Themedica » Medical Industry Overview
The medical and health care industry provides enormous employment opportunities to choose from. Apart from using the services of medical professionals, this industry also utilizes the expert services of public policy workers, medical writers, clinical research lab workers, IT professionals, sales/marketing professionals and health insurance providers.
SIZE OF THE INDUSTRYThe United States of America has one of the largest medical and healthcare industries in the world, followed by Switzerland and Germany. The USA's medical industry comprises of more than 750,000 physicians and 5,200 hospitals. USA witnesses approximately 3.8 million inpatient visits and 20 million outpatients visit on a daily basis. Furthermore, the United States of America has the largest workforce i.e. one in every 11 US residents employed in the health care business.
The Global prescription drug market was $550 billion in the year 2006. Also, the total health care expenditures across the world were $4.5 trillion last year. Of which, US solely account for $ 2.2 trillion, $ 2 trillion in OECD countries and remaining $ 0.3 in other countries of the world. Learn about the challenges for the medical industry in the article '2009 Financial Crisis: Top 9 Issues for Health Industries.'
MAJOR SEGMENTS OF THE INDUSTRYThe global medical industry is highly fragmented, comprising of various ancillary sectors namely medical equipment and supplies, pharmaceutical, healthcare services, biotechnology, and alternative medicines sectors.
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Laboratory Equipment Products
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KEY GROWTH DRIVERS OF THIS INDUSTRYThere are various factors, which govern the growth of the medical and healthcare industry. Some of the key factors are:
FUTURE PERSPECTIVE OF THE INDUSTRYThe future perspective of medical industry seems to be immensely bright and encouraging for this industry in terms of the expected surge in global demand and upsurge in investments. Several trends such as globalization, continuous investments in research and development, newer techniques of drug development and discovery, product proliferation, mergers and acquisitions are the key drivers of this industry.
Increasing corporatization of Private Healthcare in the backdrop of a growing and affluent middle class is an emerging trend that has been pushing the growth of this industry. Health Insurance and Medical Tourism are the other significant trends, which are governing the global healthcare and medical industry. Most of the nations are now emphasizing on the accreditation of medical professionals so as to ensure legitimacy of the services provided by them. Robust advancement in the field of information technology will allow critical medical data to be processed and transferred quickly over larger distances, thereby saving time of both the patients and physicians in the speeding delivery of treatment.