Per-Encounter Medical Market to Hit $327.84 Billion, Globally, by 2030 at 16% CAGR: Coherent Market Insights
BURLINGAME, Calif., Dec. 7, 2023 /PRNewswire/ -- According to Coherent Market Insights, The global per-encounter medical market was valued at US$ 116.12 Billion in 2023 and is forecast to reach a value of US$ 327.84 Billion by 2030 at a CAGR of 16% between 2023 and 2030.
The Per-Encounter Medical Market is influenced by various factors that drive its growth and reshape its landscape. One of the key drivers contributing to the market growth is the increasing focus on cost-effective healthcare services. The rising healthcare costs have become a global concern, prompting governments and healthcare providers to adopt per-encounter medical models. This model ensures that patients are billed for each visit, procedure, or consultation, reducing the overall cost burden on the healthcare system. By implementing per-encounter medical services, healthcare providers can offer transparent and affordable healthcare options to patients, thereby increasing their accessibility to quality care.
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Another driver boosting the growth of the Per-Encounter Medical Market is the demand for personalized healthcare services. With advancements in medical technology, there is a growing trend towards personalized medicine, where treatments are tailored to individual patients based on their genetic makeup, lifestyle, and medical history. Per-encounter medical services enable healthcare providers to deliver personalized care by facilitating a one-on-one relationship between the patient and the healthcare professional. This personalized approach enhances patient satisfaction and outcomes, driving the demand for per-encounter medical services.
Market Trends:
Two key trends observed in the Per-Encounter Medical Market are the integration of telemedicine services and the adoption of electronic health records (EHR) systems.
Telemedicine services have gained significant popularity in recent years, especially with the COVID-19 pandemic. Telemedicine allows patients to consult healthcare professionals remotely, eliminating the need for in-person visits. This trend is expected to continue, as telemedicine offers convenience, accessibility, and cost-effectiveness. Integration of telemedicine services with the per-encounter medical model enables healthcare providers to reach a wider patient population, particularly in rural or remote areas, and provide timely and efficient healthcare services.
Recent development:
In February 2020, Bluegrass Vascular Technologies granted a De Novo classification order by the U.S. Food and Drug Administration for their Surfacer inside-out access catheter system.
In November 2021, PBC Medical L.LC. a medical device distributor, and Numedico signed a global distribution agreement.
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Per-Encounter Medical Market - Consumables Dominating
The Per-Encounter Medical Market is expected to witness a significant growth rate of 16% CAGR during the forecast period 2023-2030. This growth can be attributed to the increasing demand for medical consumables, which are expected to dominate the market.
Consumables are essential products that are used in large quantities and need to be replaced frequently. They include items such as bandages, gloves, syringes, sutures, and disposable medical devices. These consumables are necessary for healthcare professionals to provide effective and safe medical care.
The dominating position of the consumables segment can be attributed to their wide usage across various medical applications. From hospitals and clinics to diagnostic centers and home healthcare settings, consumables are crucial for delivering quality healthcare services. Additionally, the rising prevalence of chronic diseases, growing geriatric population, and technological advancements in medical consumables are driving market growth.
Per-Encounter Medical Market - Cardiology Dominating
Within the Per-Encounter Medical Market, the cardiology segment is expected to hold a dominant position. Cardiology is a medical specialty that focuses on the diagnosis, treatment, and prevention of cardiovascular diseases.
Cardiovascular diseases, such as heart attacks and strokes, are the leading cause of death globally, making cardiology a key area in healthcare. The increasing prevalence of cardiovascular diseases, coupled with advancements in cardiology technology, is driving the dominance of this segment.
The cardiology segment offers various medical devices, equipment, and consumables that are essential for diagnosing and treating cardiovascular conditions. These include electrocardiogram machines, pacemakers, stents, and catheters. The demand for these products is expected to increase as the global burden of cardiovascular diseases continues to rise.
Read complete market research report," Per-Encounter Medical Market, By Product Type, By Application, By Distribution Channel, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Key Market Takeaways:
The Per-Encounter Medical Market is anticipated to witness a CAGR of 16% during the forecast period 2023-2030, owing to the increasing demand for medical consumables and the dominance of the cardiology segment.
On the basis of product type, the consumables segment is expected to hold a dominant position, owing to their wide usage and frequent replacement requirements.
In terms of applications, cardiology is expected to dominate the market, driven by the increasing prevalence of cardiovascular diseases and advancements in cardiology technology.
The direct tender distribution channel is expected to hold a dominant position, followed by retail sales and online sales.
Regionally, North America is expected to hold a dominant position in the Per-Encounter Medical Market over the forecast period due to its advanced healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies.
Key players operating in this market include Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, Becton, Dickinson and Company, B. Braun Melsungen AG, AngioDynamics Inc., Teleflex Incorporated, Argon Medical Devices Inc., ICU Medical Inc., Medical Components Inc., and Vygon (UK) Ltd. These companies contribute to market growth through product innovations, strategic collaborations, and mergers and acquisitions.
In conclusion, the Per-Encounter Medical Market presents significant opportunities in the consumables segment and cardiology applications. With the increasing demand for medical consumables and the rising prevalence of cardiovascular diseases, this market is expected to witness steady growth. The dominance of North America and the presence of key players further contribute to market development and innovation.
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