APAC emerged as second largest market for hospitals, outpatient centres

China’s medical insurance schemes will help improve healthcare access in the country.

Asia Pacific emerged as the second largest region for hospitals and outpatient care centres, accounting for 26% of the market in 2020, according to a report from ReportLinker.

Beating Asia Pacific in first place was North America, which accounts for 40% of the market in 2020. Africa was revealed to be the smallest region in the global hospitals and outpatient care centers market.

The report noted that an effective implementation of health plans is the core reason for the improvement in healthcare access in developing countries such as India and China. Further, China’s urban resident basic medical insurance and new rural cooperative medical insurance schemes are set to improve healthcare access in the country.

Global hospitals and outpatient care centers market is expected to grow from $3.38t in 2020 to $3.78t in 2021 at a compound annual growth rate (CAGR) of 11.8%, mainly due to the companies rearranging their operations and recovering from the pandemic impact.

The market is expected to reach $4.96t in 2025 at a CAGR of 7%.