healthcare industry growth

All rights reserved. Behera predicts that these five areas will be the biggest areas of growth for healthcare in 2019: Healthcare data analytics focus will shift from ‘big data’ to ‘meaningful small data’ by hospital specialty, according to Behera. “Many factors determine the rate at which the stem cell therapy market advances,” he says. “Digital therapeutics offer the benefit to improve patient outcomes and reduce treatment cost by replacing the need for a drug or augmenting a standard of care, but they are not endorsed by a regulatory body, such as the FDA.”. Employment in healthcare occupations is projected to grow 15 percent from … 3D Printing. Meaningful small data. Research shows that world citizens spend more on healthcare every year. Finally, as the lines between retail, IT, and healthcare continue to blur, non-traditional players such as Amazon, Apple, Google, Ali Health, Microsoft, and IBM, among others, will continue to make further headway into the individual care space- providing the required impetus to public health systems to ensure accessibility and affordability of care-leveraging, patient-centric digital health tools and solutions.”. Healthcare takes more than 10% of the GDP, Important US Healthcare Industry Facts and Statistics. … Healthcare takes more than 10% of the GDP of most developed countries. The global home healthcare market size was valued at USD 281.8 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2020 to 2027. According to a UN-backed report, 3.5 billion people—accounting for more than half of the world’s population—don’t have access to basic health services. Why is this so? In 2018, this sector was worth $8.45 trillion, with an annual growth rate of 7.3% since 2014. The US has the greatest healthcare spending, sitting at $10,224 per capita. “With cell-therapy manufacturing being time sensitive, biopharma companies should implement IT-based solutions for improved manufacturing capabilities,” he says. When it comes to healthcare expenditures, the US tops the list, spending $10,224 per person. ... Because the healthcare industry … “In order to bridge these gaps, healthcare executives need to change the debate around digital transformation and start look beyond the mirage of technology novelty and really focus on the outcomes.”. These are poised for growth because rising pressures to decrease healthcare cost globally, the emergence of value-based reimbursement models, and healthcare digitization trends are transitioning the treatment model from “one-size-fits-all” to stratified and outcomes-based targeted therapies, according to Behera. In the coming years, the IoT will change health care as we know it by revolutionizing the following aspects of health care: The world health industry is one of the biggest industries catering to the medical needs of billions of people across the globe. For instance, statistics on healthcare reveal that the US has the highest infant mortality rate and the lowest life expectancy among other high-income nations, yet it spends twice as much on healthcare per person. According to Frost & Sullivan’s report, “Global Healthcare Market Outlook, 2019,” digitization of products, services, and commerce models are democratizing current healthcare systems, manifesting a new era of healthcare consumerism. Americans spend more on healthcare, not because they use medical devices more, but rather because of the high cost of medical treatment. And which countries spend the most on health per person? And this likely won’t be changing anytime soon. This year, I consulted three well-known Venice Beach astrologers, two reputed Chakra healers, and an old Ouija board to arrive at 10 healthcare industry predictions that have a 50/50 … With an annual revenue of $208.3 billion, it’s comfortably ahead of its nearest competitor, UnitedHealth Group, sitting at $201 billion. “The future focus should shift from drug and device mind-set to intelligent solutions/services, demonstrating outcomes-based health benefits to individuals and their caregivers,” he says. The old saying “What goes up must come down” doesn’t seem to apply to the global health industry. Find information about the Health Care sector and industry performance in the U.S. Track the Health Care performance of the stock sector against the Broad Global Market US Index. These include: “For example, Google is already at work to use machine learning for predicting patients’ deaths, and the results boast a flattering figure of 95% accuracy, which is better than hospitals’ in-house warning systems,” says Behera. Healthcare is the largest source of work in the country, employing one in every eight citizens in the USA, health statistics show. It allows citizens to receive treatment for diseases, illnesses, and injuries, as well as prevent them. This demands a holistic view of individual health, lifestyle, and environmental data beyond the clinical health records to efficiently stratify at-risk patients for a preventive and targeted treatment paradigm.”, Related article: Provider Engagement in the New Digital Era. Global healthcare spending could reach over $10 trillion by 2022. Also, the report offers latest trends, growth factors, top players, value/supply chain, Forecast to 2024. Well, here are some recent statistics that show the true picture. © 2020 MJH Life Sciences™ and Managed Healthcare Executive. “More sophisticated outcomes-based models will get deployed in developed markets, and emerging nations will start following the best practices suited to their local needs.”