Hospitals - Guyana

Guyana

The Hospitals market in Guyana is projected to reach a revenue of US$324.00m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 9.21%, resulting in a market volume of US$503.40m by 2029.
In comparison to other countries, United States is expected to generate the highest revenue in the Hospitals market with US$1,501.00bn in 2024.
When considering the total population, per person revenues of US$395.30 are generated in Guyana in 2024.
In Guyana, the hospital market is experiencing a surge in private investment, leading to improved infrastructure and medical services.

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

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Analyst Opinion

The healthcare industry in Guyana has been experiencing significant growth over the last few years.

Customer preferences: Customers in the Guyanese healthcare market have been showing a growing preference for private hospitals. This trend is driven by several factors, including better facilities, shorter waiting times, and more personalized care. Additionally, there has been an increasing demand for specialized medical services, such as cardiology and oncology, which private hospitals are better equipped to provide.

Trends in the market: One of the most notable trends in the Guyanese healthcare market is the increasing number of private hospitals. This trend is expected to continue in the coming years, driven by the growing demand for specialized medical services and the increasing purchasing power of the middle class. Additionally, there has been a push towards digitization and the adoption of new technologies, such as telemedicine, which is expected to improve access to healthcare services, particularly in rural areas.

Local special circumstances: Guyana's healthcare market is heavily dependent on the government, which accounts for a significant portion of healthcare spending. However, the government has been facing significant financial constraints in recent years, which has led to a decrease in healthcare spending. This has resulted in a shortage of medical supplies and equipment, as well as a shortage of healthcare professionals. As a result, private hospitals have been filling the gap, providing much-needed services to the population.

Underlying macroeconomic factors: Guyana's economy has been growing steadily over the last few years, driven by the oil and gas sector. This has led to an increase in disposable income and a growing middle class, which has in turn led to an increase in demand for healthcare services. Additionally, the government has been investing in infrastructure development, including the construction of new hospitals and healthcare facilities, which is expected to further boost the healthcare market in the coming years.

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.