What Fueled The Previous Growth In The Elective Healthcare Services Market?
The elective healthcare services market has seen considerable growth due to a variety of factors.
• The market size for elective healthcare services has seen robust growth in the past few years. It is set to expand from $1419.76 billion in 2024 to $1552.73 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.4%.
Factors such as an increase in the elderly population, enhanced health and wellness awareness, improved healthcare facilities, a surge in medical tourism, and better accessibility to elective procedures have influenced the growth during the historical period.
What Is The Expected Growth In The Elective Healthcare Services Market Size Evolve over the Forecast Period?
The elective healthcare services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for elective healthcare services is predicted to experience considerable expansion in the coming years. It is projected to swell to $2191.57 billion in 2029, with a compound annual growth rate (CAGR) of 9.0%.
This growth during the forecast period is due to factors such as the surge in demand for minimally invasive procedures, broadening of healthcare infrastructure, an expanding middle-class demographic, improved insurance support for elective procedures, and a heightened emphasis on personalized care. Key trends anticipated during this forecast period encompass the rise in virtual healthcare services, growing interest in non-surgical beauty procedures, proliferation of home healthcare services, invention of intelligent medical tools, and breakthroughs in telemedicine.
What Main Forces Are Fueling Expansion In The Elective Healthcare Services Market?
The growth of the elective healthcare services market is expected to be driven by the increasing adoption of virtual care options. These options, which include telemedicine, mobile health apps, and online patient portals, allow patients to receive healthcare services remotely, eliminating the need for physical visits. The rise in these virtual care alternatives stems from advancements in technology and an increasing demand for healthcare solutions that are accessible and convenient, a trend that has been particularly important during the COVID-19 pandemic. To enhance availability, convenience, and efficiency, elective healthcare services are dependent on these virtual care options, especially for patients in need of non-urgent medical care. For instance, a report from the US Centers for Disease Control and Prevention in October 2022 showed that 37.0% of adults reported using telemedicine services in 2021. Women were seen to be more likely to use these services at 42.0% compared to 31.7% of men. Furthermore, telemedicine usage was found to correlate positively with age, with its usage increasing from 29.4% among adults aged 18-29 to 43.3% among those aged 65 upwards. Hence, the elective healthcare services market's growth is being propelled by the increased acceptance of virtual care solutions.
What Are The Primary Segments In The Global Elective Healthcare Services Market?
The elective healthcare servicesmarket covered in this report is segmented –
1) By Type: Aesthetic Services, Apnea, Gastrointestinal Disorder, Allergies, Pain Management, Weight Loss, Other Types
2) By Application: Medical Centers, Hospitals, Clinics, Ambulatory Centers
3) By End User Gender: Male, Female
Subsegments:
1) By Aesthetic Services: Cosmetic Surgery, Non-Surgical Aesthetic Treatments, Skin Rejuvenation
2) By Apnea: Sleep Apnea Treatments, Home Sleep Apnea Testing, Weight Management Programs For Apnea, Lifestyle Counseling And Behavioral Therapy
3) By Gastrointestinal Disorders: Diagnostic Procedures, Surgical Procedures, Medical Treatment
4) By Allergies: Allergy Testing, Allergy Immunotherapy, Medication Management, Respiratory Allergy Management
5) By Pain Management: Interventional Procedures, Physical Therapy And Rehabilitation, Pharmacologic Management, Alternative Treatments
6) By Weight Loss: Surgical Weight Loss, Non-Surgical Weight Loss, Physical Activity Programs
7) By Other Types: Orthopedic Procedures, Cardiovascular Procedures, Fertility Services, Dental Procedures, Vision Correction
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What Trends Are Shaping The Elective Healthcare Services Market?
Prominent firms in the elective healthcare services sector are embracing AI-powered diagnostics and treatment planning, like AI assistants, to optimize efficacy, offer customized support, and improve access to health information and services via automated, data-focused communications. AI assistants are smart software applications crafted for task execution, information dissemination, and user assistance, courtesy of natural language processing and machine learning. As an example, Salesforce Inc., a software corporation based in the US, unveiled Einstein Copilot, a healthcare AI assistant, in March 2024. Sculpted as a conversational AI assistant, Einstein Copilot taps into the private data of a healthcare organization to streamline operations. It allows care teams and providers to collate and sketch out data from various clinical and non-clinical sources, update patient and member profiles, and mechanize routine tasks. The Einstein Copilot helps generate detailed patient summaries, encompassing medication, diagnosis, social determinants, assessments, and care gaps. Moreover, care supervisors can employ this AI to pinpoint in-network providers based on their location, specialty, and plan coverage, and auto-fill electronic referral forms using natural language prompts woven into their workflow.
Who Are the Key Players In The Elective Healthcare Services Market?
Major companies operating in the elective healthcare services market are:
• HCA Healthcare Inc.
• Tenet Healthcare Corp.
• Mayo Clinic
• Sutter Health
• LifePoint Health Inc.
• Universal Health Services Inc.
• Cleveland Clinic
• Johns Hopkins Medicine
• Integrated Healthcare Holdings (IHH) Bhd
• UMass Memorial Health Care Inc.
• Healthscope Pty Ltd.
• Surgical Care Affiliates (SCA)
• Geisinger Medical Center
• Catholic Health Initiatives (CHI)
• Tufts Medical Center Parent Inc.
• Pristyn Care
• Fortis Healthcare Ltd.
• Mykare Health
• Moorfields Eye Hospital NHS Foundation Trust
• Glamyo Health
• Medfin India Pvt. Ltd.
What Is The Most Dominant Region In The Elective Healthcare Services Market?
North America was the largest region in the elective healthcare services market in 2024. The regions covered in the elective healthcare services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
