Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Outpatient Hospital Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Services, By Type, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Outpatient Hospital Services Market is projected to accomplish high growth in the forecast period, 2024-2028 on account of increasing outpatient healthcare expenditure.
The growing popularity of outpatient healthcare services is further supporting the market growth. With the rising numbers of cancer cases around the globe, there is also a simultaneous increase in the treatment of cancer. To avoid long queues and appointments for cancer treatment, the number of people opting for outpatient chemotherapy has increased due to its comparatively low price than inpatient chemotherapy, plus there is no stay at hospitals. Most chemotherapy patients can continue working and engaging in their regular activities because most chemotherapy treatments are administered in an outpatient clinic.
The Medicare Prescription Drug Improvement and Modernization Act (MMA) in the United States which was first passed in 2003 and got into effect by January 2005 made a mandatory reduction in payments for outpatient chemotherapies by implementing the act.
According to Global Cancer Observatory, a total of 19,292,789 cases of cancer were reported globally in 2020 with its high prevalence in Asia. With high dominance of breast cancer and prostate cancer among the population. Chemotherapy drug delivery has changed from inpatient to outpatient settings. Chemotherapy treatment, which was formerly mainly provided in hospital settings, is now mostly provided in outpatient settings, such as the oncologist's office, an outpatient hospital department, or the patient's home.
Medical screenings such as mammograms, colonoscopy, and endoscopy are some of the other procedures which are easily provided in outpatient hospitals to many patients at a time thus, people seeking chemotherapy with increasing cases of cancer are expected to support the growth of the Global Outpatient Hospital Services Market.
High Inpatient Cost to Boost the Market of Outpatient Hospital Services Globally
The cost of inpatient treatment is also pushing customers to choose outpatient hospital services, which will help in the development of the market globally over the next few years. At inpatient hospital services, the medical devices, surgical equipment, medical equipment, and medications are reasonably high.
Additional facility-based costs are charged for inpatient care as well, but outpatient care includes only the costs for the physician and any tests completed. The most recent data information from the Agency for Healthcare Research and Quality (AHRQ Healthcare) demonstrates that depending on the duration of stay and the treatments provided, the average national inpatient expenditures can vary greatly.
Consumers are preferring outpatient hospital services because they are more concerned with cheaper costs, greater access, and better experiences. For instance, the Blue Cross Blue Shield Association (BCBS) Health Report of America estimates that expenses can be 30 to 40% lower when members choose to have a knee or hip replacement performed in an outpatient facility. Inpatient knee or hip replacements cost, on average, USD30,000, while outpatient procedures cost, respectively, USD19,000 and USD22,000.
The price of medicine has gone up recently and patient stay duration has dramatically dropped because of better wound healing technology and quicker recovery from procedures, which has led to a gradual fall in the inpatient market. The lengthier hospital stay also incurs more costs for hospitals because of reduced hospital capacity to admit new patients thus, driving the Outpatient Hospitals Market Services globally.
Minimally Invasive Surgery to Promote Outpatient Operations
Minor operations, especially those that employ minimally invasive methods, minor surgical operations including laser surgery, hand or foot surgery, mole removal, and Lasik eye surgery which don't require high-level medical expertise are easily conducted in outpatient hospitals.
Numerous procedures (such as knee replacements and tonsillectomy) have been able to transition into the outpatient setting due to improvements in clinical approaches and techniques, including breakthroughs in anesthetic and pain control as well as minimally invasive surgical techniques. The increase in minimally invasive surgical procedures performed is expected to drive the growth of global outpatient hospital services market.
Increasing Oral Surgeries and Other Dental Procedures
Oral surgeries and other related procedures such as extractions, implants, root canals, and gum grafts which are conducted in outpatient hospitals have multiple benefits like less waiting and a shorter hospital stay because of day surgery, and a lower risk of nosocomial infections, less disruption of everyday activities, and more therapeutic option availability.
There have been a lot of outpatient operations because of recent technical improvements which are expected to boost the market with new emerging technologies. This in turn is expected to create lucrative opportunities for the growth of global outpatient hospital service market in the coming years.
Increasing Cataract Surgeries
Cataracts are the primary cause in half of the cases of the 40 million blind people globally. Most of the cataract blind people worldwide reside in underdeveloped nations. Each year, there are about 5 million new cases of cataract blindness. In comparison to high-income countries, low- and middle-income countries have a higher proportion of vision impairment caused by cataracts.
According to the Vision Loss Expert Group (VLEG), in 40% of all cases of blindness worldwide nearly 17 million persons are bilaterally blind from cataracts in the year 2020. Among all eye illnesses, cataracts account for a fraction of blindness that ranges from 15% in high-income nations to 50% or more in underdeveloped and/or rural areas. Cataract surgeries have increased globally, with their one-day operation in outpatient hospitals, thereby driving the growth of global outpatient hospital services market.
Report Scope:
In this report, global outpatient hospital services market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Outpatient Hospital Services Market, By Service:
- Treatment Devices
- Diagnostic Tests
- Minor Surgical Procedures
- Others
Outpatient Hospital Services Market, By Type:
- Emergency Department
- Urgent Care Centers
- Primary Care Clinics
- Specialized Outpatient Clinics
- Others
Outpatient Hospital Services Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- South America
- Brazil
- Argentina
- Colombia
A selection of companies mentioned in this report includes
- Apollo Hospitals Enterprise Limited
- Max Healthcare Institute Limited
- Fortis Healthcare Limited
- Aster DM Healthcare Limited
- HCA Healthcare, Inc.
- Community Health Systems, Inc.
- Tenet Healthcare Corporation
- ORPEA Group
- Netcare Limited
- Spire Healthcare Group plc
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Outpatient Hospital Services Market Outlook
6. North America Outpatient Hospital Services Market Outlook
7. Europe Outpatient Hospital Services Market Outlook
8. Asia-Pacific Outpatient Hospital Services Market Outlook
9. South America Outpatient Hospital Services Market Outlook
10. Middle East and Africa Outpatient Hospital Services Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Global Outpatient Hospital Service Market: SWOT Analysis
14. Porter's Five Forces Analysis
15. Competitive Landscape
16. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/1b6df6
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