Global Hospital Market Report and Forecast 2024-2032

Global Hospital Market Outlook

The global hospital market size was valued at USD 5,499.54 billion in 2023, driven by increasing demand for access to healthcare and chronic diseases across the globe. The market size is anticipated to grow at a CAGR of 7.6% during the forecast period of 2024-2032 to achieve a value of USD 10,632.54 billion by 2032.

Global Hospital Market Overview

The growth of the market is primarily being driven by the rising healthcare infrastructure across the globe. Other key drivers bolstering the growth of the market include the rising population of healthcare professionals including doctors and nurses, increasing prevalence of diseases and accidents. Rapid technological advancements are also providing significant impetus to the development of the market. Increasing support and funding from governments and other organisations have also been aiding hospital market growth.

The global market for hospitals has been witnessing robust growth over the past few years owing to the rising demand for more facilities. The rising demand for effective treatment and emergency care is also pushing the demand for hospitals. Governments and private organisations across the globe are increasingly investing in developed healthcare facilities.

Rising Prevalence of Different Diseases

The hospital market demand is driven by the increasing prevalence of chronic diseases such as cardiovascular diseases, diabetes, kidney diseases, lung diseases, and neurological diseases, among others. The urgency to address this crucial gap is necessary. It is estimated by the World Health Organization that cardiovascular diseases (CVDs) are the leading cause of death globally, claiming an estimated 17.9 million lives each year.

CVDs are a group of disorders of the heart and blood vessels and include coronary heart disease, cerebrovascular disease, and rheumatic heart disease, among other conditions. More than four out of five CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people under 70 years of age. The most important behavioural risk factors of heart disease and stroke are unhealthy diet, physical inactivity, tobacco use, and harmful use of alcohol.

Rising Incidence of Road Accidents

The increasing number of road accidents that require emergency care, unforeseen injuries, and workplace accidents also contribute to the global hospital market share. In October 2023, the Ministry of Road Transport and Highways’ annual report on road accidents concluded that an estimated 461,312 incidents took place in 2022 causing injuries to 443,366 people. The year marked an increase of 11.9% in accidents, 9.4% in fatalities, and 15.3% in injuries compared to 2021. The mentioned numbers create a huge sense of urgency for the government to provide the necessary care for the individuals who suffered these incidents and are expected to suffer in the forecast period by providing accessible healthcare.

Increased Footfall followed by the Development of Advanced Technologies

In November 2023, the clinical launch of the OmniTom Elite Photon Counting mobile CT scanner, a single-source photon counting computed tomography scanner utilizing NeuroLogica’s proprietary detector technology (PCD), was announced to be featured at the yearly meeting.

  
The OmniTom Elite Photon Counting mobile CT scanner enhances patient care by enabling bedside CT scans for critically ill individuals. This real-time imaging capability improves diagnostic options, enhances patient experience, and is likely to drive increased demand, positively impacting global hospital market growth.

Strategic Collaborations to Aid the Development

In September 2023, BT launched new AI and digital services in diagnostics to support the NHS in tackling wait times and speeding up diagnosis for patients. At the same time, it is building on its ability to become a digital aggregator for an overstretched health service faced with a flood of new AI tools. The company is currently collaborating with two specialist health technology companies deepc, which designs operating systems for AI radiology solutions, and AXON Diagnostics, which provides workflow systems for radiology and pathology reporting to reduce healthcare professionals' time by connecting them with new AI tools and opening the benefits of digital diagnosis to more hospitals safely and responsibly.

BT's collaboration with deepc and AXON Diagnostics to provide AI-powered diagnostic services for the NHS could positively contribute to the hospital market share. By improving efficiency, reducing wait times, and enhancing diagnostics, it sets a precedent for AI-driven solutions, potentially influencing global healthcare practices.

