Have you ever considered the size of the healthcare sector?
Healthcare consumes greater than 10% of most advanced nations GDP. In addition, by the end of 2019, this percentage in the United States will be approaching 18 percent.
This is hardly unexpected given that the healthcare industry is the leading employment in the United States. In fact, the United States spends far much more on health coverage than the rest of the globe.
As we’ve seen from current healthcare data it is one of the world’s greatest and quickest sectors.
So, which foreign nations invest a lot of money on health care? And just how much money is the international healthcare industry worth? What is the upcoming promise for it?
- According to Harvard Medical School research, online symptoms analyzers are incorrect 66 percent of the time whenever it regards to diagnosing.
- According to the Centers for Medicare & Medicaid Services, healthcare spending in the United States would exceed $5.7 trillion from 2010 to 2026, covering expenditures for all medical costs, including medicines, infrastructure, and technologies. In addition, there are 1.26 million employment opportunities in healthcare in the United States each year.
- According to Market Research Future (MRFR), the Global Medical Tourism Market is expected to reach USD 226,762.7 million by 2023, growing at a 21.4 percent CAGR mostly during the projected period (2017-2023).
- Taiwan seems to have the greatest health-care infrastructure in the world according to CEO World Magazine research. Taiwan’s healthcare system ranks first among the 89 nations examined with a score of 78.72 out of 100 on the Health Care Index.
- According to Business Insiders, heart valve problems are the highest costly health issues in the United States. The estimated price per stay for a Heart valve abnormalities medical condition is $41,878 $.
- According to the American Dental Association’s (ADA) study, yearly dentistry expenditure is expected to reach $148.3 billion in 2020 and $154.9 billion in 2021.
- According to Patient & Caregiver Solutions, the estimated results expense per day of an inpatient stay in the hospital in national and provincial community hospitals and clinics in 2018 was $2,260.
- According to Research and Markets, the global healthcare industry achieved over $8,452 billion in 2018, having risen at a compounded annual growth rate (CAGR) of 7.3 percent since 2014, and is anticipated to increase at an 8.9 percent CAGR to almost $11,908.9 billion by 2022.
- According to Statista research, overall health expenditure per individual worldwide in 2017 was over $1,100 USD, and is expected to rise to $1,800 USD by 2050.
- According to Statista study, the United States will invest 18% of its GDP on health
11. According to Statista research, the United States’ percentage of gross international health spending was 41 percent in 2010 and is expected to fall to 35 percent in the following decade until 2028. The Indian and South Korean portions of international health spending are expected to rise to 3% and 2%, correspondingly.
12. According to IHS Markit analysis, international healthcare expenditure would fall by 0.1 percent to USD 8.3 trillion in 2020 before increasing by 5.8 percent to USD 8.8 trillion in 2021.
13. According to the report, the United States has the largest healthcare business, with 784,626 enterprises, and it invests roughly double as much on healthcare as other nations.
14. CVS Health Corp. (CVS) is the leading healthcare firm in the United States, with $257.3 billion in sales and $6.6 billion in gross profit, including the most recent healthcare sector statistics.
15. According to The Business Research Company, the worldwide medical equipment market was worth about $456.9 billion in 2019 and is anticipated to reach $603.5 billion by 2023.
16. According to Statista study, it is predicted that the worldwide big data industry connected to healthcare in 2016 would rise from approximately 11.5 billion to over 70 billion US dollars by 2025.
17. According to Statista study, the North American medical AR and VR sector was estimated at 477 million US dollars in 2018. By 2028, the figure is anticipated to skyrocket to $4.64 billion USD.
18. According to Research and Markets, the worldwide Artificial Intelligence in Healthcare market is predicted to expand from USD 4.9 billion in 2020 to USD 45.2 billion by 2026, growing at a CAGR of 44.9 percent during the projected time frame.
19. According to Healthcare IT News study, Artificial Intelligence and Machine Learning (AI/ML) are most commonly regarded to be bringing value in specialized care (pathology, neurology, pharmacology, etc.), telemedicine, virtual health monitoring, and many more.
20. According to Methodologies and Markets study, the worldwide Internet of Things (IoT) in healthcare industry capitalization is anticipated to increase from USD 72.5 billion in 2020 to USD 188.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.0 percent over the forthcoming years.
21. According to Arcana’s research, the proper implementation of IoT-based healthcare solutions may assist the United States save more than USD 300 billion.
22. According to Statista study, the overall telehealth industry capitalization in the United States from 2014 to 2025 is expected to approach 22 billion US dollars in 2022.
23. As per Accenture’s study, when major professional health AI technologies are integrated, they have the capability to generate $150 billion in yearly benefits for the US healthcare sector by 2026.
