Hospitals

The Hospitals market in the ASEAN region is expected to reach a projected revenue of US$66.94bn by 2024.
This market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 6.76%, resulting in a market volume of US$92.84bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Hospitals market, reaching US$1.50tn in 2024.
In terms of per capita revenue, each person in the ASEAN region is projected to generate approximately US$96.83 in 2024.
In the ASEAN region, Singapore leads the way in hospital innovation, with state-of-the-art facilities and cutting-edge technologies.

Definition:
Hospitals are licensed facilities that provide a variety of medical and surgical services, some of which are also provided by other facilities. A distinguishing characteristic of hospitals is “inpatient care,” which refers to services where patients are admitted to a hospital to stay overnight for closer monitoring.

This market includes general hospitals, psychiatric hospitals, and specialist hospitals, which provide various services to patients, ranging from diagnostics, medical and surgical treatments, nursing and specialized accommodation to other medical services. Depending on the specific legal regulations, the medical services provided by hospitals can vary greatly from country to country. Long-term care facilities, ambulatory care providers, and medical retailers are excluded from this market.

Structure:
The Hospitals market is divided into three categories: Inpatient Care, Outpatient Care, and Other Hospital Services. Inpatient Care comprises all the medical and surgical services that are provided to patients who are admitted to a hospital for an overnight stay. Outpatient Care covers all medical and surgical services that are provided to patients without having to spend the night in a hospital. Other Hospital Services includes hospital services that are provided outside of a basic hospital setting, e.g., day-care, long-term care, and home-based care.

Additional information:
The shown KPIs include revenues, average revenue per capita, number of hospitals, density of hospitals, average revenue per hospital, number of hospital beds, density of hospital beds, and average revenue per hospital bed. Market values represent revenues paid to hospitals by the respective healthcare payers (including VAT, if applicable). Reported market revenues include spending by consumers (B2C), enterprises (B2B), and governments (B2G). Revenues are allocated to the country where the money is spent.

General hospitals, including community, county, and regional hospitals
Psychiatric hospitals
Specialist hospitals, such as maternity clinics and aesthetics clinics

Long-term care facilities
Ambulatory care providers, such as specialist practices and dental practices
Providers of ancillary medical services
Medical retailers and other providers of medical supplies

As ASEAN countries continue to develop and grow, the healthcare industry, particularly the hospitals market, is also on the rise.

Customer preferences: Customers in ASEAN countries have shown a preference for hospitals that offer high-quality care, advanced medical technology, and a wide range of services. They also value hospitals that are easily accessible and offer affordable prices. Patients are increasingly seeking out hospitals that provide specialized care in areas such as oncology, cardiology, and neurology.

Trends in the market: In Indonesia, the hospitals market is growing rapidly due to an increase in government spending on healthcare and a rise in medical tourism. Private hospitals are also expanding and investing in new technology to attract patients. In Thailand, the hospitals market is benefiting from the country's aging population and the rise in chronic diseases such as diabetes and heart disease. Hospitals are investing in telemedicine and digital health solutions to improve patient outcomes. In Malaysia, the hospitals market is seeing growth in medical tourism, particularly for cosmetic surgery and fertility treatments. The government is also investing in healthcare infrastructure to improve access to care in rural areas.

Local special circumstances: In the Philippines, the hospitals market is facing challenges due to a shortage of healthcare professionals and inadequate healthcare infrastructure in some areas. However, the government is investing in healthcare and implementing reforms to address these issues. In Vietnam, the hospitals market is growing rapidly due to an increase in government spending on healthcare and a rise in medical tourism. However, there are concerns about the quality of care in some hospitals and a shortage of healthcare professionals in rural areas.

Underlying macroeconomic factors: The hospitals market in ASEAN is being driven by several macroeconomic factors, including population growth, rising incomes, and increasing healthcare spending by governments. The rise of medical tourism is also contributing to the growth of the hospitals market in some countries. However, there are also challenges such as a shortage of healthcare professionals and inadequate healthcare infrastructure in some areas. Overall, the hospitals market in ASEAN is expected to continue growing in the coming years as the region continues to develop and invest in healthcare.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The healthcare landscape in the United States is a complicated one. There are federal health insurance plans for low-income individuals namely Medicaid and CHIP (Children’s health insurance program) and Medicare for seniors and the disabled. Aside from these, people must buy private health insurance or be left uninsured because the U.S. is the only high-income country without universal healthcare coverage. Hospitals in the U.S., therefore, receive payment from multiple payers. Most revenue generated by U.S. hospitals comes from private insurance, self, or other payments. The complexity of this multi-payer system is instrumental to the U.S. having the highest administrative health costs per capita among wealthy nations.