Healthcare Industry Growing due to Digital Transformation

[Pramod Kumar]

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.

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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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Other than these, the emergence of digital transformation has also aided in reducing the cost of healthcare considerably around the world, because of which, a larger number of people can be provided with adequate medical facilities. Major companies in the domain are increasingly involved in developing digital platforms that can help if offering better healthcare services and solutions. Some of the major advancements that have occurred in the healthcare industry over the past few years are cloud computing, telemedicine, and wearable medical devices.

Hence, the healthcare sector is registering considerable growth in different countries owing to the increasing geriatric population, increasing demand for IVD tests, and digital transformation.