Private healthcare is stated as privately funded healthcare services neither owned nor directly controlled by governments. It includes a variety of sectors such as private medical insurance, acute medical care, long-term care, psychiatric care, and primary care. Private healthcare contains hospitals and clinics, these sectors are run autonomously by the National Health Service (NHS). The private healthcare sectors are subdivided into for-profit and not-for-profit, formal and informal, domestic and international. In for-profit hospitals, there is the requirement to reward the property and income taxes, but in not-for-profit hospitals not required to pay property and income taxes. In formal healthcare system means healthcare services provided by organizations, policies, and other healthcare providers. Informal healthcare service is an unpaid service provided by parents or spouses and other relatives. Most patients choose the private healthcare service because it offers comfort and a home-like environment with an ensuite bathroom, and also provides the other standard care and facilities to patients. For instance, Statista stated that in 2020, 70% of the market share of hospitals in India was controlled by private sectors.
Major Key Players for Private Healthcare Market:
- Apollo Hospitals Enterprise Ltd. (India)
- Fresenius SE & Co. KGaA (Germany)
- Healthe Care (Australia)
- IASIS Healthcare (USA)
- BMI Healthcare (UK)
- Life Healthcare (South Africa)
- Fortis Healthcare Limited (India)
- Spire Healthcare Group Plc. (UK)
- Nuffield Health (UK)
- Care UK (UK)
- HCA Healthcare (UK)
- Ramsay Health Care (Australia)
Market Dynamics and Factors:
Rising the demand for private healthcare owing to the increasing prevalence of chronic diseases with the rising population of geriatrics, and improved reimbursement policies. Rising outsourcing by National Health Services (NHS) provides advanced healthcare technologies and other facilities, this factor is also involved in the growth of the market of private healthcare. Growing the number of medical tourisms in private healthcare because of less waiting time, rising prevalence of fears over the infections among the people, and this sector providing the comfortable surrounding for patients, is also included in market growth. Moreover, the private healthcare sector provides expensive services, thus it has static economic growth, which is responsible for restricting the market of private healthcare.
Private Healthcare Market Report Highlight:
- By type, the clinic’s segment is expected to have the maximum market share in the private healthcare market during the projected period. The growing prevalence of infectious diseases, and provides less expensive treatment as compared to hospitals which propel the growth of the market.
- By service, the primary care segment is predicted to expand the most in the private healthcare market during the forecast year. Rising fear over infectious diseases among the people supports the growth of the Private Healthcare market.
- By region, North America is expected to dominate the private healthcare market, during the projection period. The increasing aging population and rising awareness regarding infectious diseases in this region boost the growth of the private healthcare market in North America.
Key Industry Development:
- In November 2021, the global leader of private healthcare, Ramsay healthcare announced more than 20 ambitious targets for the growth of its sustainability program.
- In December 2021, The UK’s leading independent mental health care providers were acquired by Ramsay Health Care a global leader in the private healthcare business. The purpose of this acquisition was to improve the UK’s mental health care market. Because of the diligence process, the acquisition follows a lengthy.
Private Healthcare Market Segmentation:
- Acute Medical Care
- Psychiatric Care
- Primary Care
- Long-Term Care
For this report, Introspective Market Research has segmented the Private Healthcare Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM