German Healthcare Market reached a value of USD 463 Billion approximately. Germany constitutes a universal healthcare system paid through a combination of public and private wellness coverage. In 2019, the estimated revenue generated by German Healthcare Market was approximately USD 103 Billion, the subsidiary hospital activities generated roughly 73.4% of the revenue. This value translates to about USD 5575 per person, with a 4% increase compared to 2017. The healthcare facility spent approximately USD 1.18 billion per day in 2017, excluding charges for fitness and maintenance. By 2018, the spending accounted for roughly 11.7% of the GDP. Towards the year 2018, there were about 357,000 employees in this sector.
According to the market database, the key players within this market who have been accelerating the growth of the healthcare sector include Friedrich Bohlen, Marco Vietor, and Daniel Nathrath. Friedrich Bohlen is one of the significant players propelling the growth of the German health care sector with a revenue generation of around USD 106.55 Million with roughly 462,000 employees.
Regulations in German Healthcare
According to the market database, the German healthcare system is harmonized by the Federal Joint Committee. It is a public health organization and is authorized to make bidding regulations out of health reform bills passed by lawmakers. They also look after the routine decisions made in Germany. One of the key discussions amongst this group is to decide which treatments and therapeutics the insurances must pay by law. The decision is based on the health care solution being economic, sufficient, and appropriate in terms of the patient and spending. This ensures optimal utilization of the funds with more effective solutions.
The regulations are authorized through a bidding process conducted amongst the 13 members of the committee. The members vary from public health insurance legal representatives, doctors, dentists, and three impartial members. Additionally, the institution constitutes five representatives of patients with an advisory role who do not have voting authorities.
Health insurance facilities in Germany
Over the years the number of practicing doctors has increased by a factor of roughly 4.6%. In the year 2014, there were 4.11 doctors per 1000 citizens although by 2018 the value has increased to 4.31. According to the healthcare market research report released by the Euro health consumer index, Germany is said to be the most consumer-oriented and restriction-free health care system found in Europe. The service offered by the healthcare unit is extremely patient-oriented, thus the consumer satisfaction rate is very high for this market. Healthcare market research reports from the year 2017 state that the industry employed approximately USD 1.18 Million people with export above USD 149.17 Billion.
According to the market database, Germany’s government health care system is keeping a record reserve of over 22 Billion, which makes it one of the most lucrative and efficient health care systems found globally.
Types of health insurance in Germany
According to the market database, citizens of Germany are offered two main types of health insurance as a part of the universal health insurance facility. The population is also offered three mandatory health benefits which are co-financed by the employer and the employee. The different types of services include accident insurance and long-term care insurance. Accident insurance is the segment that covers all health-related ailments during the commute or at the workstation. The employer covers these charges.
Long-term care is an insurance facility that is of use when the individual is unable to perform his/her daily routines. The funding is partly covered by the employer and the rest by the employee. The amount constitutes about 2% of the yearly income or pension of the employee. German health insurance is segmented into public and private health insurance. According to the market database, the public insurers cover 87% of the residents within Germany. Students and civil servants can reap complementary coverage benefits from this service. Private insurers cover around 12% of the population.