Private healthcare has various sectors such as acute medical care, private medical insurance, long term care, psychiatric care and primary care. Private healthcare is funded by private medical insurance policies and by out of pocket expenditure. Long term care healthcare sector is the largest sector in the private healthcare market. The private healthcare sector varies with size and responsibilities in various countries. In many countries, private healthcare sector is extremely fragmented. Private healthcare sector has many small practices owned by healthcare professionals. In addition, private healthcare sector is becoming corporate.
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North America dominates the global market for private healthcare due to large number of aging population and increasing lifestyle associated diseases. Asia followed by the Europe are expected to show high growth rates in the next five years in the global private healthcare market. China and India are expected to be the fastest growing private healthcare markets in Asia-Pacific region. Some of the key driving forces for private healthcare market in emerging countries are large pool of patients, increasing healthcare awareness and increasing healthcare expenditure. In addition, in the emerging countries due to lack of resources the government is not able to meet healthcare needs.
In recent times there is increased use of private healthcare due to increasing demand of healthcare services. Increasing geriatric population, improved reimbursement policies and increasing incidence of chronic diseases are some of the key factors driving the growth for the global private healthcare market. In addition, high amount of National Health Services (NHS) outsourcing and emergence of advance medical technologies and treatment are also fuelling the growth of the global private healthcare market. However, high cost involvement and economic slowdown are some of the major factors restraining the growth for global private healthcare market.
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Increasing medical tourism and less waiting time for treatments would develop opportunity for the global private healthcare market. The trend for the global private healthcare market is increasing demand for diagnostic treatment and care. Some of the major companies operating in the global private healthcare market are Bupa Care Homes Plc, Bupa Insurance Ltd., Capita Health and Wellbeing Ltd., Four Seasons Healthcare Ltd., Colombia Asia, MedLife and Hca International.
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