Global Private Healthcare Market: Introduction

Privately funded healthcare service or private healthcare market is prognosticated to experience a significant rise in the forthcoming years, all across the globe. It has various services such as private medical insurance, acute medical care, psychiatric care, primary care, and long term care. The Private medical healthcare facilities are backed by out of pocket funds and private medical insurance policies. Among these several sectors of private healthcare, long term care sector is anticipated to emerge as the major sector in the global private healthcare market. The industry differs in responsibilities and size based on countries. In many nations, the private healthcare market is highly fragmented owing to the presence of various players operating in it. The market has various small players owned by health experts. However, the market is likely to expand more in coming years.

Global Private Healthcare Market: Novel Developments

In countries like India, public healthcare system has been bearing the weight of healthcare sector single handedly since decades. But, It has now become difficult to manage the well-being of a country with population of around 150 crore. As a result private healthcare market is being welcomed and supported with open arms for the providing best healthcare services to the people at affordable rate. Nevertheless, since most of the expenditure goes into buying advanced technologies, and devices, it becomes difficult to maintain the low price mark.

  • In India, Ayushman Bharat policy was launched in September 2018. This was when the nation was undergoing a major shift in trend. The insurance policy launched by the government had the capacity of improving the lives of millions of people, with effective reduction in price.
  • A well-known employee experience platform, Perkbox got into partnership with another global healthcare service organization Healix. The main aim was to expand its medical facilities by including two more tiers of health insurance. Perkbox Medical help decrease cost of health insurance for every organization. It has successfully achieved the goal by integrating the new policy benefits in order to provide great cover in major industries. It has also kept the cost factor in check throughout the claim journey. The aim is to cater for the private healthcare needs across a wide spectrum of businesses, in an accessible and easy-to-manage way.
  • Private healthcare service in Upper East region claim to gradually withdraw their facilities  from the coming months, in case National Health Insurance Authority (NHIA) fails to pay them a part of their claims.

Dr. Francis Asaanah, Regional Chairman of Association of Private Healthcare, in a media conference in Bolgatanga, stated that at least 5 towns in the region would suffer if the services are withdrawn.

The key players leading the global private healthcare market include Bupa Insurance Ltd., Bupa Care Homes Plc, Capita Health and Wellbeing Ltd., Colombia Asia, Four Seasons Healthcare Ltd., MedLife and Hca International.

Global Private Healthcare Market Dynamics

Increase in Geriatric Population to Bolster Demand in Private Healthcare Market

Rise in number of elderly people, better reimbursement policies, and rising prevalence of chronic ailments are among the major factors contributing in the growth of private healthcare market all over the globe. Moreover, increase in outsourcing by National Health Services (NHS) and presence of advance healthcare facilities and treatment are boosting the demand of the global private healthcare market. Nevertheless, high expenses involved and sluggish economic growth are the major elements hindering the demand in the global private healthcare market.

Ailments Related to Change in lifestyle to make North America Lead Globally

Regionally, North America leads the global private healthcare market owing to rising geriatric population, and ailments related to change in lifestyle. Asia trailed by Europe are as well foreseen to depict a significant growth rate in the forthcoming years in the global private healthcare market. Nations like India and China are likely to emerge as the fastest growing market for private healthcare in Asia-Pacific.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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