The Global Market for Private Healthcare is Projected to Reach US$6.4 Trillion by 2024

Rapidly Aging Population, Growing Burden of Chronic Diseases Coupled With the Demand for Quality Healthcare Services to Drive the Global Private Healthcare Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the Private Healthcare market. The global market for Private Healthcare is projected to reach US$6.4 trillion by 2024, driven by the rapidly aging population, higher incidence of diseases, development of advanced medical technology and growing patient awareness. 

The market for private healthcare is driven by the trends of growing aging population, higher incidence of diseases, development of advanced medical technology, and growing patient awareness. Going forwards, the market would be significantly impacted by technology, consumerism, regulations, and risk factors. Private healthcare plans may aid many countries to ensure existing levels of affordability and efficacy. Private health plans serve as cost-effective alternatives to improve access to efficient healthcare in many countries. While they reduce the burden on public systems, private plans can move care to less-expensive venues. Many Asian nations are also shifting to effective private healthcare plans so as to minimize out-of-pocket expenditure for patients. However, the high costs of private healthcare represent a major barrier to market growth.

Public healthcare has long been an adopter of geospatial technologies (GIS). To improve operations and curtail costs, private healthcare is increasingly using advanced technologies, among which Internet of Things (IoT) and geospatial technologies are significant. The advantages of technology in private healthcare range from merely increasing patient comfort to saving their lives. Health organizations (State and local) globally were the first ones to adopt GIS to support health improvement efforts, with the private sector been the first one to use it for strategic marketing purposes. However, with the emergence of health reform initiatives, including value-based payments and accountable care, private health providers are increasingly applying GIS to evaluate risk for different geographical markets.

The WHO’s recommendations for universal health coverage as well as suboptimal government funding has resulted in private healthcare attracting the attention of investors worldwide, more so in the markets of developing nations, such as China, Mexico, Russia, Brazil, and India. These markets, with their high populations and high out-of-pocket expenditures, represent high-growth avenues for potential investors in private healthcare facilities and systems. Innovation in the insurance field is limited to a few regions. While developed regions are developing e-commerce ventures and giving freebies as perks to healthy insurance purchase behaviors, developing regions are still working on improving awareness and introducing disease-specific insurance products. Nevertheless, the main focus of all insurance innovations is to reduce costs and improve workflow efficiencies.

As stated by the new market research report on Private Healthcare, the United States represents the largest market worldwide. Trailing at a CAGR of 11.1% over the analysis period, Asia-Pacific ranks as the fastest growing market led by factors such as lack of adequate public healthcare infrastructure; deteriorating quality of health services at public hospitals; rise of private health insurance companies and the resulting proliferation and expansion of the corporate for-profit hospital sector; increasing foreign investments in the healthcare sector and the resulting emergence of private hospitals as centers of excellence in quality healthcare optimally positioned to leverage the growing trend of medical tourism in low cost Asian countries.

Major players in the market include Apollo Hospitals Enterprise Ltd., BMI Healthcare, Care UK, Fortis Healthcare Limited, Fresenius SE & Co. KGaA, HCA Healthcare, Healthe Care, IASIS Healthcare, Life Healthcare, Nuffield Health, Ramsay Health Care, Spire Healthcare Group Plc., among others.

The research report titled “Private Healthcare: A Global Strategic Business Report” announced by Global Industry Analysts Inc. provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections of Private Healthcare in terms of dollar revenues for all major geographic markets, such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of Asia-Pacific), The Middle East and Africa, and Latin America (Argentina, Brazil, Mexico, and Rest of Latin America).

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