Do you ever try to analyze the market size of the healthcare industry?
In most of the developed countries, the healthcare industry takes more than 10% of the Gross Domestic Product (GDP). In fact, by the end of 2019, the figure will be close to 18% for the US. The healthcare sector of the US is the largest employer. Considerably the US is the highest spender in the healthcare system more than the world’s average on healthcare.
The recent healthcare statistics show the healthcare industry is one of the largest and fastest-growing industries in the world.
The healthcare industry, also known as the medical industry or health economy, is a compilation and combination of sectors with the economic system, which provides goods and services to treat patients. It helps in creating and commercializing healthcare goods and services and makes it accessible to maintain and improve health.
2019 Healthcare Statistics Facts:
- In 2018, the global healthcare industry was worth $1.853 trillion.
- By 2022, the global healthcare spending is expected to record over $10 trillion.
- With $10,224 per capita, the US has the greatest healthcare spending.
- Globally, the US spends twice on the healthcare industry among the rest of the world does on it.
- In the US healthcare sector, there are a total of 784,626 companies.
- McKesson, with annual revenue of $208.3 billion, is the biggest US healthcare company.
- IoT can be a cost-effective method for the operational and clinical inefficiencies by 25% that is $100 billion per year.
- China is the world’s leader in adopting health connected devices, with almost 28% of health connected device users are in China.
- 64% of physicians believe the IoT can help reduce the burden on nurses and doctors.
The Modern Healthcare Industry
The US States with the Best and Worth Healthcare:
The US Healthcare Service Revenue
Healthcare Statistics of the United States
- The average healthcare employee in the US earns $60,976 in a year, which is $47,060 in a year if compared to the national average.
- In 2019, the US’s national health expenditure will reach $3.65 trillion, which equates to 17.8% of its GDP, according to the latest healthcare in the USA facts and reports.
- Hawaii is the best place for healthcare in the US when it comes to living a long life. Pleasant weather, friendly people and beautiful beaches all make the state so livable and the best healthcare in the country.
- The expenditure of the US in the healthcare sector is almost double in comparison to the rest of the world.
Global Healthcare Industry Revenue by region (in billions of USD)
According to the recent healthcare industry statistics, the global healthcare industry is growing at an impressive rate worth of $1.853 trillion, with an increase of 4.5% year-on-year growth in 2018.
The biggest contributor to the healthcare sector is North America with $714.5 billion revenue following by Europe and Asia-Pacific with $422 billion and $342.4 billion respectively. Whereas, Japan and Latin America were at fourth and fifth place with $174.4 and $137.1 billion, respectively. And the rest of the world contributed $63.4 billion.
The Cost of Healthcare
In 2019, the healthcare industry is expected to reach $3.65 trillion and $4.3 trillion by 2023.
Health Expenditure of the US in the Decade
Global Healthcare Spending
By 2022, the global healthcare spending is expected to reach $10.059 trillion.
Per Capita Healthcare Expenditures by Country
Price of Healthcare
Who is paying for healthcare in the US?
In the US, 64.3% of the healthcare costs that is $1.9 trillion are paid by tax dollars. And according to experts, it is going to increase to 67.3% by 2024.
What makes healthcare so expensive in America?
The expenditure of the US in the healthcare sector is almost double in comparison to the rest of the world and it is mostly because of the expensive treatments and procedures. The healthcare administrative spending of the US accounts for 8% of the US GDP compared to 3% in other nations.
Spending on Health by Type of Products or Services
Health Spending by Sources of Funds
Biggest Healthcare Companies
What is the Current State of Connected Health?
IoT can be a cost-effective method for the operational and clinical inefficiencies by 25% that is $100 billion per year; which we can save with the use of IoT in healthcare. More than 60% of healthcare organizations have already implemented IoT in order to improve their facilities.
More than 47% of healthcare companies are expected to increase the use of connected health devices. Globally, 12% of people use a connected device, of which 12% formerly used one. China is the world’s leader in adopting health connected devices, with almost 28% of health connected device users are in China. By 2020, it is expected that 40% of all IoT technology will be health-related.
Doctors and Patients Opinion about IoT
Internet of Things (IoT) in the Healthcare Industry
New Solutions in the World of Healthcare
- Electronic Medical Records
Electronic Medical Records (EMR) will help the doctors in easy exchange of opinions about patients.
- Artificial Intelligence
Artificial Intelligence (AI) help in increasing productivity and performance by 10 to 15% in the next few years and it will grow by $1.7 billion.
Blockchain was expected to grow by 5 to 10% in 2019, by reducing the space required to store information.
Biggest Challenges for the Healthcare Industry
- Digital Health Ventures
In 2017 and 2018, investors have poured $12.5 billion into digital ventures. With the help of these investments, the funding level of the healthcare sector increased by 230% in comparison to 2013.
- Upskilled Workers
45% of executives have stated that their organization is highly affecting because of their worker’s capabilities. Whereas, 63% of workers responded that their work requires manual analysis or entry.
- Private Equity
In the last decade, private firms have made a large chunk of investment in the healthcare industry. As of July 2018, $624 billion was ready for investment across the healthcare industry.
Scope of the Healthcare Industry
All thanks to the internet of things (IoT) for advancing the healthcare industry and forming a technological revolution in this sector. In the next few years, the IoT will change the healthcare industry by revolutionizing the following aspects of health care:
- Training – The advanced healthcare training systems will imitate patients’ symptom and also provide real-time feedback, which will make easier to remotely train new medical professionals.
- Patient Monitoring – The IoT will take remote patient monitoring to a whole new level. With the help of connected medical devices, the physicians will be able to send data to each other and receive their responses in real-time. With this, it will be easy to save lives as it will pave the way for faster interventions. 74% of patients think IoT devices can help doctors treat efficiently and it’s no wonder if we consider such benefits, affirmed by the healthcare statistics.
- Preventive Care – IoT devices will not only proactively monitor your vital signs but also tell you when you need to see a doctor.
- Workflow Optimization – These devices will make the life of medical professionals easier, and increase their productivity and earnings by streamlining workflow, a sentiment echoed by no fewer than 64% of doctors in a survey.
Across the globe, the world healthcare industry is one of the biggest industries serving billions of peoples’ need for medical treatment. The future of the healthcare industry looks promising as it has been growing consistently, with the help of IoT the industry is all set to revolutionize healthcare for the welfare of everyone.
Read the full stats by Policy Advice – The State of Health Care Industry – Statistics and Facts -2019.
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