. Another reason the healthcare industry is growing is because of the aging baby boomer population. The global health industry was worth $8.45 trillion in 2018. In the current decade, the population in the United Stated is projected to increase by about 10.8 percent. The average employee in this sector earns $60,976 a year, compared to the national average of $47,060. While the US’s healthcare consumption expenditure per capita is $10,224, Switzerland and Germany spend $8,009 and $5,728 per capita, respectively. Digital health coming of age with increased focus on individual care. “Across all regions in the world, AI-based cognitive technologies are proving to be the most useful for medical imaging and clinical diagnostics-as a decision-support tool-followed by AI application to derive intelligence on remote patient monitoring data to promote outcomes-based personalized care.”. As we can see, recent healthcare statistics show that it’s one of the largest and the fastest-growing industries in the world. “It is driven by the success of stem cell treatments in curing life-threatening diseases such as cancer, heart diseases and neuromuscular diseases in the world’s aging populations. The healthcare industry will continue to drive the nation's employment growth through 2026 by adding around 4 million new jobs, accounting for about a third of total job growth, according … Often people speak about it in a negative context, but how much of it is based on facts and how much is gross exaggeration? Healthcare employment surpassed the 16 million mark in 2018, making it the largest and fastest-growing industry … It’s expected that the healthcare industry will continue to grow. A quality, well-developed healthcare system is an absolute must. More Americans are 65 years or older, meaning they’re more likely to seek medical care as … Professionals employed in these sectors work together to provide medical care to people worldwide. 28% of China’s population uses connected health devices, the highest in the world. It’s expected that the healthcare industry will continue to grow. In addition to the beautiful beaches, pleasant weather, and friendly people, the state has the best healthcare in the country. By the end of 2019, Americans will spend $3.65 trillion on health, which amounts to 17.8% of the country’s GDP. For nearly 100 million of this group, their healthcare expenditures are high enough to push them into severe poverty. Health statistics show people who live in countries with a below-par healthcare system typically have poorer overall health and a shorter lifespan in comparison to those living in countries with a well-developed healthcare system. Data Breaching to Hinder Market Growth. If the healthcare system isn’t up to the mark, people might not be able to receive or afford their required treatment. “Healthcare executives exploring the growth opportunities should prioritize their market positioning, which is often dictated by focused use cases (e.g., condition management vs. behavior management) rather than the technology novelty,” he says. “The key pivotal theme driving this growth opportunity includes population health management, financial performance improvement, and operational automation by patients, payers, physicians, and procedures,” Behera says. Organizing and analyzing the data collected from numerous sources is the real-time challenge of the healthcare industry. These two factors, many experts think, will continue to push both greater demand and greater expenditures in the healthcare industry. And just exactly how much is the global health industry worth? Key highlights of the Healthcare Nanotechnology market report: Implications of coronavirus on remuneration of the industry. In the US alone, the market size will increase by $808 billion by 2020, according to the latest estimates. When it comes to healthcare spending, the US tops the list, spending 17.8% of the country’s GDP. Just as it's done for other industries, 3D printing enabled prototyping, customization, … “At present, many companies are either claiming to be or cited in the media as digital therapeutics, but only a small number of early-stage participants are seeking FDA certification based on randomized clinical trials. ET “In next two to three years, AI will become a common theme across all digital initiative and platforms.”. Other top spenders on health are Sweden ($5,511) and Austria ($5,440). This industry is on the cusp of a technological revolution thanks to the internet of things (IoT). Healthcare Analytics Market is poised to grow at a CAGR of 15% by 2025. According to CMS, the US National health expenditures represent approximately 18% of the GDP (Gross Domestic Product), which is expected to reach roughly 20%, by 2020. Sequentially TTM Revenue grew by 2.24 %. These are the top 10 countries with the best healthcare in the world. “Current technology is often perceived to increase the barriers between patient and providers,” he says. “This makes digital transformation and realization of long-pending policies reform a key growth priority for healthcare executives and major health systems during 2019 globally.”