According to the Market Statsville Group (MSG), the global patient care services market size is expected to grow from USD 1,035.4 billion in 2022 to USD 2,488.9 billion by 2033, at a CAGR of 8.3% from 2023 to 2033.

The adoption of sedentary lifestyles and irregular routine healthcare checkups in emerging and developed countries, increasing lifestyle-related chronic diseases such as heart disease, obesity, and diabetes, boosts the patient care service market. For instance, according to the American Heart Association, the number of deaths that occurred due to cardiovascular diseases was 17.6 million in 2016, projected to rise to over 23.6 million by 2030. According to the International Diabetic Federation, the number of diabetic patients is growing significantly. As per the above figure, around 425 million diabetic patients were reported in 2015 globally, whereas these numbers are estimated to grow to about 578 million by 2030 and about 700 million by 2045. Thus, the increased cases of chronic disease across the globe have increased the requirement for patient care services. Patient care is the prevention, treatment, and management of illness, as well as the preservation of physical and mental well-being, provided by health professionals. Patient care refers to all those services provided to patients by health professionals (or non-professionals under their supervision).

COVID-19 Impact on the Global Patient Care Services Market

The COVID-19 outbreak has had a significant impact on the global healthcare ecosystem. The demand for essential healthcare equipment has increased, but supply has remained limited. Countries cannot meet the increased demand caused by the increased number of hospitalizations due to COVID-19. Governments and industry players worldwide are investing in the acquisition of healthcare equipment. Healthcare providers' profit margins are expected to plummet dramatically. Various governments around the world are taking steps to assist the healthcare industry in the aftermath of the COVID-19 outbreak.

Global Patient Care Services Market Dynamics

Drivers: Growing Geriatric Population

A significant increase in the global geriatric population has increased the demand for skilled patient care services. According to the World Health Organization, by 2030, one in every six people on the planet will be 60 or older. At this point, the proportion of the population aged 60 and up will rise from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 and up will have doubled (2.1 billion). The number of people aged 80 and up is expected to triple between 2020 and 2050, reaching 426 million. This increase in the elderly population will eventually lead to greater use of geriatric care services, boosting the market growth.

Moreove, another key factor driving the growth of the global patient care services market is the increasing number of Alzheimer's patients and the high incidence of dementia, a common form of Alzheimer's. According to the World Health Organization, approximately 47.5 million people worldwide have dementia, with 7.7 million new cases reported yearly (WHO). Furthermore, ongoing research indicates that an increase in conditions such as diabetes, stroke, high blood pressure, and other lifestyle factors has increased in Alzheimer's, driving the market for patient care services.

Restraints: High Costs may Restrain the Market Growth

The high cost of patient care services is the major restraining factor for the market. Further, the patient can face challenges while getting care access. This is especially important as healthcare systems begin incorporating alternative treatment sites into their treatment plans. Patients can seek treatment at an emergency care center, a retail clinic, a freestanding emergency department, a micro-hospital, or a variety of other new treatment facilities. The high cost of healthcare, especially high out-of-pocket patient costs, is a well-documented barrier to care services. When patients cannot afford medical care or must choose between medical care and other necessities such as rent, mortgage, or food, they frequently go without healthcare.

Opportunities: Growing Awareness and Preference for Home Healthcare

A major part of home healthcare is the patient's active role in monitoring their health at home. A patient mainly adopts care services, as they will perform tests and take better care of the patient. The widespread adoption of patient care services as well as mobile health applications in-home care is gaining rapid traction over the forecast period. As it provides the safer environment along with preventing the falls and enabling the patients to perform daily activities safely and effectively. Also, the rising aging population prefers to stay at home and need more patient-centric healthcare services, driving the market's growth. For instance: According to AgeingAsia.org, the number of populations aged 60 and above was 11,988,000 in 2019 and is expected to rise by 29,841,000 in 2050. Also, the total percentage of the population aged 60 and above was 12.3% in 2019 and is expected to rise by 27.2 % in 2050. Thus, the rising demand for personal care healthcare options at home for the geriatric population will create lucrative market demand.

Scope of the Global Patient Care Services Market

The study categorizes the patient care services market based on service type, hospital type and service area at the regional and global levels.

By Service Type Outlook (Sales, USD Billion, 2019-2033)

• Outpatient Services
• Inpatient Service

By Hospital Type Outlook (Sales, USD Billion, 2019-2033)

• State-owned Hospital
• Private Hospital
• Public/ Community Hospital

By Service Area Outlook (Sales, USD Billion, 2019-2033)

• Cardiovascular
• Acute Care
• Cancer Care
• Diagnostics, and Imaging
• Neurorehabilitation & Psychiatry Services
• Gynecology
• Others

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Public Hospital segment accounts for the largest market share during the forecast period by Hospital Type

Based on the hospital type, the market is bifurcated into state-owned hospital, private hospital and public/ community hospital. The public/ community hospital segment accounts for a larger revenue share in 2022. Public hospitals, which receive some or all of their funding from a public municipality, are very accommodating and accept almost all insurance plans. In general, they are less expensive than private facilities. They can accommodate more patients at once since they have a considerably higher number of beds. Those without insurance typically do better at a public hospital as they typically provide more care for an emergency department patient without insurance than a private hospital would.

North America is projected to account for the highest market share by Region

Based on the regions, the global patient care services market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2022, owing to the high adoption of patient care services in the US and Canada. The region's market is anticipated to develop due to the rising prevalence of cancer and rising healthcare costs in the area. In addition, the region's established medical facilities and healthcare infrastructure are expected to help it continue its leadership during the predicted period. Due to significant potential government investments for enhancing their healthcare infrastructure, emerging nations in the Middle East, Africa, Latin America, and Asia Pacific are anticipated to drive the regional market growth over the forecast period..

Key Market Players in the Global Patient Care Services Market

The patient care services market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global patient care services market are:

• Mayo Clinic
• HCA Healthcare
• Cleveland Clinic
• Spire Healthcare Group plc
• Ramsay Health Care
• Ascension Health
• Community Health Systems, Inc.
• Tenet Healthcare
• Fortis Healthcare

Recent Developments

• In August 2022, HCA Healthcare, Inc. announced a collaboration with Johnson & Johnson to address key healthcare industry issues. This collaboration will focus on enhancing nursing support, improving health equity, and improving various patient outcomes
• In July 2022, A 10-year agreement between Mercy and Mayo Clinic is aimed at determining the most efficient illness prevention and treatment methods using data science and deidentified patient outcomes. The two health organizations will share de-identified clinical data and treatment outcomes from integrated EHRs that span more than ten years as part of their agreement.
• In June 2020, The Mayo Clinic unveiled a new care model that will enable patients to receive complex, creative care from the comfort of their homes. Patients with diseases that were previously managed in a hospital setting will have the choice to move to a home environment and receive kind, superior virtual and in-person care and recovery services through advanced care at home. 

Key Issues Addressed

• What is the market size by various segmentation of the patient care services by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the patient care services market?
• What are the key opportunities and trends for manufacturers involved in the patient care services supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of patient care services in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.