Global health care spending is projected to increase from US$ 6.5 Trn in 2012 to US$ 10 Trn in 2024 at a compound annual growth rate of 5.5%. Hospital services account for a significant proportion of health care spending. In 2015, around US$ 3.2 Trn was spent on health care in the U.S., with hospital services accounting for 32%, or over US$ 1 Trn.
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Key drivers of hospital services are aging population, rise in prevalence of chronic diseases, increase in disposable income specifically in developing countries, and growth in penetration of health insurance. People aged 60 years and above are projected to account for 17% of the global population by 2030, up from the present 12%. Moreover, non-communicable diseases accounted for around 70% of global deaths in 2015 (Source: WHO and Lancet).
The hospital infrastructure is still underdeveloped in emerging economies in Asia Pacific, Africa, and Latin America. In India, the number of hospital beds per 1,000 population is less than 1, which is well below the World Health Organization (WHO) average of around 2.7 and the Organization for Economic Co-operation and Development (OECD) average of over 5. This gap between demand and supply of hospital beds in emerging economies has led to significant growth (organic and inorganic) of the private hospitals market. Apollo Hospitals Enterprise Ltd., India’s largest private hospital services operator, has expanded from a 150-bed facility in 1983 to providing over 9,500 beds in 69 hospitals.
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Based on ownership of hospitals, the global hospital services market can be segmented into public hospitals and private hospitals. Private hospitals can be divided into standalone private hospitals and private hospital groups. The public health care system is overburdened in several countries where universal health care coverage is available for all citizens. Long waiting time and poor quality of health care in public hospitals are factors driving the private hospital services market.
For example, the Government of Indonesia plans to cover all citizens under the National Health Insurance (JKN) program by 2019. Private hospital groups such as The Siloam Hospital Group and Mitra Keluarga have adopted aggressive strategies to benefit from the surging demand for health care services in the country. The Siloam Hospital Group aims to double the number of member hospitals to 50 by 2019.
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In terms of region, the global hospital services market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Spending on hospital services is high in North America because the U.S. accounts for almost 40% of the global healthcare spending. Asia Pacific is also expected to account for a significant proportion of the global hospital services market with healthcare spending in China projected to cross US$ 1 Trn by 2024.
Based on type of services, the global hospital services market can be classified into inpatient services and outpatient services. Inpatient and outpatient services can be segmented based on type of specialty into cardiovascular, orthopedics, neurology, oncology, gastroenterology, and others.
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Key private hospital groups operating in the global hospital services market include Ramsay Health Care, IHH Healthcare Berhad, Apollo Hospitals Enterprise Ltd., China Resources Phoenix Healthcare Holdings Company Limited, Helios, Community Health Systems, Hospital Corporation of America, Ascension Health, and Tenet Healthcare.
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