Rise in incidence of chronic diseases, increase in cases of injuries and accidents, and rise in number of visits to hospital emergency departments are the major factors which drive the global market growth.
Wilmington, Delaware, Aug. 09, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Hospital Emergency Department Market by Insurance Type (Medicare and Medicaid and Private and Others), and Condition (Traumatic, Infectious, Gastrointestinal, Psychiatric, Cardiac, Neurologic and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the hospital emergency department market was valued at $135.0 billion in 2023, and is estimated to reach $202.2 billion by 2033, growing at a CAGR of 4.1% from 2024 to 2033.
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Prime determinants of growth
Rising incidence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory illnesses, increase in cases of injuries and accidents, and rise in number of visits to hospital emergency departments are the major factors that drive the growth of the hospital emergency department market growth. However, shortages of skilled healthcare professionals in underdeveloped regions restricts the market growth. Moreover, technological innovations such as telemedicine, remote monitoring, and data analytics improve the efficiency and effectiveness of emergency care delivery which offers remunerative opportunities for the expansion of the global hospital emergency department market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $135.0 billion |
| Market Size in 2033 | $202.2 billion |
| CAGR | 4.1% |
| No. of Pages in Report | 222 |
| Segments Covered | Insurance Type, Condition and Region. |
| Drivers | Rise in incidence of chronic diseases |
| Increase in cases of injuries and accidents | |
| Rise in number of visits to hospital emergency departments | |
| Opportunity | Advancements in technology |
| Restraint | Shortages of skilled healthcare professionals |
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Segment Highlights
The private and others segment to maintain its leadership status during the forecast period
By insurance type, private & others segment dominated the market share in 2023. Private insurance typically has greater access to healthcare services and may seek emergency care more frequently compared to uninsured or publicly insured individuals. This segment includes individuals with employer-sponsored plans, individual policies, and other forms of private insurance, representing a significant portion of the population. In addition, private insurers often negotiate favorable reimbursement rates with hospitals, which can incentivize hospitals to invest in emergency care infrastructure and services to cater to privately insured patients thereby supporting the segment growth.
The infectious segment to maintain its leadership status during the forecast period
By condition, infectious segment dominated the market share in 2023. The nature of infectious diseases often necessitates urgent medical attention, driving patients to seek care in hospital emergency departments. Symptoms of infectious diseases can escalate rapidly, leading to severe complications if not promptly diagnosed and treated. Emergency departments are equipped to provide timely evaluation, diagnostic testing, and intervention for patients presenting with infectious disease symptoms, thereby playing a vital role in early detection and containment efforts.
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Regional Outlook
North America to maintain its dominance by 2033
North America holds a significant share of the global hospital emergency department market. Factors driving market growth in this region include a rise in prevalence of chronic diseases, and a strong emphasis on emergency preparedness and disaster response. Asia-Pacific market is driven by rapid urbanization, population growth, and improving healthcare infrastructure. Governments in these regions are investing in expanding emergency care capacity, enhancing pre-hospital services, and strengthening emergency response systems to address the growing demand for acute medical services.
Key Players
- Lakeland Regional Health
- The General Hospital Corporation
- Mayo Clinic Hospital
- Brigham and Women’s Hospital
- Barnes-Jewish Hospital
The report provides a detailed analysis of these key players in the global hospital emergency department market. These players have adopted different strategies, such as product launch and expansion, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments in Hospital Emergency Department Market Worldwide
- In February 2022, Mayo Clinic announced an expansion of the Mayo Clinic hospital in Florida. This investment is occurring because of increasing patient demand for complex care and a commitment by Mayo Clinic to redefine the future of health care. The 12, 000-square-foot expansion will include 14 new patient rooms and 10 new short-stay rooms in the Emergency Department.
- In March 2020, Royal Philips, a company in health technology, introduced a pre-hospital informatics solution in the U.S. This system helps emergency responders communicate better with doctors in hospitals. It lets them share information in real-time. The system includes a tough, high-tech monitor and a web dashboard. With these tools, emergency teams can send a patient’s vital signs to specialists in the hospital. This helps the hospital team prepare for the patient’s arrival.
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Originally published at https://www.einpresswire.com/article/734223314/hospital-emergency-department-market-to-reach-202-2-billion-globally-by-2033-at-4-1-cagr-allied-market-research
