Stable growth seen on private healthcare market in Poland – PMR
May 23, 2014
The Polish private healthcare market will be growing at a compound annual growth rate (CAGR) of about 6% in the years 2014-2018 according to the latest report of the market research company PMR.
The rate of growth will increase in the next few years, because of the gradual improvement of the economic situation in Poland, reads the report entitled “Private healthcare market in Poland in 2014. Development forecasts for 2014-2018”
“In 2014, we foresee the GDP growth by around 3.4%, accompanying a better situation on the labour market. Therefore, in 2014 the market will develop slightly more dynamically and the trend will be maintained by the end of the period covered by our forecasts,” the authors of the report said.
According to the report the private healthcare market in Poland was worth PLN 35.4 billion in 2013. Private healthcare grew in value by 4.6%, indicating a recovery in this market subgroup in comparison with 2012, when there was an increase of 4.4%.
The market growth was slightly higher than in 2012, mainly owing to an increase in the change of the category “Patient spending on health products” (drugs and medical devices) as a result of a trend regarding the stability of this segment. According to PMR estimates, the whole private healthcare market will be worth more than PLN 40bn in 2016.
The share of private expenditures is consistently increasing and accounts for ever bigger proportion in total healthcare spending in Poland, according to PMR forecasts. The trend will continue in the coming years. This will result from the fact that in the period covered by our forecasts, public spending will report a CAGR of 2.1%, whereas CAGR for private spending will reach 5.7% in the same period.
The structure of private spending on healthcare in Poland has remained almost unchanged in the past few years, according to the report. In 2013, the share of the health products (drugs and medical devices) category decreased slightly, by a mere 0.2 p.p. In 2012, the share of this category dropped by 1.4 p.p. compared with the situation seen a year before, which was chiefly a result of the Reimbursement Act coming into force as of 1 January 2012.
According to PMR, the health insurance market has not been boosted by any relevant factors (with the exception of macroeconomic factors) and in the next 2-3 years there will be no significant recovery of this subdivision of the market which would, for example, be prompted by legislative changes. As long as the insurance market is saturated, macroeconomic factors will have the greatest effect on it.
The medical subscription market in Poland seems to be quite stable and predictable. For this reason, the rate of growth of the market fell to less than 10% in 2013, the lowest figure since 2005.