Private Hospital Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Private Hospital Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Private Hospital Global Market Report 2024, The private hospital market size has grown rapidly in recent years. It will grow from $3168.57 billion in 2023 to $3667.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to competitive market dynamics, disease prevalence and treatment needs, healthcare consumerism, healthcare professional recruitment, quality and accreditation..

The private hospital market size is expected to see rapid growth in the next few years. It will grow to $6489.38 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to healthcare digitization, aging population, health insurance expansion, rising disposable income, medical tourism expansion.. Major trends in the forecast period include technology integration, telemedicine expansion, data analytics and ai, healthcare staff well-being, precision medicine, population health management..

The rising death rate due to chronic diseases is expected to propel the private hospital market. Chronic diseases refer to an illness that lasts for a year or longer that requires ongoing medical attention. Private hospitals provide a crucial chance to begin managing chronic illnesses properly and address preventative health concerns. For instance, according to data published in April 2021 by the World Health Organization, a Switzerland-based health organization for international public health, 41 million people die every year due to chronic diseases globally, close to 71% of all deaths. Therefore, the rising death rate due to chronic diseases is driving the growth of the private hospital market.

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The private hospital market covered in this report is segmented –

1) By Category: Children’s Hospital, Multispecialty Hospitals, Acute Care Hospitals, Specialty Hospitals

2) By Capacity: Large (>500 Beds), Medium (100 Beds-500 Beds), Small (100 Beds)

3) By Location: Rural, Urban

Technological advancement is a key trend in the private hospital market. Major market players are concentrating on creating or using advanced medical technologies to sustain their position in the private hospital market. For instance, in June 2022, Sharp Sight Eye Hospitals, an India-based private eye hospital chain, in collaboration with Logy.AI, an India-based AI healthcare platform, introduced an AI-based screening solution to identify cataracts on the spot to avoid blindness with 92% accuracy. The solution uses the smartphone for cataract screening, which is a simple chatbot on WhatsApp, leveraging artificial intelligence (AI) for early screening and treatment at the right stage.

The private hospital market report table of contents includes: