How is Need for Better Healthcare Infrastructure Driving Healthcare Industry?

The availability of proper healthcare infrastructure is a significant aspect of the healthcare sector, which is why the governments and other organizations are investing increasingly for improving the hospital infrastructure. For instance, the University Hospitals Birmingham National Health Service (NHS) Foundation Trust, along with the U.K. based HCA Healthcare Inc., announced in 2017 to build 138 bedded specialist hospital facility for offering both NHS and private care in the Queen Elizabeth Hospital Birmingham Campus. In addition to this, national and international government organizations are focusing on spreading the information regarding different diseases, which is expected to result in early detection, treatment, and palliative care of diseases.

In the U.S., the healthcare industry is predicted to generate a revenue of $5,605.5 billion in 2024, advancing at a 6.6% CAGR during the forecast period (2019–2024). The industry provides diagnosis and treatment for all types of diseases, including cancer, neuropsychiatric disorders, musculoskeletal disorders, cardiovascular & circulatory diseases, chronic respiratory diseases, diabetes, blood, & endocrine disorders, and chronic liver diseases. In Germany, cardiovascular & circulatory diseases were the most prevalent during the historical period (2014–2018) and the situation is going to be the same in the near future as well.

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Several types of diagnostic equipment are utilized in the industry, such as magnetic resonance imaging, computed tomography, endoscopes, X-ray, ultrasound, and mammography. Some other diagnostic equipment includes elastography, nuclear imaging devices, and fluoroscopy. Among all these, the largest demand, in terms of value, was created for X-ray machines in the U.S. during the historical period due to the increased usage of these systems. In terms of volume, the largest demand in the U.S. was created for ultrasound devices during the historical period, and the need for these devices is further going to be the highest in the country during the forecast period.

The rising prevalence of chronic diseases and geriatric population is further leading to the growth of the healthcare industry. Some of the key factors contributing to the surging prevalence of chronic diseases are increased cholesterol level, high blood pressure, and overweight. Apart from this, behavioral risks, such as poor nutrition, excessive consumption of alcohol, lack of physical activity, and consumption of tobacco, also lead to the occurrence of chronic diseases. Furthermore, geriatric population need constant care as they are more susceptible to different illnesses. It is due to these factors that the healthcare sector is witnessing significant growth.