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According to the latest PMR report, the fastest growth rate of the private healthcare market is expected between 2019 and 2020. The growth will be driven by strong household consumption supported by a good labour market situation.
Demographic trends will affect the private healthcare market
Low and falling unemployment, as well as rising wages and consumer confidence, will contribute to higher household spending, including private health expenditure.
The demographic factor is also important, i.e. the decreasing number of people in the productive and pre-productive age and the growing number of people in the post-productive age, being a significant group of consumers of health care products and services. On the other hand, it will reduce the potential group of subscribers and health insurance customers, which are mainly corporate customers, i.e. people in the productive age, but it is a smaller group than people using FFS.
Moreover, a gradual increase in inflation is projected, which will also have an impact on prices of health services and, consequently, on the projected market value.
Slowdown in GDP growth
In the forecast horizon, the growth rate of the private healthcare market will be slower also due to the expected slowdown in the growth rate of consumption and wages, stabilisation of unemployment and a decrease in the number of employed persons..
After a further strong acceleration of economic growth in 2018. (5.1% in real terms), its gradual slowdown is forecast in the following years, however, the GDP growth rate will still be above 2.8% over the entire forecast horizon. However, this will be reflected in a lower growth rate of the private healthcare market.