Hospitals

In Papua New Guinea, the Hospitals market is expected to witness a significant increase in revenue.
It is projected to reach a substantial amount of US$442.40m in 2024.
Furthermore, this market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 1.21%.
As a result, the market volume is estimated to reach US$469.80m by 2029.
When compared globally, United States is expected to generate the highest revenue in the Hospitals market.
In 2024, it is projected to earn an impressive amount of US$1.50tn.
To put things into perspective, the per person revenue in Papua New Guinea's Hospitals market is estimated to be US$42.07 in 2024.
This figure demonstrates the financial impact this market has on the country's population.
Papua New Guinea's hospital market is experiencing a surge in demand for specialized medical services due to an increasing urban population and improved access to healthcare facilities.

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 Papua New Guinea has been experiencing significant growth in recent years, with the Hospitals market being a major contributor to this trend.

Customer preferences: The increasing demand for quality healthcare services from the growing population in Papua New Guinea has been a major driver of the Hospitals market. Patients are becoming more aware of the need for quality healthcare services and are willing to pay for them. Additionally, the rising incidence of chronic diseases such as diabetes, cancer, and cardiovascular diseases has led to an increased need for specialized medical care.

Trends in the market: One of the major trends in the Hospitals market in Papua New Guinea is the increasing adoption of technology in healthcare. Hospitals are investing in modern medical equipment and adopting electronic health records to improve the quality of care and patient outcomes. Additionally, there has been a growing trend towards medical tourism, with patients from other countries seeking medical treatment in Papua New Guinea due to its lower costs and high-quality care.

Local special circumstances: The healthcare industry in Papua New Guinea faces several challenges, including inadequate infrastructure, limited funding, and a shortage of skilled healthcare professionals. These challenges have led to a lack of access to quality healthcare services, particularly in rural areas. However, the government has been making efforts to address these challenges by increasing funding for healthcare and investing in infrastructure and healthcare training programs.

Underlying macroeconomic factors: The Papua New Guinea economy has been growing steadily in recent years, driven by the mining and petroleum sectors. This growth has led to an increase in disposable income and a growing middle class, which has further fueled the demand for quality healthcare services. Additionally, the government has been implementing policies to encourage private sector investment in healthcare, which has led to increased competition and innovation in the Hospitals 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.