Hospitals

In the year 2024, it is estimated that the revenue in the Hospitals market in Iceland will reach US$1.15bn.
This projection indicates an expected annual growth rate (CAGR 2024-2029) of 6.41%, resulting in a market volume of US$1.57bn by the year 2029.
When comparing in Iceland to other countries globally, it is worth noting that United States is expected to generate the highest revenue in the Hospitals market, with a projected amount of US$1.50tn in 2024.
To provide a context on a per capita basis, in Iceland, per person revenues of US$3.04k are anticipated in the year 2024.
Iceland's hospitals are making strides in implementing eco-friendly practices to reduce their carbon footprint and promote sustainable 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

Iceland is known for its breathtaking landscapes, geothermal pools, and the Northern Lights. However, the country also has a robust healthcare system that is constantly evolving to meet the needs of its population.

Customer preferences: Icelandic consumers prioritize quality and accessibility when it comes to healthcare. They expect modern facilities and highly skilled medical professionals. Patients also value personalized care and a strong doctor-patient relationship.

Trends in the market: The Hospitals market in Iceland has seen steady growth in recent years. One of the main drivers of this growth is the country's aging population. As the number of elderly individuals increases, so does the demand for healthcare services. Additionally, Iceland has experienced a rise in chronic diseases such as diabetes and heart disease, which require ongoing medical attention. The government has responded to these trends by investing in new hospitals and medical equipment to improve the quality of care.

Local special circumstances: Iceland's remote location and harsh climate pose unique challenges for the healthcare system. The country's population is spread out across a large area, making it difficult to provide healthcare services to everyone. Additionally, the long winters and limited daylight hours can make it challenging for medical professionals to travel to different parts of the country. To address these challenges, the government has implemented telemedicine programs that allow doctors to consult with patients remotely. This technology has been particularly helpful in rural areas where access to medical care is limited.

Underlying macroeconomic factors: Iceland's strong economy has allowed the government to invest in healthcare infrastructure and technology. The country has a high GDP per capita and low unemployment rate, which has helped to support the growth of the Hospitals market. Additionally, Iceland has a universal healthcare system that provides free or low-cost medical care to all residents. This system has helped to ensure that everyone has access to the healthcare services they need. In conclusion, the Hospitals market in Iceland is growing to meet the needs of its aging population and rising rates of chronic disease. The government's investment in healthcare infrastructure and technology has helped to improve the quality of care and ensure that everyone has access to medical services. While the country's remote location and harsh climate pose unique challenges, the use of telemedicine technology has helped to overcome these obstacles. Overall, the Hospitals market in Iceland is poised for continued growth and development in the coming years.

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.