The global healthcare market was valued nearly at $8.4 trillion in 2018. North America was the largest market for healthcare, accounting for around 42% of the global market in 2018. The USA is the largest country in terms of value in the healthcare market.
The healthcare market consists of sales of healthcare services and related goods by entities (organizations, sole traders and partnerships) that provide human healthcare services, or that provide veterinary healthcare service to pets, farm animals and animals kept in zoos and wildlife parks, or that manufacture and sell pharmaceutical drugs used to treat diseases, or that manufacture biologics to treat and prevent microbial diseases and cancer, or that manufacture medical equipment which are used in the diagnosis, treatment and monitoring of medical conditions.
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Healthcare Market Size
The global market for healthcare is expected to grow at a growth rate of around 9% to nearly $11.9 trillion by 2022.Growth in the historic period resulted from rapid growth in elderly population, strong economic growth in emerging markets, declining oil prices and health insurance reforms. Going forward, faster economic growth, technological developments and rise in busy and sedentary lifestyle will drive the growth.
The healthcare market is highly fragmented, with a large number of small players. Players in the market include UK National Health Service, Kaiser Permanente, Johnson & Johnson, Pfizer, and Novartis AG.
National Health Service (NHS) was the largest competitor in the healthcare market in 2018 with around 2% share of the market. It is the UK’s publicly funded health system created under the UK’s National Health Service Act. It has more than 1.5 million employees. NHS England, NHS Scotland, NHS Wales were established 1948. It has more than 1.5 million employees.
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The healthcare market is segmented by type and by geography.
By Type – The healthcare market can be segmented by type into
- a) Healthcare Services
- b) Pharmaceutical Drugs
- c) Medical Equipment
- d) Biologics
- e) Veterinary Healthcare
Healthcare services was the largest segment of the healthcare market, accounting for 79.4% of the total in 2018. Going forward, the fastest growing segments in the healthcare market will be biologics and veterinary healthcare, where growth will be at CAGRs of 13.6% and 10.9% respectively.
By Type Of Healthcare Services – The healthcare services market can be segmented by type into
- a) Medical And Diagnostic Laboratory Services
- b) Medical Laboratory Services
- c) Diagnostic Imaging Centers
- d) Dental Services
- e) Nursing Care
- f) Hospitals And Clinics
- g) Physicians And Other Health Practitioners
- h) All Other Ambulatory Health Care Services
By Type Of Dental Services – The healthcare services market can be segmented by type of dental services into
- a) General Dentistry
- b) Oral Surgery
- c) Orthodontics And Prosthodontics
By Type Of Nursing Care – The healthcare services market can be segmented by type of nursing care into
- a) Home Health Care Providers
- b) Nursing Care Facilities
- c) Group Care Homes
- d) Retirement Communities
By Type Of Residential Substance Abuse And Mental Health Facilities – The healthcare services market can be segmented by type of residential substance abuse and mental health facilities into
- a) Residential Mental Health & Intellectual Disability Facilities
- b) Substance Abuse Centers
By Type Of Hospitals And Clinics – The healthcare services market can be segmented by type of hospitals and clinics into
- a) Hospitals
- b) Clinics
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