Hospitals - Canada

Canada

The Hospitals market in Canada is anticipated to witness a significant growth in revenue, with projections indicating that it will reach US$70.16bn by 2024.
Furthermore, experts expect this sector to maintain a steady annual growth rate of 3.79% from 2024 to 2029, resulting in a market volume of US$84.52bn by the end of the forecast period.
In a global context, United States is expected to generate the highest revenue in the Hospitals market, reaching a staggering US$1,501.00bn in 2024.
This demonstrates the dominance of the United States in terms of market size and revenue generation.
When considering the population figures, it is noteworthy that in 2024, per person revenues in Canada's Hospitals market will amount to US$1.79k.
This figure highlights the economic significance of the healthcare industry and its impact on the country's overall financial landscape.
In Canada, hospitals are increasingly adopting telemedicine technologies to improve access to healthcare in remote areas.

Key regions: United States, China, Germany, Japan, Europe

Market

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Analyst Opinion

The healthcare industry in Canada is one of the largest and most developed in the world, and the hospitals market plays a significant role in providing healthcare services to Canadians.

Customer preferences: In recent years, there has been a growing trend towards patient-centered care, which focuses on providing personalized care to patients based on their individual needs and preferences. Patients are increasingly seeking out hospitals that offer a wide range of services, including specialized treatments and procedures, and that have a reputation for delivering high-quality care.

Trends in the market: One of the key trends in the Canadian hospitals market is the increasing use of technology to improve patient outcomes and reduce costs. Hospitals are investing in advanced medical equipment and digital health solutions to enhance the quality of care they provide and improve efficiency. Another trend is the growing demand for mental health services, as Canadians become more aware of the importance of mental health and seek out hospitals that offer comprehensive mental health programs.

Local special circumstances: One of the unique features of the Canadian hospitals market is the presence of both public and private hospitals. While public hospitals are funded by the government and provide healthcare services to all Canadians, regardless of their ability to pay, private hospitals are typically owned and operated by for-profit organizations and cater to patients who are willing to pay for faster access to care and more personalized services.

Underlying macroeconomic factors: The Canadian hospitals market is influenced by a number of macroeconomic factors, including government healthcare policies, demographic trends, and the overall state of the economy. For example, changes to government funding for healthcare can have a significant impact on the availability and quality of hospital services, while an aging population may increase demand for specialized care. The state of the economy can also affect the hospitals market, as patients may be more or less likely to seek out healthcare services depending on their financial situation.

Methodology

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.