30 August 2019
The global acute hospital care market is expected to reach USD 4.0 trillion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.7% over the forecast period. Market growth can be attributed to a significant increase in number of patients suffering from chronic diseases such as cancer, diabetes, heart disease, and stroke. Increase in incidence of trauma, demand for acute hospitals; patient volume, including, geriatric demographic; and unmet medical needs is expected to boost growth. In addition, technological advancements for improving quality of treatment to reduce Length of Stay (LOS) and achieve a faster Turnaround Time (TOT) are expected to aid growth.
Rise in demand for such hospitals is likely to create opportunities for players. Large hospitals are further addressing the increase in demand by building more facilities. These include HCA Healthcare, Inc.; Tenet Healthcare Corporation; & Community Health Systems, Inc. in the U.S. and Fresenius Medical Care & Ramsay Healthcare in Europe.
Further key findings from the study suggest:
Based on medical conditions, emergency care dominated the market in 2018, due to increase in number of patients at hospitals seeking admission for shorter durations. This includes cases of trauma, injury, respiratory disorders, or cardiac problems such as acute myocardial infarction.
Furthermore, availability of higher reimbursement for treatment, when compared with other facilities, supports segment growth
Based on facilities, general acute care facilities held the largest share in 2018, due to majority of admission cases requiring short-term emergency medical attention.
Patients suffering from acute illnesses, diseases, or injuries are first admitted to these facilities
Psychiatric hospitals offering acute psychiatric treatment to patients are expected to grow at the fastest rate over the forecast period. This can be attributed to the increase in prevalence of stroke due to risk factors such as increase in smoking & alcohol consumption and poor lifestyle choices
ICUs dominated the service segment in 2018, owing to increase in number of patients seeking intensive monitoring and round-the-clock nursing.
Hospitals are investing in specialized ICUs for specific issues pertaining to cardiology and surgical & medical needs. NICU is expected to be one of the fastest growing segments over the forecast period
The acute hospital care market has recently experienced expansion of facilities through mergers & acquisitions by key players, which, combined various services, increased overall market revenue.
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