Life Care Solution Services Market Size & Share, by Product Type (Patient Monitoring, Maternal & Infant Care, Consumables, Diagnostic Cardiology, Anesthesia/Respiratory); Service Provider (Original Equipment Manufacturers, Independent Service Providers); End-user (Hospitals, Diagnostic Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4238
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Life Care Solution Services Market size is expected to surpass USD 3 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of life care solution services was over USD 1 Billion.The growth of the market can be attributed to the increasing number of deaths caused by chronic diseases worldwide. Chronic diseases are being extremely prevalent and considered to be the major cause of death across the globe and it is expected to hike the demand for life care solution services for the better diagnosis and treatment over the forecast period. As per recent estimates, in 2020, around 2 million deaths were caused by lung cancer globally, accounting for the highest number of cancer deaths. Furthermore, it is observed that by 2045, there will be 700 million people living with diabetes across the globe.

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 acute and chronic diseases among the population and escalation in deaths is anticipated to bolster the need of life 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.


Life Care Solution Services Market
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Life Care Solution Services Sector: Growth Drivers and Challenges

Growth Drivers

  • Escalation in Health Expenditure across the Globe – 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. 

The escalation in the health expenditure results in the better health opportunities which increases the overall quality of life care solution services. Health expenditure supports one of the major indicators of human development that is health. It includes almost every expenditure including emergency aid, health services, family planning, and nutrition activities. Hence, the growth of the health expenditure is interlinked with the growth of life care solutions services.

  • Surge in the Number of Hospitals Beds and Supporting Equipment – For instance, the number of federal government and nonfederal psychiatric hospitals in the United States was expected to be around 200 and 600 respectively while the number of staffed beds in every hospital was estimated to be approximately 900,000 in 2022. In modern times, the availability of automated hospital beds in the hospitals has also increase the quality-of-life care solutions services.
  • Growth in the Hospital Visits – In recent estimates of 2019, it was found that there were approximately 900 million outpatient visited hospitals in the U.S. Additionally, in 2021 around 80% of the USA population saw health care professional along with approximately 90% of the children in the similar year enriching the hospital visitor management that is projected to hike the growth of the market over the forecast period.
  • Increasing Initiatives to Reduce the Risk of Surgical Procedures – the percentage of people at risk owing to poor expenditure for surgical care has been observed to decrease drastically in the recent decades. For instance, data released by the World Bank revealed that there were only 17% of the people at surgical risk decreased from 40% in 2003 and 27% in 2011.
  • Higher Prevalence of Noncommunicable Disease – a significant number of people are living with noncommunicable disease across the globe. For instance, World Heath Organization has stated that 17.9 million people die on account of noncommunicable diseases every year globally.
  • Surge in the Medical Studies – currently, more than 440,000 medical studies were conducted in nearly 220 countries while the percentage of registered studies as of February 2023 in the United States was estimated to be around 30%.

Challenges

  • Lack of Implementation Procedure in Developing Countries

In developing countries, people are not much aware of life care solution services and apart from that, not everyone can pay the amount leverage the plan. Hence, this factor can be a major restraint to the growth of the market over the forecast period.

  • Low Adoption Rate
  • Increment in the Additional Expenses

Life Care Solution Services Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 1 Billion

Forecast Year Market Size (2035)

~ USD 3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Life Care Solution Services Segmentation

End-user (Hospitals, Diagnostic Centers)

The global life care solution services market is segmented and analyzed for demand and supply by end-user into hospitals, diagnostic centers, and others. Out of the three types of end-users, the hospitals segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing number of hospitals across the globe baked by the heavy government funding to construct hospitals to provide better medical care for people. Growing number of hospitals along with the enhanced and automated equipment are projected to fuel the growth of the global life care solution services market over the forecast period. For instance, in 2020, Colombia was estimated to have the highest number of hospitals i.e., 10,900. In comparison, Japan had approximately 8,000 and United States had nearly 6,000 hospitals in the same period.

