About Elective Healthcare Services
Elective Healthcare Services are those services that are selected by the patient or the physician that can benefit the patient but are not urgently required. The services include aesthetic services like Injectables, Hair and Tattoo Removal, and cosmeceuticals. Apart from this the services also compromise medically benefitting but not requiring medical services like apnea, gastrointestinal disorder, and weight loss. The emerging trend of consumerism has been witnessed across the healthcare center. They are creating value for the patients and this is a major aim for the healthcare service providers. The health care service providers have to constantly change their business models for providing a cost-effective healthcare solution along with delivering sustainable business growth of their firm. The increasing demand for elective healthcare has been fuelling the growth of the market. The growth of the industry is also seen by the utilization of the new elective healthcare service model that enhances the accessibility as well as the affordability of the elective healthcare service. The governments are taking a lot of effort for these services to reach the people.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Asian Players will contribute the maximum growth to Global Elective Healthcare Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Fortis Healthcare (India), Tata Memorial Hospital (India), Apollo Hospital (India), Shanghai Redleaf International Women’s & Children’s Hospital (China), IHH Healthcare Berhad (Malaysia), Luye Medical Group (Australia), Capio AB (Sweden), Moorfields Eye Hospital (United Kingdom), Ramsay Générale de Santé (France) and PillPack (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Guizhou Ensure Chain Pharmacy Company Limited (Hong Kong) and Fresenius Medical Care (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Elective Healthcare Services market by Type (Medical And Diagnostic Laboratory Services, Dental Services, Ambulatory Health Care Services, Residential Nursing Care Services and Others), Application (Medical Centres, Clinics and Hospitals) and Region.
On the basis of geography, the market of Elective Healthcare Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End-User, the sub-segment i.e. Male will boost the Elective Healthcare Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type of Expenditure, the sub-segment i.e. Public will boost the Elective Healthcare Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
A Rising Trend in Video Consultation with Doctors and Growing Trend in Shifting the Patients from Hospitals to Ambulatory Surgical Clinics
Market Growth Drivers:
Healthcare Service Providers Are Opting for Virtual Care Services, Rising Adoption of Virtual Care Alternatives, A Rise in Utilization of New Elective Healthcare Service Models and Growing Demand for Rescheduling of Elective Healthcare Services
Challenges:
Need of Training for Efficiently Using and Providing the Service
Restraints:
Increasing Concern About Privacy
Opportunities:
Governments Across the Globe Are Making Every Effort for These Elective Healthcare Services to Reach the People
Market Leaders and their expansionary development strategies
In January 2023, DNV, the global quality assurance and risk management provider, acquired MBI Healthcare Technologies, a leading healthcare data assurance company based in the UK. The acquisition forms part of DNV’s strategic expansion into the digital health market.
In July 2022, according to NHS England data, 268,967 people in the Black Country and Staffordshire were in line for elective procedures or other non-urgent medical care. While the aggregate figure was higher than the 205,018 recorded in May of the previous year, a total of 9,653 patients had been waiting for more than a year. In emergency rooms and acute care facilities, patients are kept waiting for absurdly lengthy lengths of time, which has a negative impact on patient outcomes. For Instance, the number of people waiting for non-urgent elective procedures or treatment at the Royal Wolverhampton NHS Trust, which manages New Cross Hospital, was 63,574 - up from 48,278 the year before.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Elective Healthcare Services, Venture Capitalists and Private Equity Firms and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.