Increasing Innovation to Provide Significant Impetus

The global hospital market demand can also be attributed to the increasing integration of artificial intelligence AI to assist healthcare professionals and perform major operations while saving time. The use of algorithms and machine learning in detecting, diagnosing, and treating disease has become a significant area of life sciences.

Additionally, machine learning has also played a vital role in the advancement of healthcare facilities as they can be used to predict the severity of the disease at an early stage and with the help of the patient's medical history which can further enable timely treatment.

Widespread adoption of mHealth in hospitals globally enhances efficiency, patient engagement, and remote care, fostering technological advancement. This positively impacts the market growth by improving healthcare delivery and accessibility.

Global Hospital Market Segmentations

Market Breakup by Ownership

• Public

• Private

• Semi - Government Hospital

• Voluntary Agency Hospital

Market Breakup by Type

• General

• Multi-Specialty

• Specialty

• Teaching Cum Research Hospital

Market Breakup by Type of Care

• Primary Care

• Secondary Care

• Tertiary Care

Market Breakup by Bed Capacity

• Small Hospital (Up to 100 Beds)

• Medium Hospital (101-300 Beds)

• Large Hospital (More than 300 Beds)

Market by Type of Services

• In-patient Services

• Outpatient Services

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Hospital Market Regional Analysis

North America has been leading the global market for hospitals owing to the rising facilities and policies from the government. The significant development in the healthcare sector is also propelling the growth of the market.

For instance, In June 2023, Swift Medical, a digital health technology company focused on improving clinical and economic outcomes in wound care, announced a strategic partnership with Corstrata, a leader in virtual wound care delivery, to enhance and expand access to high-quality wound care.

Joint customers will now be able to leverage Corstrata’s team of certified Wound, Ostomy, and Continence (WOC) nurses as well as Swift’s leading, AI-powered wound care platform, which offers superior wound imaging, documentation, collaboration, and decision support tools.

This collaboration will bring AI-powered wound care and virtual access to certified specialists, enhancing efficiency and reducing costs for global hospitals. With improved clinical outcomes and resource savings, this collaboration contributes to overall hospital market share by advancing quality patient care and optimizing healthcare resources.

Asia Pacific, on the other hand, is anticipated to witness the fastest growth over the coming years. This can be attributed to the rapidly growing healthcare infrastructure in the region and the rising geriatric population. The rapidly rising technological advancements in the region are also contributing to the growth of the market. Market players trying to expand their services and infrastructure in Indian market is a major factor fostering the market growth in the region.

For instance, in June 2023, Cancer care provider HealthCare Global Enterprises (HCG) announced that they are exploring a mix of organic and inorganic opportunities for growth and expansion in India over the next 3-5 years. They mentioned their focus on improving medical infrastructure and expanding the capacity of their existing centres in India. BCG has seen significant growth in patient volumes in key markets such as Jaipur and Mumbai.

HCG's strategic focus on expanding cancer care services and improving infrastructure in India is likely to contribute positively to the global hospital market growth. Increased patient volumes and enhanced profitability efforts are expected to strengthen HCG's position in the market, potentially influencing the broader healthcare sector's expansion worldwide.

Global Hospital Market: Competitor Landscape

In October 2023, Genesis HealthCare announced that four of its affiliated skilled nursing facilities have been recognized by Newsweek as one of America’s Best Nursing Homes for 2024. This prestigious award is presented by Newsweek and Statista Inc., the world-leading statistics portal and industry ranking provider.

The key features of the hospital market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Ramsay Health Care Limited

• Community Health Systems, Inc.

• Spire Healthcare Group plc

• Tenet Healthcare Corporation

• Universal Health Services, Inc.

• IHH Healthcare Berhad

• Apollo Hospitals Enterprise Limited

• HCA Healthcare, Inc.

• Fresenius SE & Co. KGaA

• ORPEA Group

• Netcare Limited

• Aster DM Healthcare Limited

• Quest Diagnostics Incorporated

• Universal Health Services, Inc.

• Genesis Healthcare

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report