Restriction On Non-Essential Healthcare Services Due To Coronavirus Has Led To Decline In The Market

Healthcare Services Market Report

Healthcare Services Global Market Report 2020-30: COVID-19 Impact And Recovery

The Business Research Company’s Global Healthcare Services Market Overview 2020-30: COVID-19 Impact And Recovery

LONDON, GREATER LONDON, UK, June 30, 2020 / — The global healthcare services market size 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, all essential and emergency healthcare services have been prioritized which include COVID-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 medical emergency services are available, since most of the other healthcare services are shut down, the market is expected to slightly decline. The healthcare services market growth 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.

The global healthcare services market share is segmented by type into 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, and ambulance services. By end user, it is segmented into male and female. By type of expenditure, the market segments as public and private. The subsegments included are medical laboratory services, diagnostic imaging centers, general dentistry, oral surgery, orthodontics and prosthodontics, other dental services, home health care providers, nursing care facilities, orphanages & group homes, retirement communities, residential mental health & intellectual disability facilities, substance abuse centers, hospitals, outpatient care centers, specialist doctors, primary care doctors, physical therapists, optometrists, chiropractors, podiatrists, ground ambulance services, air ambulance services, and water ambulance services.

According to healthcare services market trends, 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. For example, the Aptio Automation System at NHS, Tayside, processes 7000 tubes per day, a 20% increase in the workload of its main laboratory, without any additional staff.

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Source: EIN Presswire