AMERICAS ACCOUNTED FOR $4.1 TRILLION IN HEALTHCARE MARKET IN 2016

The Americas was the largest region in the healthcare market in 2016, accounting for $4.1 trillion or 47.7% market share.

The global healthcare market grew from $7.3 trillion in 2012 to $8.5 trillion in 2016 at a compound annual growth rate (CAGR) of 4.1%. It is expected to grow from $8.5 trillion in 2016 to $10.2 trillion in 2020 at a compound annual growth rate (CAGR) of 4.6%.

The aging population profile of most countries contributed to the growth of the healthcare market. During the forecast period, the number of people globally over the age of 65 grew from below 450 million to 601 million, an increase of 33%, according to estimates based on Population Reference Bureau data. As healthcare services are more popular and important for older people this drove the market during this period. This trend is expected to continue throughout the forecast period. The percentage of seniors is expected to grow from 24% in 2012 to 40% in 2050 in Japan. The increase in the aging population has increased the patient pool of many chronic diseases such as rheumatoid arthritis, diabetes and cancer.  For example, in the US, there were about 11.2 million diabetic patients in the 65+ age group. This has led to increased demand for healthcare services and facilities, significantly impacting market growth during this period.

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Cost is the biggest health care issue facing most countries. Pressure to contain costs and demonstrate value is widespread. Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding. Also, the high cost of targeted therapies, personalized medicine, genetic-based medicine, medical devices, and other advances continues to add to the health care cost burden along with the impact of waste, fraud, and abuse.

The UK’s National Health Service the largest company in the healthcare market in 2016 with a 2.08 % share. It is the publicly funded health care system created under the UK’s National Health Service Act. The organization was launched in 1948.It had more than 1.5 million employees. Each of the four countries of the UK has a publicly funded health care system –

• NHS England
• NHS Scotland
• NHS Ireland
• NHS Wales

The NHS hospitals provide extensive health care services and outpatient care. The primary services of NHS include antenatal screening, routine screenings, and treatment for long-term conditions include transplants, emergency treatment and end-of-life care.

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All the four healthcare systems are collectively referred to as the National Health Service, which employs more than 1.5 million people. The NHS in England employs around 1.2 million people. Of those, the clinically qualified staff include 150,273 doctors, 40,584 general practitioners, 314,966 nurses and health visitors, 18,862 ambulance staff, and 111,127 hospital and community health service (HCHS) medical and dental staff. The NHS in Scotland, Wales and Northern Ireland employs 161,415; 84,000 and 66,000 people respectively.

Funding for the NHS comes directly from taxation. For 2015-16, the overall NHS budget was around $178.1 billion.

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Posted by Oliver Guirdham on Friday March 03 2017, 11:22 AM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0