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Investment Trends and Opportunities in Hospital Construction Market in South Africa
Frost & Sullivan, Feb 2010, Pages: 82
This Frost & Sullivan research service titled Investment Trends and Opportunities in Hospital Construction Market in South Africa aims to explore the developments in the hospital construction market in South Africa. It offers an analysis of capital expenditure flows and forecasts up to 2015 as well as identification of opportunities available to medical device manufacturers. In this research, Frost & Sullivan's expert analysts thoroughly examine capital expenditure patterns in the following markets: private and public sectors.
Market Overview
A Changed Business Mix Boosts the Private Sector Investment in Medical Technologies, Driving the Hospital Construction Market Growth in South Africa
Healthcare infrastructure in South Africa is a unique blend of well-equipped private facilities that contend with the best facilities in the world and a few incompetent public healthcare facilities as well. On one hand, the private sector boasts of cutting-edge technologies that mostly serve the minority. On the other hand, approximately 80 per cent of the population utilises the public sector invariably, thereby making its facilities over-crowded and inefficient. This scenario has resulted in a greater number of patients, including the uninsured, turning to the private sector for quality care and capable service. The private sector is positioning itself to capitalise on this skewed trend and is already changing its business mix and increasing its capital expenditure.
“Private hospitals are progressively adapting their business mix in order to stay ahead of the competition” says the analyst of this research. “For instance, the introduction of specialised services by private hospitals is driving investment in new medical technologies.” The rising burden of disease in South Africa is one of the main factors spurring the growth of the private sector’s capital expenditure. Furthermore, increased public-private partnerships, a core element of health research and policy (HRP), are also driving investments.
The Deteriorating Public Sector Ensures the Insured Market’s Loyalty
The private sector in South Africa is dominated by three large hospital groups. Recently, the market has been consolidating with the major participants to acquire smaller, independent private hospitals. This has resulted in an oligopoly with high barriers to entry and a rising competition amongst the three large hospital groups. “The challenge for the private hospital groups lies in increasing its market share in a competitive environment that is further constrained by an existing moratorium on new hospital construction,” explains the analyst.
Private hospitals are increasing their market share by focussing on changing business mixes to introduce more specialised services, instead of building new hospitals. This trend has resulted in expansion of facilities that incorporate innovative specialised units such as cardiac and renal centres. “The deteriorating public sector will ensure that the insured market remains loyal to private healthcare providers,” concludes the analyst. “Low income medical schemes will result in a rise in insured lives.”
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