24. According to Methodologies and Markets research, the smart wearable technologies market was valued USD 5.77 billion in 2016 and is expected to be worth USD 12.44 billion by 2022, increasing at a CAGR of 13.7 percent from 2016 to 2022.
25. According to eMarketer.com study, 45.8 million US people used handheld sensors at least once per month in 2017 and this figure is predicted to rise to 67 million US individuals using a fitness tracker at least once per month in 2022.
26. According to Aruba study, six out of ten healthcare companies are already utilizing IoT, with patient monitoring (64 percent) and X-ray/imaging equipment (41 percent) as one of the most common devices linked to the network.
27. According to Market Research Future, the worldwide healthcare virtual assistants market is anticipated to reach USD 316.85 million by 2023, growing at a 21.10 percent CAGR over the forecast period (2018-2023). In 2017, it was worth USD 100.46 million.
28. According to Juniper Research, using virtual assistants in the healthcare industry would save customers and organizations over 2.5 billion dollars by 2023.
29. According to Insights and Markets analysis, the worldwide digital health and telemedicine marketplace is anticipated to rise at a CAGR of 37.7 percent during the forecast timeframe, reaching USD 191.7 billion by 2025, up from an approximate USD 38.7 billion in 2020.
30. According to American Well study, a total of 22% of professionals have used telemedicine to visit patients, a 340% increase over 2015, when just 5% of professionals admitted experiencing ever used telehealth. However, between 340,000 and 590,000 professionals are anticipated to use telemedicine technology by 2022.
31. Health-related queries account for 5% of all Google searches. Googling is a trustworthy partner for individuals all around the world looking for responses to health-related concerns and solutions.
32. When compared to non-search, research drives 3x more traffic to hospital websites. Patients’ favorite method of finding healthcare professionals available on the internet is by far search.
33. Patients who scheduled healthcare visits searched three times higher than individuals who did not. The healthcare consumer experience frequently requires considerable research – before taking some action, customers assess many alternatives.
34. Search algorithms are most commonly used by customers looking for physiotherapists, skilled nursing facilities, and optometrists. Approximately 60% of customers conduct a search before making an appointment in almost all healthcare insurance sectors.
35. Online evaluations are used by 94 percent of healthcare consumers to assess providers. Checking evaluations is a simple way for prospective patients to gain a sense of your practice.
36. 84% Consumers appreciate online evaluations as much as they do personal advice. A solid review management approach is essential for attracting new patients.
37. Possible patients can create an assessment about your practice based on as little as 1-6 internet reviews. A single negative review can discourage a large number of potential patients.
38. Customers are dissatisfied with overall healthcare professionals in 81% of cases. To keep excellent evaluations coming in, encouraging pleased customers to post recommendations and repair ties with unsatisfied customers.
39. 43 percent of Teenagers plan to change careers in the coming several years. It is critical to provide a first-rate experience for this population not just for your reviewing approach however also for patient engagement.
40. The worldwide advertising spend on healthcare firms is expected to rise by 4.3 percent in 2021. During 2018, international advertisement expenditure has been increasing, and this trend is expected to continue.
41. Healthcare advertisement expenditure in the United States is anticipated to rise by 18% by 2021. The United States leads the globe in healthcare advertising spending.
42. In 2021, healthcare online advertising expenditure will surpass healthcare TV advertisement spending for the first time. At that point, healthcare online advertising would contribute 46% of total healthcare advertisement expenditure.
43. A healthcare lead costs an estimate of $286. Healthcare advertisers are spending more for each lead as digital marketing expenditure rises.
44. 88 percent of medical visits are booked over the phone. Considering healthcare is personalized and confidential, potential clients who conduct internet research prefer to contact. Consumers who make healthcare sessions for themselves, their kids, or other family and friends prefer to talk with a real professional
45. Online scheduling is used for 2.4 percent of all healthcare consultations. Many patients are apprehensive about entering their sensitive healthcare information or the purpose for their consultation onto an online application.
While analyzing, upgrading, redesigning, or developing your health insurance advertisement plan for 2021, keep these marketing and advertising statistics in mind.
There are several intriguing implications to be drawn which include: video is essential, digital evaluations are important, material must be long-form, digital is the emphasis today, and patients are searching for business.
Online advertising is not an immediate success; it requires a well-thought-out, systematic approach. However, the benefits may be enormous in generating ideas, dedicated website exposure, and significant progress in search engine results whether you are prepared to spend under it.
We appreciate you discovering the above healthcare marketing statistics useful, as well as we previously mentioned please feel free to share your feedback with us.