Number of pages: 100 | Report Format: PDF | Published date: March 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global ambulatory healthcare service market was valued at US$ 3.5 billion in 2022 and is expected to register a revenue CAGR of 5.8% to reach US$ 5.81 billion by 2031.
Ambulatory Healthcare Service Market Fundamentals
Ambulatory healthcare services refer to medical care provided on an outpatient basis. The patient does not require an overnight stay in a hospital or other medical facility. Ambulatory care services can include various medical services, such as diagnostic testing, consultations with medical specialists, preventive care, and treatment for acute and chronic medical conditions.
Examples of ambulatory healthcare services include visits to a primary care physician, urgent care centers, outpatient surgery centers, diagnostic imaging centers, and rehabilitation clinics. Ambulatory care services are an important part of the healthcare system. They allow patients to receive medical care more conveniently and cost-effectively than inpatient hospital care.
Various healthcare professionals typically provide ambulatory care services, including physicians, nurses, physician assistants, and other allied health professionals. These professionals work together to provide high-quality medical care to patients in various settings, including community health centers, clinics, and other outpatient facilities.
Ambulatory Healthcare Service Market Dynamics
The primary factor influencing the global ambulatory healthcare service market is the growing demand for affordable outpatient care, which does not require a hospital stay. In the upcoming years, it is also projected that government initiatives and the availability of funding for ambulatory healthcare facilities will propel market expansion. Due to a strong preference for minimally invasive surgeries and technological improvements, shorter hospital stays, and lower healthcare costs will propel the market. The incidence of chronic diseases is rising globally because of the world’s aging population, the high pace of aging, and the longer life expectancy of those with chronic disorders. The cases of multi-morbidity are rising along with the number of patients. The prevalence of several ailments, including obesity, is rising because of sedentary lifestyles. The World Health Organization (WHO) predicts a 57% increase in the cases of chronic diseases by 2020. WHO research predicts that by 2020, chronic diseases will be responsible for about three-quarters of all fatalities worldwide. Increasing access to ambulatory healthcare services is a goal of many governments worldwide, especially in rural and underserved areas.
The growing usage of robotics in ambulatory services allows medical professionals to carry out intricate treatments with more control, flexibility, and precision. These factors are expected to drive the ambulatory healthcare service market forward. For instance, in March 2022, CMR Surgical introduced the Versius Surgical Robotic System, installed for the first time in Europe in an outpatient surgical practice for hernia surgery. Due to hospital overcrowding and patients’ efforts to avoid inpatient care, the COVID-19 epidemic has resulted in an increased focus on ambulatory healthcare services. The trend towards ambulatory care has been accelerated and will probably persist in the post-pandemic age.
However, the revenue growth of the global ambulatory healthcare service market may be hindered by pressure on complex reimbursement rates, a change to a bundled payment rate structure, and an increase in the number of centers being bought by hospital settings.
Ambulatory Healthcare Service Market Ecosystem
The global ambulatory healthcare service market has been analyzed from three perspectives: type, application, and region.
Ambulatory Healthcare Service Market by Type
Based on type, the global ambulatory healthcare service market has been segmented into emergency departments, primary care offices, surgical specialty, diagnosis, rehabilitation services, and others.
The primary care offices segment accounts for the largest global ambulatory healthcare service market revenue share. This is an outcome of improved healthcare quality and the adoption of new technology, like electronic health records and computerized prescribing systems (EHRs). Drug acquisition and EHR implementation have improved primary and follow-up treatment, lowering human errors. The ambulatory healthcare service market is anticipated to grow due to partnerships between significant public and private organizations to offer affordable access to various treatments.
The surgical specialty segment is projected to register the fastest revenue CAGR during the forecast period. This results from the simple reimbursement regulations, the desire for minimally invasive procedures, and increased M&A activities among important corporations.
Ambulatory Healthcare Service Market by Application
Based on application, the global ambulatory healthcare service market has been segmented into ophthalmology, plastic surgery, gastroenterology, pain management, and others.
