.
A recent analysis by Data Bridge Market Research showed that the home healthcare market in the North America region has the highest market share followed by Europe and Asia-Pacific.
Not to mention, the main healthcare technology players are especially focusing on innovation in production technologies to improve efficiency and shelf life.
The best long-term growth opportunities for this sector can be taken by ensuring ongoing process improvements and financial flexibility to invest in optimal strategies.
The healthcare market will pivot around the three big themes: digital transformation, value-based care, and patient-centricity. Leading to further sophisticated outcomes-based models will be implemented in developed markets.
The market will also see priority in AI/cognitive platform technology use cases closer to clinical care to augment the physicians and even patients with actionable decision-making ability.
AI-based workflow optimization use cases will contribute more than 80% of the workflow market contribution.