Pune, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Healthcare Market Size & Growth Analysis:
“According to SNS Insider Research, The Healthcare Market Size was valued at USD 21,222.5 Billion in 2023 and is expected to reach USD 44,760.73 Billion by 2032 and grow at a CAGR of 9.07% over the forecast period 2024-2032.”
The rise of the elderly generation throughout the world is notably responsible for creating a demand for medicines that help in diagnosing chronic and age-related illnesses, thereby propelling market expansion. WHO statistics - the world is expected to experience an upturn in life expectancy over 60 (an aging population). The global number of people aged 60 years and older will double from one billion in 2020 to more than two billion by mid-century. This changing demographic is driving a rise in chronic conditions such as heart disease, diabetes, and arthritis - not to forget the condition of Alzheimer's that primarily affects older people.
The demand for medications and treatments for such conditions is therefore skyrocketing. One major challenge is the increasing proportion of older individuals with diabetes, a trend expected to continue in many parts of the world (e.g. International Diabetes Federation estimates that 463 million adults will have diabetes by 2019 and this number will grow to around 700 million in the year 2045). Such increasing demand for age and chronic disease drugs is in a hope to drive the substantial expansion of commercial space, so as pharmaceuticals as healthcare industries worldwide.
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Major Players Analysis Listed in this Report are:
- Pfizer
- Novartis
- Merck & Co.
- Roche
- Merck & Co.
- GSK
- Sanofi
- Johnson & Johnson
- AstraZeneca
- AbbVie
- Medtronic plc
- Other Players
Healthcare Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 21,222.5 Billion |
| Market Size by 2032 | US$ 44,760.73 Billion |
| CAGR | CAGR of 9.07% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •An Increasing Global Elderly Population Leads to a Higher Demand for Medications to Treat Chronic and Age-Related Diseases. •Continuous Advancements in Biotechnology and Pharmaceuticals Are Leading to The Development of New and More Effective Drugs. |
Segmentation Dynamics
Pharmaceuticals represent 7.40% of the overall market in 2023 In this sector, drug development is constantly innovating, revealing new therapeutic agents, and maximizing existing medications. The biologics sector of the pharmaceutical industry is likewise burgeoning. Biologics have transformed the management of many chronic as well as rare diseases paving new pathways for therapeutic approaches that specifically target pathophysiological mechanisms and result in improved outcomes for patients. The global pharmaceutical sales value was over $1.2 trillion in 2020 as reported by the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA). The growth of this sector is supported by ongoing research and development (R&D) efforts, and large investments in the area combined with technological advancements.
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Healthcare Market Key Segmentation:
By Type
- Pharmaceuticals
- Production and distribution of prescription
- Over-the-counter drug
- Biologics
- Others
- Healthcare Services
- Hospitals
- Clinics
- Nursing homes
- Others
- Medical Devices
- MRI machines
- Pacemakers
- Surgical instruments
- Diagnostic equipment
- Others
- Biotechnology
- Development of new drugs
- Therapies
- Medical Technologies
- Others
- Pharmacy and Retail
- Pharmacies
- Drugstores
- Retail outlets
- Others
- Home Healthcare
- Home Nursing
- Medical equipment
- In-home monitoring
- Others
- Diagnostics
- Medical imaging
- Blood tests
- Genetic testing
- Others
- Health and Wellness
- Fitness
- Nutrition
- Wellness products and services
Regional Insights
According to industry estimates, the fastest growing market is expected in Asia-Pacific, accounting for 22% of global market shares in 2023 due to increased healthcare spending and improving health infrastructures impacting the local middle class. New data supports this, indicating significant investments are being made in healthcare systems by the likes of China, India, and Japan. In 2022, The amount that China has spent on healthcare is estimated to be ¥8.5 trillion ($1.3 trillion), which corresponds to around 7.2% of its GDP Perhaps more importantly, this growth is supported by the "Healthy China 2030" scheme to widen access to healthcare and enhance services across the country.
Likewise, with the Ayushman Bharat scheme some 100 million low-income families are being provided health insurance coverage causing India's healthcare spending has nearly double to 4.0% of its GDP in just over a decade (2022). Japan — A country widely regarded as a class apart in terms of healthcare spent ¥51 trillion ($460 billion) (or 11.2% of the GDP on healthcare last year, The large sums of money involved, are due to the increasing age of Chinese citizens and an underlying commitment to driving up healthcare quality. In line with the above, these initiatives reflect 2 contention efforts - one a move towards strengthening public health infrastructure and the second to plant its position as the fastest-growing healthcare market across the globe.
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Recent Developments
- BoomerangFX Adds Health IT Pioneer DrFirst to its First-class Dental, Cosmetic, and Vision Care SaaS Practice Management Platform in June 2023 BoomerangFX introduces a new strategic partnership with leading health technology developer, DrFirst Through strategic collaboration, this partnership is designed to deliver an innovative e-prescribing-solution-built specifically for aesthetic medicine practices in North America.
- On May 2023 athenahealth announced an important declaration about its integrated cloud-based EHR, medical billing, and patient engagement solution 'athenaOne'. This customizable solution, along chosen by, provides LCH Health and Community Services the opportunity to improve provider and patient experiences that will support the growth of their organization.
- Epic tech joins with Microsoft's Remote Patient platform, April 2023 EPIC partners with Microsoft to spice up EHR By FlashDatllc The big move is to integrate the Microsoft Azure OpenAI Service platform directly into Epic's EHR, adding features including interactive data analysis; and natural language queries that will extend even further with integration back into Epic’s SlicerDicer self-service reporting tool.
Table of Contents – Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Healthcare Market Segmentation, By Type
8. Regional Analysis
9. Company Profiles
10. Competitive Landscape
11. Use Case and Best Practices
12. Conclusion
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