Healthcare Industry Growing due to Digital Transformation
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.
On the basis of diseases, the healthcare industry is divided into cancer, cardiovascular & circulatory diseases, respiratory diseases, diabetes, neuropsychiatric disorders, blood & endocrine disorders, chronic liver diseases, musculoskeletal diseases, and other. Out of all these, the prevalence of cardiovascular and circulatory diseases was the highest in the past in Germany. The division is predicted to account for 42.6% of the German healthcare sector by 2024, registering a 3.3% CAGR during the forecast period.
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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.
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.
