Hospital Facilities Market Share, Growth, Opportunities 2031

Report Description

The U.S. hospital facilities market was valued at USD 1.41 Trillion in 2022 and is likely to reach USD 2.73 Trillion by 2031, expanding at a CAGR of 7.6% during 2023–2031. The growth of the market is attributed to growing desire for better patient care and the introduction of revolutionary healthcare technology.

According to the centers for disease control and prevention (CDC), six out of ten adults in the United States have a chronic disease, such as cancer, stroke, heart disease, diabetes, and others, with four out of ten adults having more than two chronic diseases. In the United States, these and other noncommunicable chronic illnesses are the leading causes of disability and mortality. They are also a major driver of health-care expenses, and they are estimated to continue to do so during the forecast period. The Covid-19 pandemic affected the hospital facilities market. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

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In the United States, the demand-supply imbalance in healthcare is quickly widening. Because there are a finite amount of healthcare professionals and facilities to meet the existing demand, the need for healthcare facilities in the United States continues to rise. The number of surgical procedures performed in the United States has increased dramatically in recent years. According to research published by the national center for biotechnology information, the country performs between 40-50 million surgical procedures each year.

Furthermore, the national center for health statistics reports that nearly 31.5 million outpatient surgeries were conducted in the United States, along with 40 million inpatient surgical procedures. Cardiovascular system, digestive system, ophthalmology, and musculoskeletal system were among the procedures that were most commonly performed.

U.S. Hospital Facilities Market Trends, Drivers, Restraints, and Opportunities

• Increasing average life expectancy has resulted in a significant geriatric population in the country, necessitating specialized medical care and putting a pressure on the healthcare system.

• Rapid growth of medical industry is the major factor driving the market.

• High cost of the service is projected to hinder the market growth during the forecast period.

• R&D investments and technological advancements in hospital sector is anticipated to create lucrative opportunities for the market players.

Scope of U.S. Hospital Facilities Market Report

The report on the U.S. hospital facilities market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

U.S. Hospital Facilities Market Segment Insights

The public/community hospitals segment held major market share in 2020

Based on facility types, the market is segregated into public/community hospitals, state-owned & federal hospitals, and private hospitals. The public/community hospitals segment held major market share of around 52.1% in 2020. Community hospitals have the most patient beds and provide a wide range of care/medical issues through their various services. They are non-profit public service organizations backed by crowd-funded societies, businesses, and philanthropic organizations. Patients who require acute care, such as infection control and accident/trauma cases, are the primary focus of state-owned hospitals. Federal hospitals are important in delivering health care to people who have limited access to high-quality care. The segment is likely to be driven by increased access to public healthcare.

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The outpatient service segment accounted for the market share of around 50.4% in 2020.

In terms of patient services, the market is bifurcated into outpatient services and inpatient services. The outpatient service segment accounted for the market share of around 50.4% in 2020. Shorter patient stays have resulted from the development of new technology such as diagnostic methods, telemedicine, and telemonitoring, which allow physicians to deliver treatment remotely, reducing overhead expenses and patient fees. Furthermore, patients are increasingly opting for outpatient or daycare operations. Daycare surgeries have flourished owing to minimally invasive operations. This is estimated to drive the segment.

The inpatient services segment is projected to grow at a rapid pace during the forecast period owing to increased frequency of hospitalizations and high cost of inpatient treatment. The inpatient service segment growth is expected to be moderate during the forecast period. Hospitals rely heavily on inpatient care to generate money. Patients' healing times are being minimized due to new treatments, such as improved diagnostics and interventional surgeries.

The cardiovascular segment is projected to grow at a rapid pace during the forecast period

On the basis of service types, the market is fragmented into obstetrics & gynecology, acute care, pathology lab, diagnostics, & imaging, cardiovascular, neurorehabilitation & psychiatry services, and cancer care. The cardiovascular segment held major market share in 2020 and is estimated to maintain its dominance during the forecast period. In the United States, the increased acceptance of a sedentary lifestyle is contributing to an increase in the incidence of obesity, raising the risk of heart disease. As a result, the growth of segment is estimated to rising number of people suffering from CVDs. The cancer segment is projected to hold major market share during the forecast period. After cardiovascular disease, cancer is the second largest cause of mortality in the United States. Rising cost of cancer treatment, expanding number of specialized oncology departments and physicians, and supportive reimbursement system are the factors projected to drive the segment. The acute care segment is expected to expand at a high CAGR during the forecast period owing to increased prevalence of acute infections and increasing demand for primary care services.