Global healthcare expenditures will rise at a yearly rate of 5.4% between 2017 and 2022, according to the latest healthcare statistics. “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.”. AI-based work flow optimization use cases will represent more than 80% of the workflow market contribution. There are a number of factors contributing to this tremendous growth. Patient care accounts for $1.068 trillion or 64% of the US’s healthcare revenue. It’s particularly bad in poor African countries, but the statistics in healthcare show that all is not fine in developing countries as well. In 2019, the estimated revenue of the industry was US$2,487.7 billion. Healthcare is the largest source of work in the country, employing one in every eight citizens in the USA, health statistics show. … ET 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. When it comes to healthcare expenditures, the US tops the list, spending $10,224 per person. The two biggest driving factors are an aging population and a higher prevalence of chronic diseases. Healthcare Information Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2024 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. Healthcare data analytics focus will shift from ‘big data’ to ‘meaningful small data’ by... 2. Digital health coming of age with increased focus on individual care. It’s expected that the healthcare industry will continue to grow. Also, the report offers latest trends, growth factors, top players, value/supply chain, Forecast to 2024. The Global Healthcare Quality Management Market touched xxx million USD with a CAGR xx % from 2015-2019 around the world. Another reason the healthcare industry is growing is because of the aging baby boomer population. The internet of things (IoT) can lower the costs of operational and clinical inefficiencies by $100 billion per year. Healthcare Analytics Market is poised to grow at a CAGR of 15% by 2025. And just exactly how much is the global health industry worth? Major industry trends. 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. 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. 64% of physicians believe the IoT can help reduce the burden on nurses and doctors. 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. Other top spenders on health are Sweden ($5,511) and Austria ($5,440). If the healthcare system isn’t up to the mark, people might not be able to receive or afford their required treatment. Healthcare takes more than 10% of the GDP of most developed countries. 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. “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. 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. “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. “Telemedicine will move into the public health space as well, with countries like Singapore is testing the platforms in a regulatory sandbox. When it comes to healthcare spending, the US tops the list, spending 17.8% of the country’s GDP. 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 … Incidentally, the US spends considerably more than the world’s average on healthcare. With an annual revenue of $208.3 billion, it’s comfortably ahead of its nearest competitor, UnitedHealth Group, sitting at $201 billion. 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. The global aging population and an expanding middle class are major contributors to the chronic disease epidemic and surging healthcare costs, Behera says. Key highlights of the Healthcare Nanotechnology market report: Implications of coronavirus on remuneration of the industry. Healthcare takes more than 10% of the GDP, Important US Healthcare Industry Facts and Statistics. The US spends twice what other countries do on healthcare. 28% of China’s population uses connected health devices, the highest in the world. “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. “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. So which other countries spend a fortune on health? These two factors, many experts think, will continue to push both greater demand and greater expenditures in the healthcare industry. 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).”. “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. No less worrying, out-of-pocket healthcare expenditures force 100 million people to survive on $1.90 or less a day. Why is this so? Organizing and analyzing the data collected from numerous sources is the real-time challenge of the healthcare industry. … 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. Employment in healthcare occupations is projected to grow 15 percent from … The old saying “What goes up must come down” doesn’t seem to apply to the global health industry. Research shows that world citizens spend more on healthcare every year. Other top spenders on health include Switzerland, Germany, Sweden, and Austria. When it comes to living a long life, Hawaii is the place to be. All rights reserved. “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. 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. Global healthcare spending could reach over $10 trillion by 2022. In addition to the beautiful beaches, pleasant weather, and friendly people, the state has the best healthcare in the country. The US has the greatest healthcare spending, sitting at $10,224 per capita. 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. 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. Press release - Data Bridge Market Research - Healthcare BPO Market: Share, Growth Forecast- Global Industry Outlook 2020 - 2025 | Leading Players- Cognizant Technology Solutions, … Just as it's done for other industries, 3D printing enabled prototyping, customization, … This growth will lead to projected job growth for healthcare managers and other area… 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. Additionally, due to the increased consumption of processed foods, chronic health conditions like diabetes are expected to become more common. The number of Americans opting to enroll in private healthcare plans has nearly tripled since 2004. 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. 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. For nearly 100 million of this group, their healthcare expenditures are high enough to push them into severe poverty. The healthcare analytics industry is undergoing a massive transformation. 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. 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 … In 2018, this sector was worth $8.45 trillion, with an annual growth rate of 7.3% since 2014. “Also, the rise of value-based care and outcomes-based reimbursement programs will continue to boost the demand for specialized analytics solutions.”. The global health industry was worth $8.45 trillion in 2018. By the end of 2019, Americans will spend $3.65 trillion on health, which amounts to 17.8% of the country’s GDP. “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. 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. “Digital therapeutics will become an exciting healthcare option that adds a curative dimension to technology,” he says. Often people speak about it in a negative context, but how much of it is based on facts and how much is gross exaggeration? 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 … Worldwide, the average life expectancy is expected to rise from 73 years to 74.1 years between 2016 and 2021. “As care for these chronic diseases expands in scope, prevention and recovery are becoming the new focus areas-apart from diagnosis and treatment. Aging Population, Retirements Drive Long-Range Demand for Services and Workers. It’s expected that the healthcare industry will continue to grow. Healthcare employment surpassed the 16 million mark in 2018, making it the largest and fastest-growing industry … Well, here are some recent statistics that show the true picture. The US spends double what the rest of the world does on healthcare, largely because of its higher costs for treatments and procedures. 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. The next 12 months will see a relaxation of reimbursement rules for digital health solutions.”. 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. At present, 800 million people spend 10% of their monthly budget or more on healthcare expenses. 3D Printing. 2. Revenue growth … This industry is on the cusp of a technological revolution thanks to the internet of things (IoT). 