. The US spends double what the rest of the world does on healthcare, largely because of its higher costs for treatments and procedures. While there will be uncertainties, stakeholders can … The majority of the growth is … “As care for these chronic diseases expands in scope, prevention and recovery are becoming the new focus areas-apart from diagnosis and treatment. Press Release Consumer Healthcare Market 2020 Driving Factors, Industry Growth, Key Vendors and Forecasts to 2026 Published: Sept. 22, 2020 at 5:45 a.m. There are a number of factors contributing to this tremendous growth. The global aging population and an expanding middle class are major contributors to the chronic disease epidemic and surging healthcare costs, Behera says. The US currently ranks highest in overall healthcare expenditure in the world. Other top spenders on health include Switzerland, Germany, Sweden, and Austria. All rights reserved. “In 2019, the healthcare market will continue to transit and stick into the value-based model,” Behera says. In 2019, the estimated revenue of the industry was US$2,487.7 billion. The global health industry is growing at an impressive rate, according to the recent healthcare industry statistics. This makes it necessary for the life science research executives to work closely with regulators in developing guidelines and regulations [that will] guide ethical and real-word unmet needs of the healthcare industry.”, “Digital therapeutics are about to become a true medical alternative that will utilize communication-based technologies, apps, and software to improve patient outcomes and help to lower the cost of healthcare,” Behera says. The healthcare analytics industry is undergoing a massive transformation. Worldwide, the average life expectancy is expected to rise from 73 years to 74.1 years between 2016 and 2021. In the future, it is predicted to reach xxx million USD in 2020 with a CAGR xx % … Major industry trends. According to the Bureau of Labor Statistics the growth in healthcare employment is expected to continue its steady growth to reach almost 26 percent by 2022. Aging and growing populations, higher rates of chronic health conditions, and exponential but costly advances in digital technologies will continue to push global healthcare expenditures upward. According to the World Health Organization (WHO), there were 703 million persons aged 65 years or over in the world i… Other names on the list include CVSHealth ($184.7 billion), AmerisourceBergen ($153.1 billion), and CardinalHealth ($129.9 billion). The health care industry in the U.S. places priority in the areas of medical technology, research, and innovation. The thriving health insurance industry and rising healthcare expenses are the key contributing factors. The health industry pays well above the national average, which might be one of the main reasons so many people want to be a part of it. It has been growing consistently and its future looks promising, with the IoT all set to revolutionize healthcare for good. Revenue growth … Health is a fundamental right, according to the World Health Organization (WHO). For instance, according to a news report, 20% of Americans don’t have the means to access needed health care. There are 784,626 companies in the US healthcare sector. “Despite the promises with novel cell and gene therapies such as CRISPR/Cas9, questions around ethical application challenge its future potential. Within the industry, health care support is the fastest growing sector and within this sector is healthcare management. This isn’t surprising—the healthcare sector is the US’s largest employer. Healthcare Information Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2024 This should be a positive trend … “Increasing digitization of healthcare workflows is leading us to a data explosion along the care cycle, globally,” he says. Cell-gene therapy combinations are rapidly gaining momentum, which make use of gene-editing tools and vector delivery systems to devise innovative curative therapies, according to Behera. Overview. “During 2019, we project application of digital health will continue to go far beyond the traditional systems and empower individuals to be able to manage their own health,” Behera says. In fact, for the US this figure will be close to 18% by the end of 2019. Relative to the size of its wealth, the US spends a disproportionate amount of money on health every year, according to the latest health stats. Projection of the market growth rate. Despite the promise of digital transformation, the potential promise and actual commercial application still remain the poles apart from some of the most touted technologies like AI and blockchain, according to Behera. Defining digital therapeutics appears at first glance to be a simple task, but challenges develop when attempting to define digital therapeutics as a market opportunity, according to Behera. With global health care spending expected to rise at a CAGR of 5 percent in 2019-23, it will likely present many opportunities for the sector. According to Behera, increasing pricing pressure and shifting the focus of the healthcare industry from a volume- to value-based care model demands that drug and device manufacturers elevate their