Facts and Factors Market Research has published a new report titled “Private Hospitals Market By Hospital Type (Acute Care Hospitals, Multispecialty Hospitals, Children’s Hospitals, and Specialty Hospitals), By Size (Small (Less than 100 beds), Medium (Between 100 beds and 500 beds), and Large (More than 500 beds)), and By Location (Rural and Urban) : Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global private hospitals market was valued at approximately USD 712 billion in 2018 and is expected to reach a value of around USD 1,967 billion by 2027, at a CAGR of around 11.9 % between 2019 and 2027.
Private hospitals are owned by a for-profit firm or a non-profit organization. It is a privately funded payment for medical & healthcare services by the patients, governments, and insurers via national health insurance or foreign consulates.
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Low waiting periods & high healthcare quality to spur the market growth
The market for private hospitals is likely to gain traction over the forecast period due to the high quality of treatment available in private hospitals in comparison to public hospitals. Apart from this, due to a large number of private hospitals, the average patient flow in these hospitals is lower as compared to public hospitals, thereby resulting in a small waiting period for the patients.
Moreover, a rise in the cases of lifestyle-related ailments like heart disorders, diabetes, and cancer will drive the market demand over the forecast timeline. Apart from this, escalating cases of diseases in emerging economies are likely to drive the need for setting up multispecialty private hospitals, thereby driving the market expansion over the forecast timeline. Nonetheless, high treatment costs in private hospitals will retard the growth of the market over the forecast timeline. In addition to this, low compensation in rural areas along with less consciousness pertaining to government benefits in these regions will further put brakes on the industry expansion over the forecast timeline.
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Acute care hospitals to dominate the hospital type segment
The acute care hospitals segment is predicted to accrue the revenue of nearly USD 924 billion by 2027. The growth of the segment is credited to the presence of a large number of acute care hospitals in both urban as well as rural areas. Apart from this, the growing occurrence of contagious ailments likes viral fever and cough will nourish the expansion of the segment over the forecast period.
Medium size hospitals to lead the size segment over the forecast period
The growth of this segment is credited to the humungous presence of a large number of private hospitals & clinics having medium bed size availability. The segment is projected to accrue the revenue of nearly USD 1,010 billion by the end of 2027.
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Urban location segment to contribute massively towards the overall market share
The growth of the segment is due to a rise in the disposable income witnessed across the urban regions and the high presence of specialty hospitals in these regions. Moreover, rural location segment will record the highest CAGR of nearly 12.1 % over the period from 2019 to 2027.
Asia Pacific to register highest CAGR over the forecast timeline
The Asia Pacific private hospitals market is predicted to record the highest CAGR of nearly 15.1% over the forecast timeline. The regional market growth is due to the huge presence of private hospitals in countries like China and India. Apart from this, the collaboration between the state authorities and private medical hospitals has encouraged regional market trends.
Some of the key participants in the private hospitals business include Highgate Private Hospital, HCA Healthcare UK, Cambie Surgery Centre, MEOCLINIC GmbH, Helios, Ramsay Health Care UK, Nuffield Health, St Francis Foundation, Shouldice, Premier Healthcare Germany, Toulon Hyères Private Hospital, Hospital Group Deaconesses Croix Saint, London Bridge Hospital, Spire Healthcare Group plc, and Bupa.
This report segments the private hospitals market as follows:
Global Private Hospitals Market: By Hospital Type Segment Analysis
- Acute Care Hospitals
- Multispecialty Hospitals
- Children’s Hospitals
- Specialty Hospitals
Global Private Hospitals Market: By Size Segment Analysis
- Small (Less than 100 beds)
- Medium (Between 100 beds and 500 beds)
- Large (More than 500 beds)
Global Private Hospitals Market: By Location Segment Analysis
Global Private Hospitals Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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