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. What does its future look like? In the future, it is predicted to reach xxx million USD in 2020 with a CAGR xx % … In fact, for the US this figure will be close to 18% by the end of 2019. “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. “In next two to three years, AI will become a common theme across all digital initiative and platforms.”. More Americans are 65 years or older, meaning they’re more likely to seek medical care as … This basically means that every person should have access to the required health services without suffering financial hardship. Within the industry, health care support is the fastest growing sector and within this sector is healthcare management. The US currently ranks highest in overall healthcare expenditure in the world. The average employee in this sector earns $60,976 a year, compared to the national average of $47,060. 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. In 2018, the global healthcare sector’s revenue was $1.853 trillion, an increase of 4.5% on a year-on-year basis. ET Digital health coming of age with … Healthcare is one of the highest growth industries in the entire world. “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.”. Related article: Smart Digital Health Investments That Lead to More Engaged Patients, Favorable reimbursement policies (e.g., toward clinically relevant digital health applications) will expand care delivery models beyond physical medicine to include behavioral health, digital wellness therapies, dentistry, nutrition, and prescription management, according to Behera.“For example, major insurance bodies are already using digital health services to communicate with patients,” he says. © 2020 MJH Life Sciences and Managed Healthcare Executive. 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 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.”. Healthcare job growth outpaced nearly every other major sector of the economy in 2018. Other names on the list include CVSHealth ($184.7 billion), AmerisourceBergen ($153.1 billion), and CardinalHealth ($129.9 billion). “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.”. The thriving health insurance industry and rising healthcare expenses are the key contributing factors. A quality, well-developed healthcare system is an absolute must. Overall, research shows more than half of the world can’t access or afford the healthcare they need. Research study reveals that healthcare … 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. 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. Have you ever wondered how big the healthcare industry is? 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. The health care industry in the U.S. places priority in the areas of medical technology, research, and innovation. 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. Based on this estimate, 11.5% of the world population will be over 65 years of age by 2021. It allows citizens to receive treatment for diseases, illnesses, and injuries, as well as prevent them. The global health industry is growing at an impressive rate, according to the recent healthcare industry statistics. Healthcare executives should prioritize their roadmap for growing IoMT and connected health ecosystems (device-, wearables-, and mHealth-generated individual health data) in order to monetize these new sources of innovation and service-oriented future revenue streams, according to Behera. McKesson is the biggest US healthcare company with an annual revenue of $208.3 billion. ... Because the healthcare industry … All rights reserved. In the US alone, the market size will increase by $808 billion by 2020, according to the latest estimates. 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.”. December Sets Record for Healthcare Job Growth as Total Industry Employment Reaches 16 Million. “Traditionally, lack of formal reimbursement processes is actually a deterrent to the uptake of these-wearables, telehealth etc. While there will be uncertainties, stakeholders can … Frost & Sullivan projects that the overall digital therapeutics market is to grow at a CAGR of 30.7% from 2017 to 2023. Research shows that the healthcare sector will reach $10.059 trillion by 2022. “Many factors determine the rate at which the stem cell therapy market advances,” he says. 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. That said, the quality of healthcare is not directly proportional to the money spent on it. 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. “Despite the promises with novel cell and gene therapies such as CRISPR/Cas9, questions around ethical application challenge its future potential. 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. And this likely won’t be changing anytime soon. Healthcare growth opportunities for 2019 should pivot around the three big themes: digital transformation, value-based care, and patient-centricity. Growth in healthcare employment will fluctuate, and there may be greater growth in explosive-demand sectors, such as home healthcare, but the long-range trend is upward. 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. 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. The majority of the growth is … These are the top 10 countries with the best healthcare in the world. Sequentially TTM Revenue grew by 2.24 %. Population aging around the world and increased patient preference for value-based healthcare are anticipated to fuel market growth. “In 2019, the healthcare market will continue to transit and stick into the value-based model,” Behera says. As we can see, recent healthcare statistics show that it’s one of the largest and the fastest-growing industries in the world. Meaningful small data. It’s divided into several sectors, including the life sciences, biotechnology, pharmaceuticals, services, and healthcare equipment. “With cell-therapy manufacturing being time sensitive, biopharma companies should implement IT-based solutions for improved manufacturing capabilities,” he says. Americans spend more on healthcare, not because they use medical devices more, but rather because of the high cost of medical treatment. 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. In the current decade, the population in the United Stated is projected to increase by about 10.8 percent. Overview. Meanwhile, inpatient care, which includes skilled nursing rehabilitation and non-surgical dental interventions, make up 4.49% and 2.98%, respectively. 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. 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. “Current technology is often perceived to increase the barriers between patient and providers,” he says. There are 784,626 companies in the US healthcare sector. In the US alone, the market size … Professionals employed in these sectors work together to provide medical care to people worldwide. It has been growing consistently and its future looks promising, with the IoT all set to revolutionize healthcare for good. However, the situation on the ground is starkly different. Have you ever wondered about the state of the US healthcare system? This will ultimately affect a person’s quality of life and lifespan. This should be a positive trend … This increasing population will create the need for more healthcare services and service providers. “Increasing digitization of healthcare workflows is leading us to a data explosion along the care cycle, globally,” he says. “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.”. This isn’t surprising—the healthcare sector is the US’s largest employer. 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. Read on to find out the answers to these questions and much more. “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. © 2020 MJH Life Sciences™ and Managed Healthcare Executive. For instance, according to a news report, 20% of Americans don’t have the means to access needed health care. 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 … Data Breaching to Hinder Market Growth. “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. Projection of the market growth rate. Health is a fundamental right, according to the World Health Organization (WHO). And which countries spend the most on health per person? According to the World Health Organization (WHO), there were 703 million persons aged 65 years or over in the world i…