The U.S. hospital facilities market value reached at USD 910 billion in 2020 and predicted to reach around USD 1700.3 billion by 2030, anticipated to expand at a compound annual growth rate (CAGR) of 9.1% from 2021 to 2030.
The demand and supply disparity in the U.S. healthcare sector is increasingly growing. This is primarily due to the increasing number of patients and the insufficient supply of services to provide the required treatment. Furthermore, the increase in average life expectancy of the people has created a large geriatric population in the country which requires special medical care, in turn increasing the pressure on medical systems.
In 2018, the United States government spent USD 3.6 trillion on national healthcare. However, as the number of patients continues to rise, the country's healthcare spending is projected to expand exponentially and in turn likely to generate variability in the allocation of funds to different healthcare industries, widening the difference between supply and demand. The country spends 17.7 percent of its GDP on healthcare.
As hospitals face both financial and organizational difficulties, the COVID-19 pandemic has further increased the need for healthcare facilities in the U.S. One of the major steps taken by the hospitals at the start of the pandemic was to delay the elective procedures that culminated in monumental monetary losses. In addition, due to the rise in demand for care of COVID-19 patients, hospitals now facing a financial crisis are now seeing increased prices and shortages of required equipment such as ventilators. In addition, increased investment in safety devices such as PPE kits is contributing to the burden on healthcare facilities.
Patient Service Analysis
In 2020, the inpatient services segment dominated the market for hospital facilities and accounted for the largest revenue share of 73.1%. Inpatient services are the primary source of revenue for hospitals. This segment is expected to remain dominant throughout the forecast period. However, due to the introduction of novel techniques such as better diagnostics and interventional surgeries, the recovery time for patients is being reduced. Thus, the average time for an inpatient is being reduced which in turn is expected to decrease the share of the inpatient services segment in the near future.
The outpatient services segment is expected to witness the fastest CAGR of 12% over the forecast period. The development of new technologies such as telemedicine, telemonitoring and diagnostic techniques has led to shorter patient stays as physicians can provide treatment remotely, which in turn reduces hospital overhead costs and patient fees. Furthermore, minimally invasive surgeries have made it possible for ambulatory surgical centers to flourish and this, in turn, is expected to boost the outpatient service segment in the U.S. hospital facilities market.
Service Type Analysis
In 2020, the cardiovascular segment dominated the market for hospital facilities and accounted for the largest revenue share of 20.6%. The segment is expected to remain the most dominant segment over the forecast period. The cancer care service segment is expected to account for the second-largest market share over the forecast period. The increase in cancer incidence and an aging population worldwide are projected to stimulate revenue growth for the segment.
The acute care segment is expected to witness a CAGR of 10% from 2021 to 2030. The increasing number of trauma cases and infectious diseases is expected to boost demand for acute care facilities.
Facility Type Analysis
In 2020, the private facilities segment dominated the market for hospital facilities and accounted for the largest revenue share of 78.8%. The growing number of private hospitals and consolidation of healthcare facilities is expected to bolster the growth of the privately held hospital facilities. Private hospitals have gradually been seen to broaden their advanced technology to directly appeal to critical-care patients, such as cancer. On the other end, state-owned hospitals tend mainly to reach people in need of emergency care, including infection control and accident/traumatic treatment.
The state-owned and federal hospitals segment accounted for 11.5% of the revenue share in 2020. Whereas, the public and community-led hospitals segment accounted for 10% of the total revenue share in 2019. The segment is expected to expand at a CAGR of 8% over the forecast period. Community hospitals hold the highest number of patient beds and tend to a wide variety of care areas/medical issues through their different services. Local philanthropic groups, businesses, and crowd-funded societies typically support them.
Patient Services Type
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