Hospitals - Cuba

Cuba

The Hospitals market in Cuba is projected to reach a revenue of US$7.81bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 1.61%, resulting in a market volume of US$8.46bn by 2029.
When compared globally, United States is expected to generate the highest revenue of US$1,501.00bn in 2024.
In terms of per person revenues, in Cuba is estimated to generate US$698.80 in 2024.
Cuba's hospital market is characterized by a strong emphasis on preventive care and a focus on medical education and research.

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

Market

Region

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Currency

Analyst Opinion

The healthcare industry in Cuba has been a topic of interest for many years due to its unique approach to healthcare.

Customer preferences: Cuban citizens have access to free healthcare, which is provided by the government. The hospitals market in Cuba is dominated by public hospitals, which are funded by the state. Private hospitals are scarce, and they cater to tourists and wealthy Cubans who can afford to pay for healthcare. Cuban citizens prefer to use public hospitals due to their affordability and accessibility.

Trends in the market: The hospitals market in Cuba has been experiencing growth due to the government's efforts to improve healthcare services. The government has been investing heavily in the healthcare sector, with a focus on improving the quality of healthcare services and increasing the number of healthcare facilities. As a result, there has been an increase in the number of hospitals and medical clinics in the country. The government has also been working to attract foreign investment in the healthcare sector, which has led to the establishment of joint ventures between foreign companies and the Cuban government.

Local special circumstances: One of the unique aspects of the Cuban healthcare system is the emphasis on preventive healthcare. The government has implemented various programs to promote healthy living and prevent diseases. The government has also been investing in medical research, which has led to the development of various vaccines and treatments. Additionally, the Cuban healthcare system has a strong focus on community-based healthcare, which involves healthcare workers visiting patients in their homes.

Underlying macroeconomic factors: The Cuban economy has been struggling due to the impact of the COVID-19 pandemic and the US embargo. The healthcare sector has not been immune to these challenges, with shortages of medical supplies and equipment being reported. However, the government's commitment to investing in the healthcare sector has remained strong, and it is expected that the sector will continue to grow in the coming years. The government has also been working to diversify the economy, which could lead to increased investment in the healthcare sector.

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.