Global Healthcare Industry: An In-depth Overview with Country-Level Outlook
Healthcare is an important, opportunistic, and dynamic industry involved in the business of allocation and coordination of medical goods and related services. The progression of the global market is projected, steady, at a growth rate of 5% by 2023, primary attributes including globalization, expansion in goals, challenging expenditures, aggressive technological inclination, and faster economic boom. Besides, the demanding scenario of innovation, resulting in simultaneous betterment in health outcomes, quality, access, and affordability, will also witness emphasis worldwide.
Healthcare occupies approx. 10% of the GDP amid most advanced industrialized nations. But, it significantly enjoys underlining advantages in the US, accounting for almost a fifth of the country’s overall GDP. The United States enjoys a uniquely complex and largest healthcare market driven by the outsized share of spending, and a robust system of medical research and development, creating unprecedented demand for innovative expansion.
The United States Healthcare System: Factual Highlights
• The US healthcare system is complicated and operates under a web of federal and state laws. Therefore it can be safely referred to as a hybrid system.
• According to National Health Expenditure (NHE), the total healthcare spending of the US in 2018 was $3.60 trillion. In terms of cost per capita, the country’s health expenditure in 2018 GDP reached 17.70%.
• As per National Public Radio (NPR), the US spends almost 2.5 times as much per person.
• The healthcare sector provides 11% of employment to American workers, which accounts for 24% of government spending.
• Key federal regulatory organizations include the CDC, the CMS, and the FDA, all under the umbrella of the HHS.
• Health insurance is the largest component (26%) of nonwage compensation, and also holds the largest of consumer spending.
• Most Americans have employer-sponsored healthcare insurance. The federal government insures Medicaid and Medicare, along with veterans and federal employees.
• 1 in 8 US citizens is employed in the country’s healthcare industry.
• Total 784,626 companies are operating in the US healthcare industry
• The number of hospitals registered in the country is around 6210.
• Experts predict that the healthcare cost paid by tax Dollars will boom around 67.3% by 2024.
• Hawaii is expected to enjoy the best state of healthcare in the country.
• According to the latest stats, based on revenue, McKesson is the largest healthcare company in the country.
• The Patient Protection and Affordable Care Act was passed in 2010 by President Barack Obama.
Industry Trends within the Sector
The US healthcare sector display diversification in industries, and the array of activities include research to production to management. With the increase in spending, the market will likely present multiple growth opportunities in the coming years. The critical aspects like prevailing incidences of chronic diseases, rising geriatric population, technological boom, supportive funding for advanced infrastructure, evolving care models are creating a trendsetting foundation for the regional market.
A light on the Future
An overall transition is required to gradually work toward a future, which collectively shifts the focus from treatment towards early intervention and prevention. The eminent outlook bottoms down to integrating the working of healthcare workers and emerging technologies in order to stay relevant in the existing world.
A shift in data management entailed strategies, such as Population Health Management (PHM), equipped to identify people’s needs and provide services accordingly. It has also created an entry for next-Gen technologies - 5G, Natural Language Processing (NLP), Cloud Computing, Artificial Intelligence (AI), Virtual Reality (VR), Big Data Analytics in Healthcare, Trackers, Sensors and Wearables, Nanotechnology, Genome Sequencing, 3D Printing, Chatbots, and Robotics. On the contrary, the continuously evolving business scenarios have generated a vast amount of data, which makes space for Cybersecurity as data breach or virus attacks persists a prime concern.
The healthcare sector is indeed witnessing revolutionary times, being exposed to a worldwide pandemic, bearing the core brunt with tremendous challenges on comprehensive levels. Amidst all, The United States healthcare market is continued to function well despite economic uncertainties, with the continuous public and private spending, and demand for healthcare services like telemedicine. However, the country has faltered in phases of resource scarcity, quantitative filling of vacancies & therapeutics, and unreasonable costs incurred.
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