The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. North America Acute Hospital Care Market dominated due to expanding patient population, well-developed technology, increased government support for Research & Development (R&D), and high spending on health care expense. Additionally, increased research and development activities, as well as the concentration of significant market competitors, have fueled market expansion in this region.
Rising healthcare spending is another aspect positively influencing market dynamics. According to the American Medical Association, healthcare spending in the United States will increase by 9.7% in 2020, totaling USD 4.1 trillion, or nearly USD 12,530 per capita. Furthermore, according to a similar source, healthcare spending would rise to 19.7% of total GDP in 2020, up from 17.6% in 2019. Furthermore, the increased incidence rate of burn cases in various U.S. states is driving the growth.
According to US Fire Administration and NFIRS data, the national average of residential fire casualties was 6.2 deaths and 25.6 injuries per 1,000 fire events.
Furthermore, the COVID-19 pandemic boosted the demand for emergency medical services (EMS) goods in the United States. According to one NCBI study, COVID-19 had an indirect impact on the growth in emergency medical service calls for opioid usage or other cardiac events across the United States. Furthermore, according to a similar source's data, total EMS call volume grew by 23.3% in 2020. Leading players and service providers have implemented a variety of ways to meet expanding demand. For example, the Copenhagen EMS operator ran two emergency phone lines.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ACUTE HOSPITAL CARE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Europe Acute Hospital Care market ranked second in terms of market value share due to government support for R&D and the availability of research funds. The aforementioned factor is expected to boost the European market during the study period. For example, wealthy countries such as France and Germany are investing heavily in healthcare, particularly in the expansion of hospital facilities. Further, the Germany market of Acute Hospital Care held the largest market share, and the France market of Acute Hospital Care was the fastest growing market in the European region
Apart from the aforementioned factors, Asia-Pacific Acute Hospital Care Market has the quickest growth rate over the analysis period due to rapid advancements in healthcare technologies, high healthcare expenditure, and a large patient population. Additionally, it is anticipated that rising demand for acute hospital care in nations like South Korea, China, and India will fuel market growth. The increased demand for superior equipment in the healthcare business to diagnose and treat problems early drives the need for acute hospital treatment.
Moreover, China market of Acute Hospital Care held the largest market share, and the India market of Acute Hospital Care was the fastest growing market in the Asia-Pacific region.