Did you know that the healthcare industry is one of the fastest-growing industries in the world? Its current global value is a staggering $8.45 trillion.
It’s important to stay on top of trends if you’re involved with the medical industry in any way. Medical practitioners and healthcare business owners can all benefit from knowing where the industry stands and where it’s going.
The following guide will fill you in on the most relevant statistics and facts for 2021 that medical companies and workers need to know. Read on to stay updated on this ever-growing industry.
Healthcare Industry Spending
Healthcare in the United States is more expensive than in other countries. The US spent about $10,500 per citizen in 2020. New Zealand and Australia devote only 9.3 percent of their GDP which is half of what the US spends.
Researchers predict that US healthcare spending could increase from $4 trillion to over $8 trillion by 2040. The US spent over $11 billion on cloud-based technologies in 2020 alone.
Healthcare providers are focusing on vital tracking, early detection, and prevention of disease. The hope is that it will reduce costs to customers.
Although global sending is plenty and technology is getting better, healthcare systems in countries like Fiji have recently failed. Learn more about these failures and why they put citizens at risk.
The Latest Healthcare Industry Trends
The healthcare industry pushed to digitize systems amid the COVID-19 pandemic. The event jumpstarted a boom in virtual care that continues to change the entire US healthcare system.
The digital health industry has received generous amounts of cash from investors. US digital health startups received more money than ever before in just the first three quarters of 2020.
Electronic healthcare records are among the biggest growing trends. EHR stores patients’ health information in a digital format. This allows a patient’s data to be shared with other providers. It greatly improves productivity.
Wearables and 5G technology are rapidly emerging to help track health and exercise data. Wearable app users grew to over 80 million in 2021 and more growth is expected in 2022.
Social determinants of health are also growing. They help identify non-medical, economic, and environmental circumstances that impact one’s health. This can include things like access to transportation and healthy food.
Telehealth video doctor visits and remote patient monitoring tools are perhaps the biggest trends. It allows a constant connection between caregivers and patients. These services remove the necessity for nonessential visits to the doctor.
Telehealth also makes it much easier for patients in rural locations to access healthcare. Those without reliable transportation also benefit from this technology.
One-third of US adults participated in a telehealth visit in 2020. 63% of those adults used telehealth for preventative services, prescription refills, or consistent visits for a chronic illness. 8 out of 10 preferred this method.
Are You Keeping up With the Latest Trends?
Now you know that new technologies are driving most current healthcare industry trends. Big money is being spent on tech and healthcare accessibility and convenience are improving every year.
Check out our website for more fascinating information about health and technology.