Healthcare industry is at a consistent growth since past couple of years. Technological advancements and the betterment of our understanding in anatomy as its effect has widened the horizons of healthcare market. This has had a significant impact on global economy. Global healthcare industry has sustained a 4% compound annual growth rate (CAGR) from $6.2 trillion in 2009. Considering the data derived from World Health Organization (WHO), global healthcare market is forecasted to continue its progressive trajectory for forthcoming period.
Dominant Healthcare Markets:
As a result of the drastic hike in the health care market all over the world, central governments and several non-government players are demanding healthcare industry forecasts. Since healthcare industry has evolved into a multi-billion dollar market, healthcare market analysis is a need of the current healthcare industry growth. The worldwide expenditure on healthcare systems comes from various sources such as government, private spending and insurance. The U.S. had by far the highest healthcare expenditure, at $2.9 trillion in 2013, according to estimates based on WHO data. US followed by Japan, China and Europe are among the top key players in the healthcare industry. Sustaining such a drastic rise in market economically requires an extensive healthcare market research.
Reason behind the Growth of healthcare Market:
Progress of medical science and the expertise medical professionals hold have been a huge benefactor in evolving the healthcare industry outlook. Increase in healthcare industry size was driven by increased spending in both general and medicines specially developed to treat the chronic diseases such as cancer, diabetes and hypertension. These now account for 75% of illness across the world. As per surveys, in 2012 better half of the global adult population suffered from one or the other form of a chronic disease. Obesity is one of the most common chronic health condition of all. As per researchers if the current trends of global spending on obesity related diseases remained consistent, alone in the US the expenditure will could rise by $48 to $66 billion a year.
The healthcare industry is widening at a humongous rate. Various medical fields associated with healthcare market such as IT, logistics and instrumentation are growing with a CAGR of 8 to 10%. Healthcare includes all the services, products, equipment and facilities involved in the preventing, treating and managing the illness and the preservation of mental as well as physical well-being. The whole industry covers a multitude of sectors such as the alternative medicine market, the organization of medical facilities, organ supplies and, more indirectly veterinarian and animal husbandry services. Healthcare industry leaders across the globe invest in gaining a predictive analysis derived from accurate healthcare industry reports that are informatively absolute.
