Global Healthcare Services Market Trends And Strategies Of Major Players In The Healthcare Services Market 2020
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The global healthcare services market is expected to decline from $7102.7 billion in 2019 to $6657.1 billion in 2020 at a compound annual growth rate (CAGR) of -6.3%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Globally, the essential and emergency healthcare services have been prioritized which include COVID-19 related activities, prevention and management of communicable diseases, reproductive health, maternal health, new-born and child health, and other emergencies, while, non-essential services that include health promotional activities, other non-emergency screening services, routine diagnostic tests, and other desired health services among others have been restricted and recommended to shut down. Therefore, although some of medical emergency services are available, since most of the other healthcare services are shut down, the market is expected to slightly decline. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $9725.4 billion in 2023.
The healthcare services market consists of sales of healthcare services and related goods by entities (organizations, sole traders and partnerships) that provide human healthcare services. This industry includes establishments that provide services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare services.
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The global healthcare services market is further segmented based on type, end-user, type of expenditure and geography.
By Type: Medical And Diagnostic Laboratory Services, Dental Services, Home Health Care And Residential Nursing Care Services, Residential Substance Abuse And Mental Health Facilities, Hospitals And Outpatient Care Centers, Physicians And Other Health Practitioners, All Other Ambulatory Health Care Services, Ambulance Services.
By End User Gender: Male, Female.
By Type of Expenditure: Public, Private.
By Geography: The global healthcare services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American healthcare services market accounts for the largest share of 40% in the global healthcare services market 2019.
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Trends In The Healthcare Services Market
Laboratories in developed economies are looking to optimize by investing in automatizing equipment to meet the demands of testing more efficiently. Automating labs increases cost efficiency and automated equipment is being introduced in core areas of diagnostics like microbiology and molecular diagnostics.
Healthcare Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides healthcare services market overviews, analyzes and forecasts market size and growth for the global healthcare services market, healthcare services market share, healthcare services market players, healthcare services market segments and geographies, healthcare services market’s leading competitors’ revenues, profiles and market shares. The healthcare services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.