The hospitals and clinics market consist of sales of hospital and outpatient care services and related goods by entities (organizations, sole traders and partnerships) that provide hospital and outpatient care services. This industry includes hospitals such as general hospitals, specialty hospitals and psychiatric and substance abuse hospitals that provide treatment and diagnosis for various diseases. It also includes establishments such as clinics that provide kidney dialysis, family planning counselling and other outpatient care services.
The global hospitals and outpatient care centers market is expected to decline from $3831.9 billion in 2019 to $3525.9 billion in 2020 at a compound annual growth rate (CAGR) of -8%. The decline is mainly due to the COVID-19 outbreak and extending lockdown as a measure to contain it. The shutdown of nonessential medical care services as recommended by state and national officials, as a measure to contain the virus spread resulted in financial crises for hospitals, outpatient care centers, and other private clinics. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $5401.9 billion in 2023.