Hospitals

In Nigeria, the revenue in the Hospitals market is projected to reach US$6.21bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 10.53%, resulting in a market volume of US$10.25bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Hospitals market, reaching US$1.50tn in 2024.
In relation to the total population figures, per person revenues of US$27.11 are generated in Nigeria in 2024.
The hospital market in Nigeria is experiencing a growing demand for specialized healthcare services due to an increasing population and rising health awareness.

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

The healthcare industry in Nigeria has been growing at a steady pace in recent years, and the hospitals market is no exception. With a population of over 200 million people, Nigeria has a high demand for healthcare services, and this has led to an increase in the number of hospitals across the country.

Customer preferences: Customers in Nigeria prefer hospitals that offer quality healthcare services at an affordable price. They also value hospitals that have modern facilities and equipment, as well as those that offer a wide range of services. In addition, customers in Nigeria prefer hospitals that have qualified and experienced medical professionals.

Trends in the market: One trend in the hospitals market in Nigeria is the increasing adoption of technology. Hospitals are investing in modern equipment and facilities to improve the quality of healthcare services they offer. Another trend is the growing demand for specialized healthcare services. Hospitals are expanding their services to include specialized areas such as cardiology, oncology, and neurology, to meet the growing demand for these services.

Local special circumstances: One of the challenges facing the hospitals market in Nigeria is the inadequate healthcare infrastructure. Many hospitals in the country lack modern facilities and equipment, which affects the quality of healthcare services they offer. In addition, there is a shortage of qualified medical professionals, which makes it difficult for hospitals to provide quality healthcare services.

Underlying macroeconomic factors: The growth of the hospitals market in Nigeria is driven by several underlying macroeconomic factors. These include the growing population, rising income levels, and increasing awareness about the importance of healthcare. In addition, the government has been taking steps to improve the healthcare sector in the country, which has led to increased investment in the hospitals market. In conclusion, the hospitals market in Nigeria is growing due to the increasing demand for healthcare services, the adoption of technology, and the expansion of specialized healthcare services. However, the market is also facing challenges such as inadequate healthcare infrastructure and a shortage of qualified medical professionals. The growth of the market is driven by macroeconomic factors such as population growth, rising income levels, and government investment in the healthcare sector.

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.