Elective healthcare services are those services that are selected by the patient or a doctor that can benefit the patient, but are not urgently required. It includes aesthetic services like Injectables, hair & tattoo removal, and cosmeceuticals. Apart from this, elective healthcare services also comprise of medically benefitting but not immediately requiring medical services like apnea, gastrointestinal disorder, allergies, pain management, and weight loss.
Furthermore, the emerging tide of consumerism witnessed across the healthcare sector has not only empowered the patient but has provided the healthcare service provider with an opportunity to engage with the patient. Moreover, creating value for the patients is the major aim of healthcare service providers. In the patient-centric elective healthcare services industry, healthcare service providers have to consistently change their business models for providing cost-effective elective healthcare solutions to the patients along with delivering sustainable business growth for their firms. Apparently, elective healthcare services industry is strongly influenced by the best benchmarking business practices adopted by the players to acquire best outcomes.
Growth Dynamics
Growing demand for rescheduling of elective healthcare services after re-opening of hospitals in the countries like the U.S. in the midst of COVID – 19 pandemic will prompt the market growth over the estimated timespan. Moreover, the preference of patients to get admitted to ambulatory centers for in-patient treatments will create lucrative growth avenues for the elective healthcare services market in the years ahead. With the growing trend among the healthcare service providers to shift the outpatients from hospitals to ambulatory surgical clinics after surgery is likely will promote the business growth in the foreseeable future.
Furthermore, utilization of new elective healthcare service models for enhancing the accessibility as well as affordability of these services for the patients will spearhead the growth of the industry over the coming decade. Governments across the globe are making every effort for these elective healthcare services to reach the people residing at distant places as well as make them easily available for the patients who are classified in the bottom of pyramid group. All these aforementioned factors will augment the market growth over the years ahead.
Moreover, individuals are adopting virtual care alternatives like telehealth due to COVID-19 crises and this will further boost the market trends. Apparently, a prominent surge in video consultation with doctors, telephonic consultation, self-health monitoring, remote monitoring, digital therapeutics, mail-order pharmacy, and online communication will prop up the expansion of the elective healthcare services industry over the forecasting timeline. Healthcare service providers are opting for virtual care services that include providing of healthcare solutions through virtual, remote, and digital channels. This will increase the global reach of the elective healthcare services. Apart from this, the move will assist the healthcare service providers in improving their engagement with the patients along with fulfilling the medical requirements of the people through the digital medium. All these aspects will raise the profitability of the elective healthcare services industry over the forecasting timeline.
Market Segmentation
The global elective healthcare services market can be classified based on application and region. Application-wise, the elective healthcare services industry is segmented into medical centers, hospitals, clinics, and ambulatory centers. Region-wise, the market can be divided into the Middle East and Africa, North America, Latin America Asia Pacific, and Europe.
Regional Analysis
North America is likely to capture a huge chunk of the global market share over the forecast timespan. The regional market growth is credited to large-scale unmet medical needs of the patients in the countries of North America due to spur in the COVID pandemic witnessed across the countries like the U.S. Apart from this, large-number of patients in the U.S. are eager for rescheduling their postponed elective healthcare treatment within six months. This will embellish the market earnings in the region over years ahead. For the record, among the patients surveyed for rescheduling of electric healthcare treatment within 6 months in the U.S. during May 2020, it was found that nearly 83% opted for office visits, 80% selected diagnostic testing at labs, 70% opted for outpatient service settings, and 59% wanted inpatient service settings.
Competitive Landscape
Key players influencing the market growth are Fortis Healthcare, Tata Memorial Hospital, Apollo Hospital, Shanghai Redleaf International Women’s & Children’s Hospital, IHH Healthcare Berhad, Luye Medical Group, Capio AB, Moorfields Eye Hospital, Ramsay Générale de Santé, PillPack, Guizhou Ensure Chain Pharmacy Company Limited, and Fresenius Medical Care.
The participants are focusing on providing high quality healthcare facilities at affordable costs to the patients by adopting proficient elective healthcare services delivery models. These players are investing heavily in digital innovation for boosting their healthcare infrastructure facility and are fulfilling the changing end-user requirements along with strictly adhering to regulatory compliance, thereby contributing sizably towards the overall market size.
Regional Segment Analysis
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