(MENAFN- America News Hour) Life Care Solution Services Market reportdelivers a detailed competitors' analysis and a detailed overview of the global life care solution services market in terms of market segmentation by product type, service provider, end-user, and by region.
Life Care Solution Services Market Statistics –
USD 1 billion revenue in 2022 The market size is projected to record a valuation of over USD 3 billion by 2035 The membrane filtration industry is slated to observe 7% growth rate through 2023-2035
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Growing Instances of Chronic Diseases to Drive Growth of Global Life Care Solution Services
The global life care solution services market is estimated to grow majorly on accounts of the rising number of hospitals worldwide with beds and other supporting equipment has spurred the demand for life care solution since as the quality and number of hospital rises, the treatment cost also increases. To get better treatment and early diagnosis of certain diseases are major factor to hike the demand for these services worldwide. For instance, in the United States the number of federal government hospital was estimated to be around 200 while the number of nonfederal psychiatric hospitals was anticipated to reach approximately 600 in 2022. Additionally, in the same year, nearly 900,000 staffed beds were noticed to be installed in every hospital of the United States.
Moreover, spiking instances of noncommunicable disease has led the global population to the need of life care solution. Noncommunicable diseases requires prolonged treatment and can be expensive for certain people where such people cannot bear or pay the treatment cost. In such circumstances, life care solution services become vital to save lives of people. It is better for people to get lifecare treatment solution services plan to prevent any unwanted financial problem in the treatment. As per the data released by the World Health Organization (WHO), the number of people die on account of noncommunicable diseases was stated to be 17.9 million annually. Many of them loose their lives owing to lack of proper treatment at the right time. Hence, all these factors are anticipated to propel the market growth over the forecast period.
According to recent study by Research Nester, the Life Care Solution Services Market size is anticipated to surpass USD 3 Bn by 2035 and is projected to expand at CAGR of over 7% from 2022 to 2035.
Major players include in the Global Life Care Solution Services Market:
Key Performance Indicators
Becton, Dickinson and Company Nihon Kohden Corporation General Electric Company Hill-Rom Co., Inc. Masimo Österreich GmbH Medtronic plc Drägerwerk AG & Co. KGaA Getinge AB. Natus Medical Incorporated
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Some of the major growth factors and challenges that are associated with the growth of the global life care solution services market are:
Rising Geriatric Population across the Globe with Acute and Chronic Diseases Increasing Number of Hospital Visits
Low adoption rate owing to the lack of awareness and slow implementation of life care solution services in developing countries are some of the major factors anticipated to hamper the growth of the global life care solution services market.
By end-user, the global life care solution services market is segmented into hospitals, diagnostic centers, and others. The hospitals segment is to garner a highest revenue by the end of 2035 by attaining a share over the forecast period. Rise in the construction of hospitals worldwide to support the global healthcare infrastructure. As the number of hospitals growing, it has spurred the demand for life care solution services since hospitals are providing better treatment and diagnosis and people are becoming highly aware of early diagnosis and routine check-ups. Life care service solutions are great medium to provide these facilities with better plans. As of 2020, the highest number of hospitals were observed to be located on Colombia while in the similar time, United States was noticed to have nearly 6000 hospitals and for Japan, the number was projected to be around8000.
By region, the North America life care solution services market is to generate the highest revenue by obtaining a share by the end of 2035. This growth is anticipated by the presence of a highly developed healthcare infrastructure and life care solution services. In this region people are much aware of health and its diagnosis and treatment and this awareness fuels the growth of the market over the forecast period.
For instance, data released by the Centers for Medicare & Medicaid Services stated that in 2020, the health spending in the USA reached around USD 4.1 trillion which grew by a rate of 9.7% and resulting in the 19.7% of the GDP. Furthermore, the higher prevalence of chronic disease-causing death has also alarmed people to get life care solution services.
Additionally, market in the Asia Pacific region also stated to obtain second largest share by growing at rapid pace over the forecast period. The market growth in this region can be accounted to the growing population along with higher number of geriatrics with severe acute and chronic diseases. Such a higher prevalence of these diseases is anticipated to bring a major spike in the purchasing of life care solution services over the forecast period. Furthermore, escalation in the government funding to develop the healthcare infrastructure to support the major health issues faced by the population also expected to drive the market growth over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global life care solution services market which includes company profiling of Abbott Laboratories, Becton, Dickinson and Company, Nihon Kohden Corporation, General Electric Company, Hill-Rom Co., Inc., Masimo Österreich GmbH, Medtronic plc, Drägerwerk AG & Co. KGaA, Getinge AB., Natus Medical Incorporated, and others.
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