Hospitals - Turkey

Turkey

The projected revenue in the Hospitals market in Turkey is expected to reach US$10.35bn in 2024.
It is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.11%, resulting in a market volume of US$12.06bn by 2029.
In a global comparison, United States is expected to generate the highest revenue, reaching US$1,501.00bn in 2024.
In terms of per person revenues, in Turkey is estimated to generate US$120.00 in 2024.
The increasing demand for private hospitals in Turkey has led to a rise in medical tourism and investment in state-of-the-art healthcare facilities.

Key regions: United States, China, Germany, Japan, Europe

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Analyst Opinion

The healthcare industry in Turkey has been growing rapidly over the years, and the hospitals market is no exception.

Customer preferences: Turkish citizens have been increasingly seeking private healthcare services due to the perceived higher quality of care and shorter wait times. This has led to a rise in demand for private hospitals in the country. Additionally, the aging population has increased the demand for medical services, particularly in the areas of cardiology, neurology, and oncology.

Trends in the market: The hospitals market in Turkey has been experiencing a trend of consolidation, with larger hospital chains acquiring smaller hospitals in order to expand their reach and increase their market share. This trend has been driven by the need to achieve economies of scale and improve operational efficiency. Another trend in the market is the adoption of technology, such as electronic health records and telemedicine, to improve patient care and reduce costs.

Local special circumstances: One of the unique characteristics of the hospitals market in Turkey is the presence of medical tourism. Turkey has become a popular destination for medical tourists due to the high quality of care and lower costs compared to other countries. This has led to an increase in the number of private hospitals that cater specifically to medical tourists.

Underlying macroeconomic factors: The growth of the hospitals market in Turkey can be attributed to several underlying macroeconomic factors. The country has experienced a period of economic growth and political stability, which has led to an increase in healthcare spending. Additionally, the government has been investing in healthcare infrastructure, particularly in the areas of primary care and preventative medicine. Finally, the implementation of universal healthcare coverage has increased access to medical services for the population, leading to an overall increase in demand for healthcare services.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.