Healthcare Industry Growing due to Digital Transformation
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.
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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.
Digitization in the healthcare sector is a key driving factor of the market. Digital transformation has resulted in the reduction of excessive healthcare expenditure in several countries across the world, due to which the players in the domain are focusing on developing digital platforms that help in providing better healthcare services. Digital transformation aids in managing health-related information efficiently; the information that is collected from the modern digital devices can be utilized for giving automated responses to the existing and upcoming health problems and further enables remote patient monitoring. Hence, this transformation is expected to be beneficial for the patients, as more people will be able to get better healthcare facilities, which are also affordable.
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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.
- P&S Intelligence
- Vijay Kumar
- Website: Ecosystem of Healthcare Industry