Global Healthcare Market
Having grown at a compound annual growth rate (CAGR) of 7.3% since 2014, the global healthcare market reached nearly $8,452 billion in 2018, and is projected to grow at an 8.9% CAGR to nearly $11,908.9 billion by 2022.
A vital component of the historic period’s growth was the rapid growth in the elderly population, strong growth in emerging markets, and decline in oil prices, as well as reforms in health insurance around the world. Healthcare access issues, labour shortages, manufacturing challenges, and regulatory changes were some of the factors that hindered growth in the past.
Healthcare is segmented into services, pharmaceuticals, medical equipment, biologics, and veterinary healthcare. Healthcare services accounted for 79.4% of the market’s total in 2018. The next segment was pharmaceutical drugs, followed by medical equipment.
The future growth in the healthcare market will be driven by biologics and veterinary medicine, where CAGRs are projected to be 13.6% and 10.9% respectively. The healthcare services market will grow at a CAGR of 9.3%, followed by the pharmaceutical drug market at 6%.
The global healthcare market will have the most opportunities in the healthcare services segment which is projected to make $2,873 billion of global annual revenue by 2022. Women’s healthcare market end-users will also dominate the top opportunities as women’s medical care is projected to drive $1,807.8 billion of global annual sales by 2022. It is estimated that the US health market will grow by $808 billion, making it the region that will benefit most from healthcare sector.