Influence of Covid-19 on Private Healthcare Market

Global Private Healthcare Market: Introduction

Privately funded healthcare service or private healthcare market is prognosticated to experience a significant rise in the forthcoming years, all across the globe. It has various services such as private medical insurance, acute medical care, psychiatric care, primary care, and long term care.

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The Private medical healthcare facilities are backed by out of pocket funds and private medical insurance policies. Among these several sectors of private healthcare, long term care sector is anticipated to emerge as the major sector in the global private healthcare market. The industry differs in responsibilities and size based on countries. In many nations, the private healthcare market is highly fragmented owing to the presence of various players operating in it. The market has various small players owned by health experts. However, the market is likely to expand more in coming years.

Global Private Healthcare Market: Novel Developments

In countries like India, public healthcare system has been bearing the weight of healthcare sector single handedly since decades. But, It has now become difficult to manage the well-being of a country with population of around 150 crore. As a result private healthcare market is being welcomed and supported with open arms for the providing best healthcare services to the people at affordable rate. Nevertheless, since most of the expenditure goes into buying advanced technologies, and devices, it becomes difficult to maintain the low price mark.

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In India, Ayushman Bharat policy was launched in September 2018. This was when the nation was undergoing a major shift in trend. The insurance policy launched by the government had the capacity of improving the lives of millions of people, with effective reduction in price.
A well-known employee experience platform, Perkbox got into partnership with another global healthcare service organization Healix. The main aim was to expand its medical facilities by including two more tiers of health insurance. Perkbox Medical help decrease cost of health insurance for every organization. It has successfully achieved the goal by integrating the new policy benefits in order to provide great cover in major industries. It has also kept the cost factor in check throughout the claim journey. The aim is to cater for the private healthcare needs across a wide spectrum of businesses, in an accessible and easy-to-manage way.
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Private healthcare service in Upper East region claim to gradually withdraw their facilities from the coming months, in case National Health Insurance Authority (NHIA) fails to pay them a part of their claims.
Dr. Francis Asaanah, Regional Chairman of Association of Private Healthcare, in a media conference in Bolgatanga, stated that at least 5 towns in the region would suffer if the services are withdrawn.

The key players leading the global private healthcare market include Bupa Insurance Ltd., Bupa Care Homes Plc, Capita Health and Wellbeing Ltd., Colombia Asia, Four Seasons Healthcare Ltd., MedLife and Hca International.

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Global Private Healthcare Market Dynamics

Increase in Geriatric Population to Bolster Demand in Private Healthcare Market

Rise in number of elderly people, better reimbursement policies, and rising prevalence of chronic ailments are among the major factors contributing in the growth of private healthcare market all over the globe. Moreover, increase in outsourcing by National Health Services (NHS) and presence of advance healthcare facilities and treatment are boosting the demand of the global private healthcare market. Nevertheless, high expenses involved and sluggish economic growth are the major elements hindering the demand in the global private healthcare market.

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Ailments Related to Change in lifestyle to make North America Lead Globally

Regionally, North America leads the global private healthcare market owing to rising geriatric population, and ailments related to change in lifestyle. Asia trailed by Europe are as well foreseen to depict a significant growth rate in the forthcoming years in the global private healthcare market. Nations like India and China are likely to emerge as the fastest growing market for private healthcare in Asia-Pacific.

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