Technology is expected to be a continued driver of the healthcare market growth. Areas of particular development are robotics, artificial intelligence, internet of health things (IoHT) and minimal invasive surgery technologies. For example, daVinci’s surgical system robot transcends limitations to laparoscopic surgery to treat conditions such as obesity, heart disease and prostate cancer. In 2017, around 35% of healthcare organizations planned to leverage artificial intelligence in the next two to five years. In 2014, according to a survey conducted by Accenture, around 49% of service providers opt IoHT for remote patient monitoring (RPM), wellness and prevention. The healthcare market will benefit from the greater efficiencies offered by these technologies.
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The healthcare market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be around 4% over 2019 and 2020, and around 4% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period are further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period.
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The healthcare market consists of sales of healthcare services and related goods by entities (organizations, sole traders and partnerships) that provide human healthcare services, or that provide veterinary healthcare service to pets, farm animals and animals kept in zoos and wildlife parks, or that manufacture and sell pharmaceutical drugs used to treat diseases, or that manufacture biologics to treat and prevent microbial diseases and cancer, or that manufacture medical equipment which are used in the diagnosis, treatment and monitoring of medical conditions.
The healthcare services market, of which the healthcare market is a segment, consists of sales of healthcare services and related goods by entities (organizations, sole traders and partnerships) that provide human healthcare services. This industry includes establishments that provide services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare services.
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The healthcare market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider healthcare services market, and compares it with other markets.