Product Type (Patient Monitoring, Maternal & Infant Care, Consumables, Diagnostic Cardiology, Anesthesia/Respiratory)

The global life care solution services market is also segmented and analyzed for demand and supply by product type into patient monitoring, maternal & infant care, consumables, diagnostic cardiology, and anesthesia/respiratory. Amongst these segments, the consumables segment is expected to garner a significant share by 2035. Consumables segment is projected to grow on the back of rising awareness towards the hygiene and safety of both patients and healthcare providers backed by their heavy utilization in the medical facilities such as, labs, hospitals, clinics, and others. The example of these consumables includes masks, gowns, tubing, needles, syringes, adhesives, catheters, gloves, and others. The medical consumables are the vital part of the medical fields. Consumables such as, kidney dishes, body wipes, gauze swabs, ear thermometer probe covers, adult diapers, cotton wool balls, and others can be seen in the public hospitals. Owing to modern rules and regulations for hospitals, a significant surge in the utilization of medical consumables can be observed. Hence, such requirement is expected to drive the segment growth over the forecast period.

Our in-depth analysis of the global market includes the following segments:

             By Product Type

  • Patient Monitoring
  • Maternal & Infant Care
  • Consumables
  • Diagnostic Cardiology
  • Anesthesia/Respiratory

           By Service Provider

  • Original Equipment Manufacturers
  • Independent Service Providers

            By End-Users

  • Hospitals
  • Diagnostic Centers
  • Others

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Life Care Solution Services Industry - Regional Synopsis

North American Market Forecast

The North American life care solution services market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the hike in the health expenditure in the region for medical services backed by the presence of robust healthcare infrastructure. The Centers for Medicare & Medicaid Services stated that the spending on health in the United States grew by 9.7% in 2020 reaching to USD 4.1 trillion or USD 12,530 per person. This accounted for 19.7% of Gross Domestic Product (GDP). Furthermore, the burden of chronic diseases and the deaths occurred by it is another factor for the expansion of life care solution services in the region boosting the market growth during the forecast period. As of 2022, it was noticed thar every 6 in 10 adults in the U.S. have at least one chronic disease.

APAC Market Statistics

Furthermore, the global life care solution services market in Asia pacific is also expected to obtain a significant share over the forecast period. Rising cases of chronic diseases coupled with growing number of geriatrics in the region is expected to propel the market growth throughout the forecast period. For instance, the geriatric population in the Asia Pacific region is anticipated to hit approximately 1 billion by 2050. Additionally, boom in the regional population has also spurred the demand for enhanced life care solution services which results in the higher funding to improve healthcare infrastructure in the region. Hence, all these factors are expected to propel the market growth over the forecast period.

Europe Market Forecast

Moreover, the Europe region is further projected to provide lucrative growth opportunities where the market is expected to hold a share in the projected timeframe. The higher demand for better medical facilities backed by the technological advancement and growing awareness of early diagnosis is anticipated to expand the market size in the region over the forecast period.

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Life Care Solution Services Market Size
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Companies Dominating the Life Care Solution Services Landscape

top-features-companies
    • Abbott Laboratories
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Becton, Dickinson and Company
    • Nihon Kohden Corporation
    • General Electric Company
    • Hill-Rom Co., Inc.
    • Masimo Österreich GmbH
    • Medtronic plc
    • Drägerwerk AG & Co. KGaA
    • Getinge AB.
    • Natus Medical Incorporated

     


In the News

  • General Electric Company and Medtronic has entered into a partnership that focuses on the needs for care at Ambulatory Surgery Centers (ASCs) and Office Based Labs (OBLs). Through this collaboration, customers can access extensive product portfolios, financial solutions, and exceptional service. This initiative is quite beneficial for clinicians and patients looking for more option.

  • Abbott Laboratories and WW International, Inc. announced a strategic partnership that will help people living with diabetes to better understand and manage their diabetes and weight. The collaboration took place to enable seamless and integrated experience to present deep insights on improving glucose control and improve weight loss.

Author Credits:  Radhika Pawar


  • Report ID: 4238
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing initiatives to reduce the risk of surgical procedures and growing hospital visits are the major factors driving the market growth.

The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023-2035.

Lack of technological advancements in developing countries are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Becton, Dickinson and Company, Nihon Kohden Corporation, General Electric Company, Hill-Rom Co., Inc., Masimo Österreich GmbH, Medtronic plc, 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 2035 and display significant growth opportunities.
Life Care Solution Services Market Report Scope
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