Health Insurance Plans Supporting Healthcare Industry Expansion

The healthcare industry is expanding rapidly in the U.K., the U.S., France, Germany, Japan, China, and Singapore. This is mainly credited to the surging prevalence of chronic diseases, soaring adoption of healthcare insurance, burgeoning requirement for in-vitro diagnostic (IVD) tests, mushrooming population of geriatric people, increasing gross domestic product (GDP) and healthcare expenditure, growing implementation of several government initiatives aimed at enhancing healthcare services, rapid digitization in the healthcare ecosystem, and improving healthcare infrastructure.

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The soaring population of geriatric people is one of the major growth drivers of the healthcare industry. This is because geriatric people are highly vulnerable to various chronic diseases such as neurological conditions, rheumatoid arthritis, and cardiovascular diseases (CVDs). The falling mortality and increasing life expectancy rates are the primary factors driving the growth of the geriatric population. As per the World Bank, the population of people in the age bracket—65 years and above—surged from 30.4 million to 34.2 million from 2012 to 2017 in Japan.

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This study revealed that more than 65% of these people were suffering from at least three co-occurring diseases such as coronary heart disease, hypertension, and peptic ulcers. This corroborates the theory that geriatric people are more likely to develop chronic ailments than younger individuals. As a result, their increasing population is positively impacting the demand for various medical facilities and medication all over the world. Besides these factors, the surging adoption of health insurance policies is also propelling the expansion of the healthcare industry across the world.

Depending on disease type, the healthcare industry is classified into cardiovascular and circulatory diseases, chronic respiratory diseases (CRD), cancer, neuropsychiatric disorders, musculoskeletal disorders, diabetes, blood, and endocrine disorders, and chronic liver diseases. Out of these, the cardiovascular and circulatory disease category is predicted to contribute the highest revenue to the German market in 2024. This will be due to the fact that cardiovascular diseases are the most-prevalent chronic ailments in the country.

Hence, it is safe to say that the healthcare industry will exhibit huge expansion in the coming years, primarily because of the rising incidence of chronic diseases, surging population of geriatric people, soaring adoption of health insurance plans, and improving healthcare infrastructure in several countries.

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This release was published on openPR.