Global Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025

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Although the COVID-19 caused a global health end economic crisis, global healthcare spending still plunged significantly in 2020. Last year, consumers worldwide spent $4.73trn on healthcare, $130bn less than in 2019.

According to data presented by Finaria, global consumer healthcare spending is expected to jump by $330bn and hit $5.06trn in 2021. The increasing trend is forecast to continue in the following years, with the figure growing by 25% and reaching $6.3trn by 2025.

Consumer Health Spending to Grow by $330B Per Year

The last two decades have witnessed substantial growth in consumer health spending, with the figure rising from $3.25trn in 2010 to $4.38trn in 2017, revealed Statista, IMF, World Bank, and Eurostat survey.

In the next twelve months, private households and non-profit institutions serving households included in this segment spent $4.61trn on healthcare, a $230bn increase in a year. The upward trend continued in 2019, with the global consumer healthcare spending rising to $4.86trn that year.

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However, unlike the previous financial crisis, the COVID-19 crisis triggered a significant drop in healthcare spending. With patients feeling reluctant to go to hospitals amid pandemic and the massive cancellations and postponements of non-urgent medical check-ups, global consumer healthcare spending plunged to $4.73trn in 2020.

Statistics show per capita consumer spending on healthcare dropped to $633.4 in 2020, down from $657.7 in 2019.

However, the Statista survey showed the global consumer healthcare spending is expected to jump by $1.3trn in the next four years, growing by around $330bn per year. By 2025, per capita consumer spending is set to reach $815.8, up from $672.2 in 2021.

The United States Account for 62% of Total Consumer Healthcare Spending
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The United States spends more on healthcare than any other country. Over the last five decades, the difference between health spending as a share of the economy in the US and other developed countries has swelled.

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According to the Peterson-KFF Health System Tracker, the US was relatively on pace with other countries until the 1980s, when its health spending grew significantly faster relative to its GDP.

In 2020, the United States spent over $4trn or 19% of its GDP on health consumption, compared to 12% in Switzerland as the next highest comparable country. The US consumer health spending hit almost $3trn, or 62% of global consumer healthcare spending last year.

Chinese households spent $561.8bn on healthcare last year ranking second on this list. Japan, Germany, and Brazil followed with $122.3bn, $102bn, and $86.5bn, respectively.

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Statistics show that consumer health spending per resident in the United States was $8,971 in 2020, four times Australia’s value as the second-ranked country globally.

Switzerland ranked third with $1,821 in health spending per capita, almost five times less than the US. Singapore, Germany, and South Korea followed with $1,571, $1,218, and $1,120, respectively.

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Global Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025 - Brand SpurGlobal Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025 - Brand Spur

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Global Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025 - Brand SpurGlobal Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025 - Brand Spur

Latest News

Next Meats, Purveyor of the World’s First Plant-based Yakiniku Meats, Is Now in Singapore

The Tokyo-based startup makes its debut in the alt-protein hotspot of Singapore

 

  • Next Meats has collaborated with Aburi-EN to deliver two new meal sets
  • Made with soybean proteins, the Kalbi contains no chemical additives or animal ingredients


SINGAPORE - Media OutReach - 14 April 2021 - Next Meats, a purveyor of the world's first plant-based yakiniku meats, is making its debut in the alternative protein hotspot, Singapore! The Japanese alternative meat company has collaborated this time with popular Japanese restaurant Aburi-EN, which will offer two types of set meals using the NEXT Kalbi (boneless short rib) for the very first time. Made largely from soy proteins, the NEXT Kalbi contains double the amount of protein and half the fats than that of regular meat and even more, it does not contain any chemical additives or cholesterol due to its lack of animal ingredients. Now, Singaporeans can enjoy yakiniku without the guilt!

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Global Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025 - Brand Spur

From left to right: Premium Kalbi Don Set and Stamina Teishouku Set

The two new menus available at Aburi-EN are the Kalbi Don Set (S$13.80) and the Stamina Teishoku (S$15.80) — which are available for a limited time only. Next Meats has specifically chosen to work with Aburi-EN as they are a Japanese grilled-meat specialist. The two menus are the culmination of many months of research and development, and they will also be Aburi-EN's first-ever plant-based dishes.


Global Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025 - Brand Spur

For the Kalbi Don Set, Next Meat's Kalbi is grilled and served atop a bowl of fragrant Japanese steamed rice. Equally indulgent, the Stamina Teishoku features the Kalbi stir-fried with cabbage along with egg imported from Okinawa. The meat is then served with fragrant Japanese steamed rice, salad, pickles and miso soup. For both dishes, the meats are glazed with a special homemade sauce that packs an irresistible umami punch.

Both the Kalbi Don Set and Stamina Teishoku will be available at all Aburi-EN stores from April to July 2021.

An advocate of sustainable food production and better food security

The NEXT Kalbi is one of Next Meats' innovative offerings, which includes other plant-based delicacies such as the NEXT burger and NEXT gyudon (beef bowl). The company champions the importance of saving the planet and humanity through reducing the emission of greenhouse gases (which is produced from meat consumption and animal agriculture) and utilizing biotechnology to combat protein deficiency.

Through extensive research and development, Next Meats has culminated the knowhow on using molecular binding to mould vegetable proteins from powder. Buoyed by state-of-the-art, proprietary technologies, the company has successfully created vegan substitutes that replicate the texture of real meat.

About Next Meats

Hailing from Tokyo, Next Meats is a food-tech venture company that specialises in the research and development of Japanese-style alternative meat products. Its journey of product development began in 2017, and the company was officially established in 2020. Its portfolio of products includes plant-based burger patties, gyudon and yakiniku meats.

Social Media for Next Meats

Facebook: /nextmeats.singapore

Instagram: @nextmeats_singapore

Hashtags: #nextmeats #nextmeats_sg #japaneseplantbased


About Aburi-EN

Aburi-EN is Singapore's leading Japanese Grill restaurant chain, best known for delicious high quality grilled donburi bowls. Signature dishes include the Premium Buta Don with grilled chestnut-fed pork, Wagyu Karubi Don, and the Wagyu Stamina Don, made using A4/A5 Miyazaki Wagyu, which has won Japan's "National Wagyu Award" for 3 consecutive years, among many others. The homemade sauces give the meats and dishes an extra umami-ness. Aburi-EN is also known for affordable highballs and Japanese sours, which pair perfectly with the Aburi dishes.

Social Media for Aburi-EN

Facebook: /aburiensg

Instagram: @aburien.sg

Hashtags: #aburiensg #aburiendonburi #aburienjapanesegrill

Outlets

- Isetan Scotts:

350 Orchard Rd, #01-K1 Shaw House, Singapore 238868

- Causeway Point

1 Woodlands Square, #02-09B Causeway Point, Singapore 738099

- Jem

50 Jurong Gateway Rd, #01-04 Jem, Singapore 608549

- Vivo City

1 Harbourfront Walk, #01-159/160 VivoCity, Singapore 098585

- Novena Square

238 Thomson Rd, #01-89/90, Singapore 307683

- Guoco Tower

1 Wallich St, #B2 - 09, Singapore 078884

- Orchard Central

181 Orchard Central, Central, #01-16 Orchard, 238896

- Suntec City

3 Temasek Blvd, #B1-121 Suntec City Mall, Singapore 038983

- Nex

23 Serangoon Central, #01-63/64/65 Nex, Singapore 556083

Operating Hours

11am – 10pm, Daily

Global Consumer Healthcare Spending To Jump By 25% And Hit $6.3T By 2025 - Brand Spur
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