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Physicians And Other Health Practitioners Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Physicians And Other Health Practitioners Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021
  • 400 pages
  • ID: 6027726
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the physicians and other health practitioners market include National Health Service; UPMC; Mayo Clinic and John Hopkins.

The global physicians and other health practitioners market is expected to grow from $1430.11 billion in 2020 to $1505.37 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1938.24 billion in 2025 at a CAGR of 7%.

The physicians and other health practitioners market consists of sales of physician and other health practitioners’ services and related goods by entities (organizations, sole traders and partnerships) that provide medical care services.This industry includes specialist doctors such as psychiatrists, psychologists and others that provide palliative care, treating psychosomatic disorders, mental disorders and others.

It also includes primary care doctors and other physical therapists providing treatment in therapy areas such as cardiology, dermatology, neurology, gynecology, anesthesia and others. The physicians and other health practitioners market is segmented into specialist doctors; primary care doctors; physical therapists; optometrists; chiropractors and podiatrists.

North America was the largest region in the global physicians and other health practitioners market, accounting for 47% of the market in 2020.Asia Pacific was the second largest region accounting for 25% of the global physicians and other health practitioners market.

Africa was the smallest region in the global physicians and other health practitioners market.

Physicians and other health practitioners are increasingly using e-prescriptions to reduce errors and improve service quality.Electronic prescribing or e-prescribing (e-Rx) is the computer-based electronic generation, transmission and filling of a medical prescription.

E-prescribing allows a physician, pharmacist, nurse practitioner, or physician assistant to electronically transmit a new prescription or renewal authorization to a community or mail-order pharmacy.E-prescribing is beneficial to physicians as it reduces errors due to handwritten prescriptions.

The E-prescribing trend provides scope for improving physicians and other health professionals’ service quality.

Inadequate public health insurance is one of the major barriers for the growth of the overall healthcare industry.Lack of public health insurance coverage makes it difficult for patients to obtain health services.

According to a recent report released by WHO and the World Bank, 400 million people do not have access to essential health services and 6% of people in low- and middle-income countries were tipped into or pushed further into extreme poverty because of health spending. Inadequate pubic health insurance schemes in certain developing economies will be a major barrier for proper health protection and will restrain growth of the physicians and other health practitioners market during the forecast period.

The physicians and other health practitioners market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.

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