Which Country is Expected to Witness Fastest Healthcare Industry Growth?

Along with food and housing, good health is one of the most critical aspects of a happy life. With the rapid surge in population, the prevalence of various diseases has also increased, which, in turn, has raised the demand for healthcare services around the globe. As a result, the healthcare industry is one of the most prosperous ones, especially in present times, when the COVID-19 pandemic is raging on. Currently, the industry in Germany, the U.S., France, the U.K., Japan, China, and Singapore is growing the fastest, as these are some of the worst-affected nations by the coronavirus infection and also because the healthcare  spending here is among the highest anywhere.

In 2019, the medical sector of the U.S. was projected to reach $5,605.5 billion by 2024, but the future size might actually be a lot larger. Even in the coming years, the medical domain in this country is expected to grow the fastest, primarily due to the high prevalence of chronic diseases. One in every six persons in the U.S. has at least one chronic disease, as per the Centers for Disease Control and Prevention (CDC). In the coming years, the prevalence of cancer, in particular, is expected to surge sharply here, which would lead to a high footfall at hospitals and diagnostic centers.

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For a better understanding of the worldwide healthcare ecosystem, it can be segregated in several ways. For instance, if disease is considered, the entire industry could be broken down into cancer, cardiovascular and circulatory diseases, neuropsychiatric disorders, chronic respiratory diseases (CRD), diabetes, blood, and endocrine disorders, chronic liver diseases, and musculoskeletal disorders. Due to their death toll being the highest, around 17.9 million annually, as per the World Health Organization, the treatment of cardiovascular and circulatory diseases contributes the most to the healthcare sector around the world, including Germany.

Similarly, the healthcare industry could also be seen in terms of the imaging equipment used, since they are essential to diagnosing diseases and tracking the effect of treatment. Ultrasound devices, X-ray machines, computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems, endoscopes, and mammography equipment are widely used at hospitals and diagnostic centers around the world. In Singapore’s case, specifically, X-ray machines are the most widely procured medical imaging equipment; by 2024, the country’s healthcare settings are cumulatively expected to have 7,000 X-ray machines.

Thus, as the burden of diseases increases around the world, the need for healthcare will become even dire.

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How is Unhealthy Lifestyle of People Driving Complementary and Alternative Medicines Market?

Due to globalization and urbanization, the lifestyle of people across the world has changed drastically. At the present time, a large number of people are suffering from medical conditions such as stress, obesity, hypertension, and insomnia. For instance, as per the Our World in Data, in 2017, 3.4% and 3.8% people across the globe were suffering from anxiety and depression, respectively. Apart from this, the prevalence of chronic diseases is on the rise as well; for example, the number of people suffering from diabetes grew from 108 million in 1980 to 422 million in 2014, according to the World Health Organization (WHO). The symptoms of these medical conditions can be managed by alternative therapies and medicines, including meditation, yoga, and tai chi, which is why the demand for complementary and alternative medicines (CAM) is rising.

The remedies or treatments that are used in place of conventional medical treatments, such as chemotherapy, surgery, allopathic medicines, and radiation therapy, are called CAM. Some examples of CAM are chiropractic, acupuncture, traditional medicine (herbal and ayurvedic), yoga, reiki, and homeopathy.

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As per a research conducted by P&S Intelligence, in 2018, the global complementary and alternative medicines market reached a value of $192.0 billion and is predicted to register a 6.0% CAGR in the near future. The various types of CAM are mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Among all these, the largest demand was created for nature-based CAM during 2014–2018. This was attributed to the increased requirement for organic and natural medications, which have less side-effects as compared to allopathic drugs. Ayurveda, mud therapy, and homeopathy are primary types of nature-based CAM.

One of the key reasons for the growing demand for CAM is the side-effects associated with allopathic medications. Several incidents of side-effects, such as diarrhea, vomiting, internal bleeding, dizziness, seizure, and insomnia, have been reported by patients taking allopathic medicines. For instance, aspirin, one of the most common drugs, is believed to cause side-effects including vomiting, heartburn, and seizures. These side-effects can happen because of various reasons, such as drug-food interaction and drug-drug interaction. Attributed to these factors, the consumers have started adopting alternative therapies and medicines, as they help in the management of several diseases without any major side-effects.

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