Hospitals - Caribbean

Caribbean

In the Caribbean, the Hospitals market is forecasted to achieve a revenue of US$13.22bn by the year 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.01%, leading to a market volume of US$15.33bn by 2029.
When compared to the global market, United States is projected to generate the highest revenue, amounting to US$1,501.00bn in 2024.
In terms of per capita figures, the revenue generated per person in the Caribbean is estimated to be US$326.00 in 2024.
With its limited resources and remote locations, the Caribbean struggles to provide adequate healthcare services in its hospitals.

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

Market

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Analyst Opinion

The healthcare sector has been growing in the Caribbean region, with an increasing demand for medical services. The Hospitals market in the Caribbean has been developing in response to the growing demand for healthcare services.

Customer preferences: Customers in the Caribbean region are becoming more conscious of their health and are seeking better healthcare services. The demand for quality medical care has been increasing, with customers looking for hospitals that offer advanced medical equipment and technology. Patients are also seeking hospitals that offer personalized care and have experienced medical professionals.

Trends in the market: The Caribbean region has seen an increase in medical tourism, with patients traveling to the region for medical procedures. This trend has led to an increase in private hospitals that cater to the needs of medical tourists. Public hospitals are also upgrading their facilities to meet the growing demand for medical services.

Local special circumstances: The Caribbean region is prone to natural disasters such as hurricanes, which can have a significant impact on the healthcare sector. Hospitals in the region are required to have contingency plans in place to ensure that they can continue to provide medical services during and after a natural disaster.

Underlying macroeconomic factors: The Caribbean region has a growing population, which has led to an increase in the demand for healthcare services. The region has also seen an increase in the prevalence of chronic diseases such as diabetes and hypertension, which has led to an increase in the demand for medical services. The governments in the region are investing in the healthcare sector to provide better medical services to their citizens. The growth of the tourism industry has also contributed to the growth of the healthcare sector, with an increase in medical tourism.

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.