A study has concluded that private medical care and medicine is set to boom in emerging nations. The research, which was conducted by Swiss Re, has revealed that state-run services are going to be unlikely to keep up with the demand for premium quality health care. This high level of service is not only going to be demanded by expats but local communities as well.
The Swiss Re study came to some interesting conclusions, with the company predicting that the total expenditure on all types of medical cover, including international health and life insurance, will double within the next seven years in developing nations. In terms of figures, two years ago the total spend was calculated at £24 billion / $36 billion, yet Swiss Re predicts that this will hit £54 billion / $79 billion by 2020 in emerging markets. This expenditure is born from the fact that individuals are now demanding greater levels of quality in terms of health services, which will see private services boom across the entire spectrum, from treatment to medicine.
Over recent years, we have seen many progressions in terms of advanced medical technology, and people are becoming more educated about their health. We demand a better quality of life, and it seems that the majority of us are going to turn to private medical care to achieve this. There is no denying that, for the most part, the public hospitals in emerging nations cannot offer the premium quality medical care we are looking for. While there are some exceptions, people recognise that they will need to turn to the private medical centres if they are to receive the standards they demand. This is something we are willing to pay for, especially in the case of expats who often have to pay for public medical care in any case. Some of the private medical centres in developing countries are truly astonishing, boasting the most up to date technology and equipment, rivalling the main medical centres in Europe.
In terms of the spending on private medical cover, treatment and other related products, Swiss Re predict that the greatest growth will occur in emerging Asia countries, where we can see a rise from £6.4 billion / $ 9.4 billion recorded in 2013 to a predicted £21.6 billion / $31.8 billion in 2020. However, significant increases in spending can be seen across the globe. The market in Africa and the Middle East is predicted to double from £5.3 billion / $7.8 billion to £10.6 billion / $15.6 billion, whereas in Latin America the spending is expected to go from £10.1 billion / $14.9 billion to £17.2 billion / $25.3 million.
This is music to the ears for expats, and it also provides a great opportunity for anyone that is interested in nursing or currently works at a hospital in the UK. By taking a Masters in Nursing Online you could have the opportunity to work in some of the best and most impressive hospitals around the world. Plus, there are likely to be more and more job opportunities that come with this.
As you can see, the picture regarding private medical care and medicine seems very positive to say the least! It is certainly something worth keeping an eye on.