Hospitals - Estonia

Estonia

In 2024, the projected revenue in the Hospitals market in Estonia is estimated to reach US$1.10bn.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.79%, resulting in a market volume of US$1.39bn by 2029.
When compared to other countries globally, United States is forecasted to generate the highest revenue of US$1,501.00bn in 2024.
In terms of per capita figures, in Estonia is expected to generate revenues of US$0.84k per person in 2024.
The hospital market in Estonia is experiencing a growing demand for telemedicine services due to the country's large rural population and limited access to healthcare facilities.

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

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Analyst Opinion

The healthcare industry in Estonia has been experiencing significant growth in recent years, with the hospitals market being a key contributor to this growth.

Customer preferences: Customers in Estonia have shown a growing preference for private hospitals over public hospitals due to the perceived higher quality of care and shorter wait times. This trend is particularly evident in urban areas where private hospitals are more prevalent. Additionally, there is an increasing demand for specialized medical services such as oncology, cardiology, and neurology.

Trends in the market: The hospitals market in Estonia is expected to continue growing due to several factors. Firstly, the aging population in Estonia is driving demand for healthcare services, including hospital care. Secondly, the government has been investing in the healthcare sector, which has led to the development of new hospitals and upgrades to existing ones. Thirdly, medical tourism is becoming increasingly popular in Estonia, with many patients from neighboring countries seeking medical treatment in Estonia due to the lower cost of medical services compared to their home countries.

Local special circumstances: Estonia has a unique healthcare system where both private and public hospitals coexist. Public hospitals are funded by the government and are free for Estonian citizens, while private hospitals are funded by private individuals or companies and are generally more expensive. Due to the small size of the country, there is a limited number of hospitals, which has led to the development of specialized hospitals that cater to specific medical needs.

Underlying macroeconomic factors: Estonia has a stable economy with a high level of digitalization, which has led to the development of e-health services. This has made it easier for patients to access medical services, including hospital care. Additionally, the government has been investing in the healthcare sector, which has led to the development of new hospitals and upgrades to existing ones. The aging population in Estonia is also driving demand for healthcare services, including hospital care.

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.