4 Fastest Growing Sectors in the Health Industry
As global populations grow and new challenges emerge, the health industry is continuing to grow at an unprecedented rate. Health businesses and charities are required to provide more follow-up care, produce more drugs and push the boundaries of scientific study more than ever before.
While almost all sectors within the health industry are expected to grow over the next decade, four specific categories stand out. Their vast expansion in recent years suggests the biggest upcoming growth.
Read on to discover which four sectors we predict will grow at the fastest rate over the coming years.
Biopharmaceutical Industry
The biopharmaceutical industry is one of the largest sectors in the world, responsible for producing medicine and drugs. In fact, the American biopharma market is estimated to be worth at least $407.72 billion per year.
Vaccination Industry
As a result of the Covid-19 pandemic, the vaccine industry has experienced vast growth unparalleled by other sectors within the health industry.
Covid-19 shut down almost every country in the world, impacting individual wellness and the economy at large. The vaccination industry was called upon to provide a vaccine as quickly as possible to usher in a return to ‘normal life’.
This meant that a lot of money was pumped into the vaccination industry, resulting in quick expansion.
Telehealth Industry
The telehealth sector has seen huge growth since 2000 and continues to grow at pace. 46 percent of consumers are now using telehealth opting to speak to medical professionals from the comfort of their own homes through video or audio calls.
The appeal of telehealth for patients is clear. Speaking over the phone or on a video call permits patients to be more honest about their ailments, which leads to accurate treatment more quickly – better for patients and saving money for the health industry.
In the example of telehealth, the Covid-19 emergency has been largely responsible for growth because of the restrictions placed on people’s movements.
Traditional healthcare sectors, such as hospitals and pharmaceuticals, have been prioritized for decades. However, an area of health that is only recently emerging as an area for attention is the social care industry.
Social care is the sector responsible for supporting people in general, rather than specifically for a short-term medical illness. Those who would benefit from social care include people at risk, the elderly and those with disabilities.
With many countries around the world experiencing aging populations and growing mental health crises, the social care sector is due to grow quickly over the coming decade.
Final Thoughts
The health industry will inevitably grow in line with the population, but some sectors are growing more quickly than others.
The vaccination and telehealth industries are growing quickly as a result of Covid-19, while the media is drawing vital attention to the need for social care expansion.
