Population growth, especially among older cohorts, to underlie increases
CLEVELAND, Sept. 23, 2022 /PRNewswire/ — Global healthcare expenditures are projected to rise 3.4% annually in real terms through 2026, according to Global Healthcare, a report recently released by Freedonia Focus Reports. Spending will be driven by increasing access to myriad healthcare services in low- and middle-income countries and population growth, particularly in the cohort 50 years of age and older. Through 2026, North America is projected spend the most of any region on healthcare products and services. While North America represented only 6% of the global population in 2021, the region accounted for 38% of global healthcare expenditures due to intensive use of healthcare resources in the US, where healthcare represented 20% of GDP in 2021.
Low-income countries are expected to post the strongest growth in healthcare spending through 2026. Health expenditures in the Asia/Pacific region, for example, are forecast to increase 5.6% per year, while gains in the Africa/Mideast region are projected to grow 5.0% per annum. Rising incomes in many of these countries will support advances in healthcare expenditures. As of 2021, per capita healthcare expenditures in these regions were substantially lower than in the US or Western Europe. Rapid growth in spending will be in part a result of the low initial base.
Further growth in healthcare spending will be limited by shortages of medical personnel in many countries. While middle- and low-income countries will continue to suffer from the most extreme shortages, high-income countries are also projected to experience growing shortages of doctors and nurses through the forecast period. The intensifying shortage of medical staff in many high-income countries is in large part the result of the aging population, which leads to the need for more staffing. Additionally, the stress of the COVID-19 pandemic on medical personnel prompted many to retire or otherwise leave the profession.
These and other key insights are featured in Global Healthcare. This report forecasts to 2022 and 2026 the following measures related to global healthcare:
- healthcare expenditures
- healthcare expenditures per capita
- healthcare expenditures as a share of GDP
- population 50 years of age and older
Healthcare expenditures are measured in real (inflation-adjusted) US dollars.
World regions include North America, Western Europe, Asia/Pacific, and all other regions.
In addition, for the three main regions, total and per capita healthcare expenditures are forecast for the largest economies within that region.
To illustrate historical trends, global, regional, and country expenditures are provided for 2011, 2016, and 2021.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Healthcare & Biotechnology reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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SOURCE The Freedonia Group