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Hospitals - Sri Lanka

Sri Lanka
  • The Hospitals market in Sri Lanka is expected to witness significant growth in the coming years.
  • According to projections, the revenue in this market is estimated to reach US$1.20bn in 2024.
  • Furthermore, it is anticipated that the revenue will experience a compound annual growth rate (CAGR) of -1.68% from 2024 to 2029, resulting in a market volume of US$1.11bn by 2029.
  • In comparison to other countries, United States is expected to generate the highest revenue in the Hospitals market, reaching a staggering US$1.50tn in 2024.
  • This highlights the dominant position of the United States in the global market.
  • To put the revenue figures into perspective, in 2024, the per person revenue generated in Sri Lanka's Hospitals market amounts to US$54.85.
  • This indicates the average revenue generated per individual in the country's population.
  • Sri Lanka's hospital market is experiencing an increasing demand for advanced medical technology and a growing emphasis on specialized healthcare 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.

In-Scope

  • General hospitals, including community, county, and regional hospitals
  • Psychiatric hospitals
  • Specialist hospitals, such as maternity clinics and aesthetics clinics

Out-Of-Scope

  • 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
Hospitals: market data & analysis - Cover

Market Insights report

Hospitals: market data & analysis

Study Details

    Revenue

    Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.

    Most recent update: Apr 2024

    Source: Statista Market Insights

    Most recent update: Apr 2024

    Source: Statista Market Insights

    Analyst Opinion

    The healthcare industry in Sri Lanka has been growing rapidly over the past few years with a focus on improving the quality of healthcare services across the country. As a result, the Hospitals market has also seen significant growth in recent years.

    Customer preferences:
    Customers in Sri Lanka are becoming more aware of the importance of quality healthcare services and are willing to pay for it. They are increasingly seeking out hospitals that offer modern facilities, state-of-the-art medical equipment, and highly qualified medical professionals. Patients are also looking for hospitals that provide personalized care and a comfortable environment, which has led to an increase in demand for private hospitals.

    Trends in the market:
    The Hospitals market in Sri Lanka is seeing a trend towards consolidation with larger hospitals acquiring smaller ones. This trend is driven by the need to improve efficiency, reduce costs, and increase market share. Another trend is the increasing use of technology in healthcare services, such as telemedicine, which allows patients to consult with medical professionals remotely. This has become particularly important during the COVID-19 pandemic.

    Local special circumstances:
    One of the unique challenges facing the Hospitals market in Sri Lanka is the shortage of qualified medical professionals, particularly in rural areas. This has led to a concentration of healthcare services in urban areas, which can be a barrier to access for patients living in rural areas. Another challenge is the high cost of healthcare services, which can be a barrier to access for lower-income patients.

    Underlying macroeconomic factors:
    The growth of the Hospitals market in Sri Lanka is driven by several macroeconomic factors, including the country's growing population, increasing urbanization, and rising income levels. The government has also been investing in healthcare infrastructure, which has helped to improve the quality of healthcare services across the country. However, the country's healthcare system still faces challenges, particularly in terms of access to healthcare services for all segments of the population.

    Hospitals

    Most recent update: Apr 2024

    Sources: Statista Market Insights, OECD, WHO, National statistical offices

    Hospital beds

    Most recent update: Apr 2024

    Sources: Statista Market Insights, World Bank, WHO

    Global Comparison

    Most recent update: Apr 2024

    Source: Statista Market Insights

    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.

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    Hospitals: market data & analysis - BackgroundHospitals: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    U.S. Hospitals - Statistics & Facts

    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.
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