U.S. Hospital Facilities Market: Private Hospitals Segment Is Anticipated To Witness Lucrative Growth

Medical & Dental Photographers

Updated on Oct 11, 2023

View more like this | Visit United States Minor Outlying Islands, UN | Contact Grand View Research Inc.
Image for U.S. Hospital Facilities Market: Private Hospitals Segment Is Anticipated To Witness Lucrative Growth with ID of: 5665991

U.S. Hospital Facilities Industry Overview

The U.S. hospital facilities market size is expected to reach USD 2,540.4 billion by 2030 and is expected to expand at a CAGR of 7.62% over the forecast period, according to a new report by Grand View Research, Inc. According to the American Hospital Association (AHA), there were more than 36.2 million patients admitted to U.S. hospitals, in 2021. Hospital services include a broad range of medical offerings, ranging from essential health care to training & research for major medical school centers to services developed by an industry-owned network of institutions, such as Health Maintenance Organizations (HMOs). According to the CDC, in 2018, around 130 million people visited emergency departments, out of which, 12.4% of the visits resulted in hospital admission.

Hospitals provide treatment for a variety of indications, including neurology, cardiology, infectious disorders, gastrointestinal diseases, and psychiatric disorders. The rising prevalence of these illnesses is contributing to the high frequency of visits. Moreover, as the elderly population frequently requires emergency care, the growing geriatric population in the U.S. is contributing to a rise in the number of medical visits, thereby driving the market growth. The COVID-19 pandemic adversely impacted the U.S. healthcare system. Healthcare facilities across the U.S. were facing both financial and organizational difficulties. One of the major steps taken by the hospitals at the start of the pandemic was to delay the elective procedures that culminated in the hospital’s monumental monetary losses.

According to the AHA, COVID-19 Financial Impact Report Estimates, due to canceled services during the pandemic, non-federal hospitals lost around USD 161.4 billion in income during the four-month period from March 2020 to June 2020. Furthermore, for COVID-19 hospitalizations, between March 2020 and June 2020, the country’s hospitals and health systems collectively lost around USD 36.6 billion, including payments for COVID-19 patients. The aforementioned factors negatively impacted the market. The cardiovascular service type segment dominated the market in 2021 due to changing & sedentary lifestyles and the increased geriatric & obese population.

According to HCUP, heart failure is the second leading cause of hospital admission, with around 4.1% of the total inpatient stays in 2018. The acute care segment is anticipated to register the fastest CAGR from 2022 to 2030. A high number of inpatient admissions during flu season in the U.S. is likely to fuel the segment growth. For instance, according to HCUP, nearly 1.5 million influenza-related inpatient stays were recorded during flu season in 2016. As per the CDC, during the 2019 flu season, there were a total of 16.1 million medical visits. Mergers, acquisitions, and partnerships are some of the key strategies undertaken by market players. For instance, in February 2021, Northwestern Medicine Kishwaukee Hospital partnered with Lurie Children’s for the Pediatric Emergency Medicine telemedicine program.


U.S. Hospital Facilities Market Segmentation

Grand View Research has segmented the U.S. hospital facilities market on the basis of patient service, facility type, service type, bed size, and region:


Based on the Patient Service, the market is segmented into Inpatient Services, and Outpatient Services.

  • The outpatient services segment dominated the market with a share of 50.6% in 2021. 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 overhead costs and patient fees. Furthermore, there is a gradual shift to outpatient or daycare surgeries among patients. 
  • The inpatient services segment is expected to grow owing to the rising number of hospitalizations and high cost of care for inpatients. According to Healthcare Cost and Utilization Project (HCUP), in 2018, septicemia, heart failure, osteoarthritis, pneumonia, and diabetes with complications were the top five reasons for inpatient stays in the U.S. The inpatient services segment is projected to have moderate growth during the forecast period.

 


Based on the Facilities Type, the market is segmented into Private Hospitals, State-owned & Federal Hospitals, and Public/Community Hospitals.

  • The public/community hospitals segment dominated the market with a share of 52.2% in 2021. Community hospitals hold the highest number of patient beds and offer a wide variety of care areas/medical issues through their different services. They are non-profit organizations meant for public services and are supported by various philanthropic groups, businesses, and crowd-funded societies. 
  • The private hospitals segment is anticipated to witness lucrative growth over the forecast period. Private hospitals have gradually advanced their technology to better serve patients in need of critical care, such as cancer patients. The growing number of private hospitals and consolidation of healthcare facilities are expected to bolster the growth of the segment.

 


Based on the Service Type, the market is segmented into Acute Care, Cardiovascular, Cancer Care, Neurorehabilitation & Psychiatry Services, Pathology Lab, Diagnostics, and Imaging, Obstetrics & Gynecology, and Others.

  • The cardiovascular segment dominated the market accounting for a share of 20.4% in 2021. The segment is expected to dominate the market over the forecast period. The growing adoption of a sedentary lifestyle is leading to a rise in the incidence of obesity in the U.S., thereby, increasing the risk of heart diseases. 
  • The acute care segment is expected to witness the fastest CAGRfrom 2022 to 2030owing to the demand for primary care services and the rising prevalence of acute infections. For instance, according to the CDC, a total of 523,000 emergency visits for infectious and parasitic diseases resulted in admissions in 2018.

 


Key Companies & Market Share Insights

Hospitals are collaborating with medical technology companies to adopt the latest technologies for healthcare delivery. For instance, in May 2021, UCSF Health announced a collaboration with Royal Philips to develop technology that will enable a more modern, streamlined patient experience and establish a new standard for healthcare delivery. In addition, key players are strengthening their position in the market through activities, such as mergers & acquisitions and facility expansion. Some of the prominent players in the U.S. hospital facilities market include:

  • The Johns Hopkins Hospital
  • Mayo Clinic
  • Cleveland Clinic
  • Cedars Sinai
  • Massachusetts General Hospital
  • UCSF Health
  • NewYork-Presbyterian Hospital
  • Brigham And Women's Hospital
  • Ronald Regan UCLA Medical Center
  • Northwestern Memorial Hospital

 

Order a free sample PDF of the U.S. Hospital Facilities Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: [email protected]

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

goodideazs, LLC is not affiliated with the authors of this post nor is it responsible for its content, the accuracy and authenticity of which should be independently verified.