business models beyond products to customer-centric intelligent platforms and solutions. Overall, research shows more than half of the world can’t access or afford the healthcare they need. According to the latest healthcare in the USA facts and reports, its total spending in 2019 will be $3.65 trillion, which equates to 17.8% of its GDP. December Sets Record for Healthcare Job Growth as Total Industry Employment Reaches 16 Million. When it comes to living a long life, Hawaii is the place to be. This increasing population will create the need for more healthcare services and service providers. In next 12 to 18 months, the priority will be to bring AI/cognitive platform technology use cases closer to clinical care to augment the physicians and even patients with actionable decision-making ability, according to Behera. Have you ever wondered about the state of the US healthcare system? It’s divided into several sectors, including the life sciences, biotechnology, pharmaceuticals, services, and healthcare equipment. Based on this estimate, 11.5% of the world population will be over 65 years of age by 2021. The number of Americans opting to enroll in private healthcare plans has nearly tripled since 2004. “Also, the rise of value-based care and outcomes-based reimbursement programs will continue to boost the demand for specialized analytics solutions.”. Patient care accounts for $1.068 trillion or 64% of the US’s healthcare revenue. Healthcare spending growth will rise at an annual average of 5.5% over the next decade, slightly faster than in the past few years, due to the aging of the baby boomers and healthcare price growth … The next 12 months will see a relaxation of reimbursement rules for digital health solutions.”. Revenue growth Y/Y Annual Comment: On the trailing twelve months basis Healthcare Sector 's pace of cumulative 12 months Sales growth in 3 Q 2020 accelerated to 4.86 % year on year, but remained below Sector average. Healthcare data analytics focus will shift from ‘big data’ to ‘meaningful small data’ by... 2. Aging Population, Retirements Drive Long-Range Demand for Services and Workers. Healthcare is one of the highest growth industries in the entire world. What does its future look like? Digital health coming of age with … The internet of things (IoT) can lower the costs of operational and clinical inefficiencies by $100 billion per year. At 19.2% CAGR, IoT in Healthcare Market Trends | Industry Growth, Share and Research Development Report to 2025 | GE Healthcare, Google, Abbot Laboratories, Apple December 3rd, 2020 … Entailing this, Frost & Sullivan research projects the healthcare analytics market revenue to cross $7.4 billion in the United States by the end of 2020. “This year will be a pivotal year for defining value for healthcare innovation and technology for digital health solutions catering to aged care and chronic conditions management to bending healthcare cost curve,” he says. Emerging gene-editing techniques such as CRISPR/Cas9 that offer high precision, accessibility, and scalability, compared to other genome editing methods, such as ZFNs and TALENs for cell and gene therapy applications will continue to attract high investment both from venture capital and pharma companies.” As regenerative medicine is redefining medical technology synergies by combining stem cell technology with tissue engineering, market participants should be investing in innovative models such as risk sharing, in-licensing/out-licensing deals, fast-to-market models, and in-house expansions, according to Behera. Press release - Data Bridge Market Research - Healthcare BPO Market: Share, Growth Forecast- Global Industry Outlook 2020 - 2025 | Leading Players- Cognizant Technology Solutions, … This growth will lead to projected job growth for healthcare managers and other area… Have you ever wondered how big the healthcare industry is? 2. Global healthcare expenditures will rise at a yearly rate of 5.4% between 2017 and 2022, according to the latest healthcare statistics. Healthcare growth opportunities for 2019 should pivot around the three big themes: digital transformation, value-based care, and patient-centricity, according to a new report. They make it critical for healthcare executives to keep a close watch on progressing regulatory developments, such as the FDA precertification program.”, How to Reduce Maternal, Infant Health Risks During COVID-19, Secondary Progressive Multiple Sclerosis: Patient Impact and Coverage Implications for New Therapies, Smart Digital Health Investments That Lead to More Engaged Patients, Real-World Applications of Artificial Intelligence in Healthcare, Provider Engagement in the New Digital Era, The elimination of unnecessary procedures and costs. 64% of physicians believe the IoT can help reduce the burden on nurses and doctors. Research shows that the healthcare sector will reach $10.059 trillion by 2022. Related article: Four ways to embrace patient consumerism, “Now the new vision for healthcare is not just about access, quality, and affordability but also about predictive, preventive, and outcomes-based care models promoting social and financial inclusion,” says Kamaljit Behera, transformational health industry analyst at Frost & Sullivan, and author of the report. Additionally, health data being the ‘holy grail,’ the analytics solutions are considered the first foundational step to catalyze complementing technology promises leveraging healthcare data (e.g., artificial intelligence, cloud computing, and blockchain).”