The global life care solution services market is estimated to garner a revenue of USD 3 Billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 1 Billion in the year 2021. The primary growth driver for the market is the increased number of deaths due to chronic deaths worldwide. The burden of chronic diseases which is made up of the resulting disabilities and deaths is increasing all over the globe, which is projected to increase the utilization of life care solution services. As per recent estimates, in the year of 2020, around 2 million deaths worldwide were caused by lung cancer, accounting for the highest number of cancer deaths. Furthermore, it is estimated that by 2045, there will be 700 million people living with diabetes all over the globe.
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Life care solution services enhances the level of care in the hospitals and clinics, thus allowing patients across the world to receive upgraded care. The quick boost in the global market for life care solution services is projected to the significant changes in the competitive landscape and the shift toward value-added service offerings. Further, the rising diseases among the population and escalation in deaths is anticipated to bolster the need of xlife care solution services. As per statistics shared by the World Health Organization in 2021, it is revealed that non-communicable diseases (NCDs) kill 41 million people each year, which is equivalent to 71% of all deaths globally.
Escalation in Health Expenditure – The World Bank released the health expenditure of the world in the year 2019, which accounted to be 9.83% of the total GDP. This is a rise from 2017, where global health expenditure was 9.77% of total GDP.
Surge in the Number of Hospitals – As per the Organization for Economic Co-operation and Development, the number of hospitals in the United States rose from 5,564 in 2015 to 6,090 in 2019.
Growing Hospital Visits – In recent estimates of 2019, it was found that there were approximately 900 million outpatient visits to the hospitals in the U.S.
Boom in Healthcare Sector – The revenue generated by the global healthcare sector in 2022, stood up at USD 60 billion.
The life care solution services market is segmented and analyzed for demand and supply by end-user into hospitals, clinics and others. Out of these, the hospital segment is anticipated to garner the highest revenue by 2031, owing to high number of hospitals in the world. As per estimations, in 2020, Colombia had the highest number of hospitals i.e. 10,900. In comparison, Japan had 8,240 and United States had 6,090 hospitals in the same period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global life care solution services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031. The market in the region is primarily driven by the high expenditure on healthcare. The Centers for Medicare & Medicaid Services, stated that the national health expenditure was 9.7% to USD 4.1 trillion in 2020, or USD 12,530 per person. This accounted for 19.7% of Gross Domestic Product (GDP). Further, the burden of chronic diseases and the deaths occurred by it is an another factor for the expansion of life care solution services. A recent study of 2022, by the Centers for Disease and Control stated that 6 in 10 adults in the U.S. have a chronic disease and chronic disease is the leading driver of the nation’s USD 4.1 trillion.
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The global life care solution services market is further classified on the basis of region as follows:
Our in-depth analysis of the global life care solution services market includes the following segments:
By Product Type
By Service Provider
FREQUENTLY ASKED QUESTIONS
The rising health concern and high expenditure on healthcare are the primary growth factors for the market.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Low adoption rate and less technological advancements are the major factors that are expected to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Abbott Laboratories, Becton, Dickinson and Company, Nihon Kohden, General Electric Company, Hill-Rom Holdings, Inc., Masimo Österreich GmbH, Medtronic, Drägerwerk AG & Co. KGaA, Getinge AB, Natus Medical Incorporated and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, service provider, end-user, and by region.
The hospital segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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