Expanding Access in Low-/Middle-Income Countries to Drive Increased Global Health Spending
Population growth, especially among older cohorts, will underpin increases
CLEVELAND, September 23, 2022 /PRNewswire/ — Global health spending is expected to grow 3.4% per year in real terms through 2026, according to Global healthcare, a report recently published by Freedonia Focus Reports. Spending will be boosted by improved access to a myriad of healthcare services in low- and middle-income countries and by population growth, particularly in the 50-plus cohort. Until 2026, North America is expected to spend the most of any region on healthcare products and services. Whereas North America accounted for only 6% of the world’s population in 2021, the region accounted for 38% of global health spending due to intensive use of health resources in the United States, where health care accounted for 20% of GDP in 2021 .
Low-income countries are expected to show the strongest health spending growth through 2026. Health spending in the Asia Pacific region, for example, are expected to increase by 5.6% per year, while gains in Africa/The Middle East region is expected to grow by 5.0% per year. Rising incomes in many of these countries will support rising health spending. In 2021, health spending per capita in these regions was significantly lower than in the United States or Western Europe. The rapid growth in spending will be partly the result of the low initial base.
Further growth in health spending will be limited by the shortage 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 expected to experience increasing shortages of doctors and nurses during the forecast period. The growing shortage of medical personnel in many high-income countries is largely the result of aging populations, which require more personnel. Additionally, the stress of the COVID-19 pandemic on medical personnel has prompted many people to retire or leave the profession.
This and other key information is presented in Global healthcare. This report forecasts for 2022 and 2026 the following measures related to global health care:
- health expenditure
- health expenditure per capita
- health expenditure as a percentage of GDP
- population aged 50 and over
Health expenditures are measured in real US dollars (adjusted for inflation).
Regions of the world include North America, Western Europe, Asia Pacificand all other regions.
In addition, for the three major regions, total and per capita health expenditures are projected for the largest economies in that region.
To illustrate historical trends, global, regional and national expenditures are provided for 2011, 2016 and 2021.
More information on 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 up-to-date, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, the Focus report’s coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Healthcare and Biotechnology reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
The analysis is intended to guide the busy reader through relevant topics in quick succession, including:
- total historical market size and industry production
- segmentation by products and markets
- identification of market drivers, restraints and key indicators
- outlook segment by segment in 5-year forecasts
- supply base survey
- suggested resources for further study
SOURCE The Freedonia Group