Along with food and housing, good health is one of the most critical aspects of a happy life. With the rapid surge in population, the prevalence of various diseases has also increased, which, in turn, has raised the demand for healthcare services around the globe. As a result, the healthcare industry is one of the most prosperous ones, especially in present times, when the COVID-19 pandemic is raging on. Currently, the industry in Germany, the U.S., France, the U.K., Japan, China, and Singapore is growing the fastest, as these are some of the worst-affected nations by the coronavirus infection and also because the healthcare spending here is among the highest anywhere.
According to a report by P&S Intelligence on Healthcare Ecosystem Insights, the healthcare industry in the U.S. is predicted to generate a revenue of $5,605.5 billion by 2024, advancing at a 6.6% CAGR during the forecast period. The growth of the industry in the U.K. Japan, China, the U.S., France, and Singapore is occurring due to the government initiatives & enhanced healthcare infrastructure, rising prevalence of chronic diseases, increasing adoption of healthcare insurance, growing gross domestic product and healthcare expenditure, rising requirement for in-vitro diagnostic (IVD) tests, surging geriatric population, and digitalization in the industry.
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The second leading division is projected to be cancer in Germany, with an expected contribution of 26.5% by 2024. When channel is taken into consideration, the healthcare industry is categorized into for-profit, non-profit, state/local, and others. In Japan, the state/local category accounted for 17.4% share of the market in 2018. The category was on the third place, owing to the fact that these channels offer less healthcare services as compared to other channels. A major reason for the growth of the healthcare sector across the globe is the surging geriatric population across the globe.
As per the World Bank, the population of people aged 65 years and above reached 34.2 million in Japan and 13.2 million in France, in 2017. The aging process is directly linked with several types of chronic diseases, such as rheumatoid arthritis, cardiovascular diseases, and neurological medical conditions. For example, a study in Japan on people aged 75 or older by the National Center for Chronic Disease prevention and Health Promotion in 2019 revealed that about 65% of patients were suffering from three or more co-occurring diseases, including peptic ulcer diseases, coronary heart disease, and hypertension.
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HEALTHCARE ECOSYSTEM – INSIGHTS, REPORT SEGMENTATION
Market Segmentation by Disease Type
Market Segmentation by Payment Mechanism
Market Segmentation by Diagnostic Equipment Type
Market Segmentation by IVD Technology
Market Segmentation by Channel
Market Segmentation by Hospital Bed Capacity
Market Segmentation by Payer Type
Market Segmentation by Provider Type
Market Segmentation by Care Pathway Stage
Market Segmentation by Disease Stage Type