Hospitals

In Jamaica, the revenue in the Hospitals market is projected to reach US$468.80m in 2024.
Looking ahead, it is expected that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 3.01%.
This growth will result in a market volume of US$543.70m by 2029.
When comparing in Jamaica to other countries globally, it is important to note that United States is projected to generate the highest revenue in the Hospitals market, with an estimated amount of US$1.50tn in 2024.
In terms of per person revenues, in Jamaica, each individual is expected to generate US$165.90 in revenue within the Hospitals market in 2024.
This figure is calculated by dividing the projected revenue by the total population.
The hospital market in Jamaica is experiencing a surge in the demand for specialized medical services.

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

Jamaica, a beautiful Caribbean island nation, is known for its vibrant culture, stunning beaches, and delicious cuisine. However, the country's healthcare sector is also an area of interest.

Customer preferences: Jamaicans prefer to have access to quality healthcare services that are affordable and easily accessible. Hospitals are an integral part of the country's healthcare system, and Jamaicans rely heavily on them for medical treatment.

Trends in the market: The Hospitals market in Jamaica has been experiencing steady growth in recent years. The demand for healthcare services has been increasing due to the country's aging population and the rising incidence of chronic diseases. Hospitals are expanding their services to meet the growing demand, and new hospitals are being built to cater to the needs of the population. The private sector is also playing a significant role in the Hospitals market in Jamaica. Private hospitals are offering specialized services and state-of-the-art medical equipment to attract patients. The competition between private and public hospitals is driving innovation and improving the quality of healthcare services in the country.

Local special circumstances: Jamaica faces unique challenges in the healthcare sector. The country has a shortage of healthcare professionals, especially in rural areas. This shortage has led to long wait times and limited access to healthcare services for some Jamaicans. The government has implemented several initiatives to address this issue. One such initiative is the deployment of Cuban medical professionals to work in Jamaican hospitals. The Cuban medical professionals are providing much-needed support to the Jamaican healthcare system, especially in rural areas.

Underlying macroeconomic factors: Jamaica's economy has been growing steadily in recent years, which has had a positive impact on the healthcare sector. The government has been investing in the healthcare sector to improve access to healthcare services and upgrade medical facilities. The tourism industry is also contributing to the growth of the Hospitals market in Jamaica. Medical tourism is becoming increasingly popular in the country, with many foreigners seeking medical treatment in Jamaican hospitals. The government has recognized the potential of medical tourism and has been promoting it as a way to boost the economy. In conclusion, the Hospitals market in Jamaica is growing steadily, driven by the rising demand for healthcare services and the competition between private and public hospitals. The government's initiatives to address the shortage of healthcare professionals and the growth of the tourism industry are also contributing to the growth of the market.

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.