Life Care Solution Services Market Trends

Growth Drivers

• Escalation in Health Expenditure across the Globe – The World Bank released the health expenditure of the world in the year 2019, which accounted to be 9.83% of the total GDP. This is a rise from 2017, where global health expenditure was 9.77% of total GDP. 

The escalation in the health expenditure results in the better health opportunities which increases the overall quality of life care solution services. Health expenditure supports one of the major indicators of human development that is health. It includes almost every expenditure including emergency aid, health services, family planning, and nutrition activities. Hence, the growth of the health expenditure is interlinked with the growth of life care solutions services.

• Surge in the Number of Hospitals Beds and Supporting Equipment – For instance, the number of federal government and nonfederal psychiatric hospitals in the United States was expected to be around 200 and 600 respectively while the number of staffed beds in every hospital was estimated to be approximately 900,000 in 2022. In modern times, the availability of automated hospital beds in the hospitals has also increase the quality-of-life care solutions services.
• Growth in the Hospital Visits – In recent estimates of 2019, it was found that there were approximately 900 million outpatient visited hospitals in the U.S. Additionally, in 2021 around 80% of the USA population saw health care professional along with approximately 90% of the children in the similar year enriching the hospital visitor management that is projected to hike the growth of the market over the forecast period.
• Increasing Initiatives to Reduce the Risk of Surgical Procedures – the percentage of people at risk owing to poor expenditure for surgical care has been observed to decrease drastically in the recent decades. For instance, data released by the World Bank revealed that there were only 17% of the people at surgical risk decreased from 40% in 2003 and 27% in 2011.
• Higher Prevalence of Noncommunicable Disease – a significant number of people are living with noncommunicable disease across the globe. For instance, World Heath Organization has stated that 17.9 million people die on account of noncommunicable diseases every year globally.
• Surge in the Medical Studies – currently, more than 440,000 medical studies were conducted in nearly 220 countries while the percentage of registered studies as of February 2023 in the United States was estimated to be around 30%.

Challenges

• Lack of Implementation Procedure in Developing Countries

In developing countries, people are not much aware of life care solution services and apart from that, not everyone can pay the amount leverage the plan. Hence, this factor can be a major restraint to the growth of the market over the forecast period.

• Low Adoption Rate
• Increment in the Additional Expenses