San Jose, California (PRWEB) August 07, 2012 – The private healthcare market is emerging as a key alternative to publicly funded healthcare systems worldwide. In many countries, private healthcare systems aid in easing the burden of government in providing affordable healthcare services. Even though developed nations assign huge amounts as spending on healthcare, the high expenditure is accompanied by concerns over long-term sustainability. Policy making is therefore shifting towards a structure that is largely value-centric; preventive in nature; encourages outpatient procedures and broadens healthcare delivery to include basic health personnel along with physicians. Structural modification in cue with sustainability is leading to a sea change in the pattern of investment as well as future growth prospects.
The highly competitive nature of the private healthcare market, particularly with reference to attractive treatment options and insurance schemes to existing and potential patients, is in itself an effective regulation mechanism. However most often, self-regulation does not prove to be adequate, and Governmental control is considered necessary to avert unethical practices such as high pricing, formation of cartels, and monetizing healthcare, among others. Quality of service is the main advantage offered by private healthcare systems, made possible by the cut-throat competition among private hospitals. Since most of the procedures are already commoditized, the main differentiating factor is the quality of the service offered.
Private healthcare systems also cash in on their capability of offering a range of services on a platter, unlike the publicly funded healthcare system which has a predetermined set of services that are mostly nonflexible. Patients also have the option of choosing from among several medical experts and specialist doctors and they also have a say in deciding the treatment modality. Patients finding it difficult to bear the heavy burden of private care expenditure can choose from a wide range of private medical insurance schemes in the market.
In developed western markets and few developing markets, patients availing the self-pay procedure, have faster access to innovative and advanced technology in healthcare as compared to those covered under social or private insurance schemes. For instance in the US, the Medicare and Medicaid social healthcare schemes are the slowest to cover for new technologies when compared to self-pay plans and hence it is easier for self-pay patients to access new treatments. Manufacturers of innovative medical technologies are witnessing scope for strong growth in the backdrop of increasing private participation in the western healthcare markets. The manufacturers can have a relatively quicker access to market for their technologies as private players embrace technologies faster than the public sector. The private sector can also react faster to technology changes, is more receptive to innovations in technology, and is considered more flexible when compared to the public sector.
Governments in most developing countries are often incapacitated in providing wholesome and superior full-service medical facilities, thereby paving the way for an increasingly important role for the private healthcare sector. In low income countries, the private sector's role is limited to only providing outpatient care, pharmaceutical sales and other informal services. Majority of medical facilities and healthcare continues to be largely supported by government backed public healthcare systems. The private sector in these countries not only assumes the functions of the government for provision of easy healthcare access to public, but also aids in economic and social development of the area. Private healthcare is delivered through many forms in the developing countries, primarily through centers working solely for profit or in the form of NGOs (Non-Government Organizations) delivering healthcare on a market-based approach. In most of the developing countries, governments and charity NGOs fail to provide a wider access to healthcare mainly due to lack of adequate technical capacity and infrastructure to cater to the usually large population.
The United States is the largest regional market for private healthcare spending, as stated by the new research report on Private Healthcare. Almost 50% of the funding for the private healthcare sector in the United States is sourced through private funding, where such services are provided to the public via several private and employer-initiated schemes. The United States healthcare percapita expenditure, covering both public and private avenues, is the highest in the world, with healthcare expenditure as a percentage of GDP ranking the highest at about 17% of the nation's GDP. Asia-Pacific, although relatively smaller in terms of healthcare spending, is however poised to gain strength from rapidly evolving markets of China, India, Singapore, Malaysia and others to register a sturdy CAGR of over 21% through 2018.
Major private healthcare providers profiled in the report include, Apollo Hospital Enterprise Ltd., Asklepios Group, Boai Medical Group, BUPA, Bumrungrad International Hospital, Care UK Ltd., Fortis Healthcare, General Healthcare Group Plc, BMI Healthcare, Netcare Limited, HCA International Hospital, HealthSouth Corporation, Helios Hospital Group, Life Healthcare, Mediclinic International Limited, Nuffield Health, Parkway Holdings Limited, Ramsay Healthcare Limited, Saudi German Hospitals Group, Spire Healthcare Limited, USP Hospitales, and Wockhardt Ltd., among others.
The research report titled "Private Healthcare: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the global and regional private healthcare market overview, competitive scenario, key growth drivers, recent industry activity, service launches and profiles of major/niche global as well as regional market participants. The report provides annual spending estimates and projections for private healthcare market for the years 2010 through 2018 for the following geographic markets, US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. Also, a six-year (2004-2009) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Private_Healthcare_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
| Copyright: | (c) 2012 PRWEB.COM Newswire |
| Source: | PR Web |
| Wordcount: | 1027 |
07 Aug, 2012
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Source: http://insurancenewsnet.com/article.aspx?id=353209&type=lifehealth
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