Across the globe, a rise in government healthcare spending will boost market growth, but Asia Pacific is set to lead the pack.
The Asia Pacific region is expected to have the fastest-growing hospital market globally from 2022 to 2026, owing to the growing geriatric population in the region, especially in countries like China and India, Reportlinker has revealed.
Globally, the market stood at $4.21t in 2020 and is expected to grow at a CAGR of 6.7% during the next five years, attributed to the growing geriatric population suffering from various chronic diseases including cancer, diabetes, cardiovascular diseases, renal disorders, among others.
Additionally, rising healthcare expenditures by different governments across the globe, coupled with the penetration of large hospital chains, is further expected to foster the market growth over the next few years.
The private hospitals segment is expected to witness significant growth during the forecast period owing to the growing privatization across the hospital industry especially in the US and UK. “Also, private hospitals offer better patient care facilities and personalized treatment thereby driving the segmental growth,” the report stated.
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