Hospitals

The Hospitals market in Colombia is expected to see a significant increase in revenue, reaching US$9.09bn by 2024.
This projection indicates a positive growth trend, with an annual growth rate of 4.09% from 2024 to 2029.
By 2029, the market volume is expected to reach US$11.10bn.
When compared globally, it is important to note that United States is projected to generate the highest revenue in the Hospitals market, amounting to US$1.50tn in 2024.
This highlights the significant contribution of the United States to the global market.
In terms of per capita revenue, in Colombia is expected to generate approximately US$173.60 per person in 2024.
This figure provides insight into the economic impact of the Hospitals market on the Colombian population.
Colombia's hospitals are experiencing a surge in demand for telemedicine services due to the country's vast rural areas and limited access to healthcare.

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

The healthcare industry in Colombia is constantly evolving, with the hospitals market being a significant contributor to the sector.

Customer preferences: Colombian patients have become increasingly aware of the importance of quality healthcare services, leading to a rise in demand for modern and well-equipped hospitals. Patients now expect a higher level of care and amenities, such as private rooms, specialized medical equipment, and personalized attention from healthcare professionals.

Trends in the market: One of the major trends in the Colombian hospitals market is the increasing adoption of technology. Hospitals are investing in digital health solutions, such as electronic health records, telemedicine, and patient portals, to improve patient outcomes and enhance the overall healthcare experience. Additionally, there is a growing trend towards consolidation in the market, with larger hospitals acquiring smaller clinics and hospitals to expand their reach and enhance their service offerings.

Local special circumstances: Colombia's healthcare system is a hybrid of public and private sectors, with the majority of the population relying on the public system. The government has implemented various policies to improve the accessibility and quality of healthcare services, including the expansion of health insurance coverage and the implementation of price controls on medications. However, the private sector remains dominant in the hospitals market, with patients willing to pay for higher-quality services and amenities.

Underlying macroeconomic factors: Colombia's economy has been growing steadily over the past few years, with a GDP growth rate of 3.3% in 2019. This has led to an increase in disposable income, allowing more Colombians to afford private healthcare services. Additionally, the government's focus on improving the healthcare system has led to increased investment in the sector, with more resources being allocated towards the construction and modernization of hospitals. In conclusion, the hospitals market in Colombia is experiencing significant growth and evolution, driven by customer preferences for higher-quality healthcare services, the adoption of technology, and the country's improving macroeconomic conditions. The market is expected to continue to expand in the coming years, with increased investment and consolidation leading to the emergence of larger and more advanced hospitals.

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.