The gastroenterology segment accounts for the largest revenue share in the global ambulatory healthcare service market. One of the main factors fueling the segment’s revenue growth is the increasing prevalence of gastrointestinal illnesses. The number of people with digestive problems is rising as sedentary lifestyles become more popular. Over the projection period, it is anticipated that an increase in the prevalence of digestive illnesses will result in a substantial demand for ambulatory healthcare services.
The ophthalmology segment is projected to register a high revenue CAGR. Ambulatory ophthalmology refers to providing eye care services in a location other than a hospital or inpatient facility. Outpatient clinics, surgical facilities, and mobile eye care units are examples of ambulatory services. Compared to hospital-based services, ambulatory ophthalmology is typically more accessible and less expensive. Also, they offer patients greater freedom and convenience since they frequently have same-day appointments and can leave the hospital right after their treatment without spending the night there. One benefit of using ophthalmology in ambulatory services is the ability to offer customized care catered to the patient’s needs. For instance, patients in rural or distant places with limited access to ophthalmologists can receive eye care services from mobile eye care units. Overall, ophthalmology in ambulatory services gives patients better access to eye care services, convenience, and a more individualized treatment plan.
Ambulatory Healthcare Service Market by Region
Based on region, the global ambulatory healthcare service market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global ambulatory healthcare service market revenue share. It encompasses a wide range of healthcare services delivered on an outpatient basis without needing hospitalization or overnight stays. The market revenue growth can be attributed to several factors, such as the increase in chronic diseases, the rise in healthcare costs, and technological advancements. The United States dominates the market due to its well-established infrastructure and high healthcare expenditure. Moreover, the market in Canada is expected to grow significantly during the forecast period due to increasing investments in healthcare infrastructure and the adoption of new technologies. The North America ambulatory healthcare service market is expected to grow due to the increasing demand for outpatient services and technological advancements that allow for more efficient and effective healthcare delivery.
Due to the British Association of Day Surgery and Healthcare Conferences UK’s event planning, increased patient awareness, and higher surgical quality, the demand for ambulatory services in Europe is anticipated to rise.
The ambulatory service market in the Asia Pacific region is projected to experience significant revenue growth in the forecast period. The rising demand for cost-effective and convenient healthcare services and advancements in healthcare technology are driving the revenue growth of the ambulatory service market in the Asia Pacific region. The increasing prevalence of chronic diseases and the aging population are also expected to contribute to market revenue growth.
The ambulatory healthcare service market in Latin America, the Middle East, and Africa is growing rapidly due to several factors, such as increasing demand for better healthcare facilities, rising geriatric population, growing prevalence of chronic diseases, and increasing healthcare expenditure by governments. In Latin America, countries such as Brazil, Mexico, Argentina, and Chile have witnessed significant revenue growth in the ambulatory healthcare service market due to the increasing number of private hospitals and clinics, rising demand for outpatient services, and growing medical tourism.
In the Middle East and Africa, countries such as Saudi Arabia, UAE, Egypt, and South Africa are witnessing rapid revenue growth in the ambulatory healthcare service market due to the increasing adoption of advanced medical technologies, growing demand for home healthcare services, and rising healthcare expenditure by governments. For instance, in HMC, Doha announced the launch of an evening clinic at the Ambulatory Care Center after Ramadan. However, the ambulatory healthcare service market in both regions is also facing several challenges, such as inadequate healthcare infrastructure, shortage of skilled healthcare professionals, and high treatment costs. Nevertheless, the market is expected to grow in the coming years due to the increasing focus on improving healthcare facilities and expanding access to healthcare services in these regions.
Ambulatory Healthcare Service Market Competitive Landscape
The prominent players operating in the global ambulatory healthcare service market are:
Ambulatory Healthcare Service Market Strategic Developments
The global ambulatory healthcare service market is expected to grow at a revenue CAGR of 5.8% during the forecast period.
Envision Healthcare Corporation, IntegraMed America, Inc., Aspen Healthcare, and Medical Facilities Corporation are among the key players in the global ambulatory healthcare service market.
The primary care offices segment accounts for the largest revenue share of the global ambulatory healthcare service market.
Asia Pacific is expected to observe the highest revenue growth in the global ambulatory healthcare service market during the forecast period.
The reimbursement issue is a key challenge in the global ambulatory healthcare service market.
*Insights on financial performance are subject to the availability of information in the public domain