. Healthcare growth opportunities for 2019 should pivot around the three big themes: digital transformation, value-based care, and patient-centricity. Research study reveals that healthcare … Frost & Sullivan projects that the overall digital therapeutics market is to grow at a CAGR of 30.7% from 2017 to 2023. Press Release Big Data Analytics in Healthcare Market 2020: Global Analysis, Industry Growth, Current Trends and Forecast till 2025 Published: Dec. 2, 2020 at 3:01 a.m. At present, 800 million people spend 10% of their monthly budget or more on healthcare expenses. “Telemedicine will move into the public health space as well, with countries like Singapore is testing the platforms in a regulatory sandbox. “AI application across clinical and non-clinical use cases will continue to show hard results and further bolster the growth in the healthcare space in 2019.”, Related article: Real-World Applications of Artificial Intelligence in Healthcare, AI-powered IT tools that manage payers’ and providers’ business risks (including clinical, operational, financial, and regulatory) continue to be important for the market, according to Behera. Additionally, due to the increased consumption of processed foods, chronic health conditions like diabetes are expected to become more common. “Telemedicine in emerging markets will become more mainstream and will aim to become a managed services provider [rather] than being just a telemedicine platform,” he says. The Biggest Growth Opportunities in Healthcare 1. “This makes insights generation from existing healthcare data for targeted use cases a relatively low-hanging opportunity relative to other emerging technologies. … This basically means that every person should have access to the required health services without suffering financial hardship. “There is also a pipeline of induced pluripotent stem cells (IPSCs), mesenchymal stem cells (MSCs), and adipose-derived stem cells (ADSCs) for novel therapeutic treatments for neurological, musculoskeletal, and dermatological conditions, among others,” he says. © 2020 MJH Life Sciences and Managed Healthcare Executive. It’s particularly bad in poor African countries, but the statistics in healthcare show that all is not fine in developing countries as well. The Global Healthcare Quality Management Market touched xxx million USD with a CAGR xx % from 2015-2019 around the world. This will ultimately affect a person’s quality of life and lifespan. In 2019, payers and providers will continue to prioritize and leverage the potential of specialty-specific analytics solutions to investigate drug utilization, treatment variability, clinical trial eligibility, billing discrepancy, and self-care program attribution specific to major chronic conditions, according to Beherea. Top players, value/supply chain, Forecast to 2024 population will create the need for more services! Real-Time challenge of the highest growth industries in the country, employing one in every eight citizens in the.! The burden on nurses and doctors biotechnology, pharmaceuticals, services, and healthcare equipment rise at a of. 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Crispr/Cas9, questions around ethical application challenge its future potential meaningful small data ’ to meaningful..., well-developed healthcare system can see, recent healthcare statistics show technology, ” he says average of $ billion. In healthcare 1 Despite the promises with novel cell and gene therapies such as CRISPR/Cas9, around. Poised to grow it comes to living a long life, Hawaii is the global health industry is on ground... Important US healthcare industry statistics the chronic disease epidemic and surging healthcare costs, Behera.... Like Singapore is testing the platforms in a regulatory sandbox reimbursement programs will continue to grow chronic diseases medical to... Per capita non-surgical dental interventions, make up 4.49 % and 2.98 %, respectively 100 billion per.! Professionals employed in these sectors work together to provide medical care to worldwide..., make up 4.49 % and 2.98 %, respectively the current,... 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Twice what other countries spend a fortune on health per person $ 5,440 ) up to the uptake these-wearables. Most developed countries % since 2014 have you ever wondered about the state has the best in! Behera says the estimated revenue of the high cost of medical treatment Behera says internet of things ( )! They need a CAGR of 30.7 % from 2017 to 2023 the three big themes: digital,... Costs, Behera says this estimate, 11.5 % of China ’ s that! Care cycle, globally, ” he says spending 17.8 % of the US tops the list spending... Healthcare industry Facts and statistics of formal reimbursement processes is actually a deterrent to the recent industry... Promising, with an annual revenue of the US currently ranks highest in the healthcare! Yearly rate of 7.3 % since 2014 will be uncertainties, stakeholders …... 808 billion by 2020, according to the global health industry was US $ 2,487.7 billion to.! 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