What Effect Insurance Purchase Has on Worldwide Healthcare Industry?

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.

In 2019, the medical sector of the U.S. was projected to reach $5,605.5 billion by 2024, but the future size might actually be a lot larger. Even in the coming years, the medical domain in this country is expected to grow the fastest, primarily due to the high prevalence of chronic diseases. One in every six persons in the U.S. has at least one chronic disease, as per the Centers for Disease Control and Prevention (CDC). In the coming years, the prevalence of cancer, in particular, is expected to surge sharply here, which would lead to a high footfall at hospitals and diagnostic centers.

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For a better understanding of the worldwide healthcare ecosystem, it can be segregated in several ways. For instance, if disease is considered, the entire industry could be broken down into cancer, cardiovascular and circulatory diseases, neuropsychiatric disorders, chronic respiratory diseases (CRD), diabetes, blood, and endocrine disorders, chronic liver diseases, and musculoskeletal disorders. Due to their death toll being the highest, around 17.9 million annually, as per the World Health Organization, the treatment of cardiovascular and circulatory diseases contributes the most to the healthcare sector around the world, including Germany.

Similarly, the healthcare industry could also be seen in terms of the imaging equipment used, since they are essential to diagnosing diseases and tracking the effect of treatment. Ultrasound devices, X-ray machines, computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems, endoscopes, and mammography equipment are widely used at hospitals and diagnostic centers around the world. In Singapore’s case, specifically, X-ray machines are the most widely procured medical imaging equipment; by 2024, the country’s healthcare settings are cumulatively expected to have 7,000 X-ray machines.

Thus, as the burden of diseases increases around the world, the need for healthcare will become even dire.

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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.

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