The Business Of Medicine

By 2040, US health spending will soar to $8.3 trillion — More than double in just 20 years

The Medical Industry Is Larger Than Ever

  • In 2020, US national healthcare spending reach $4.1 trillion — That’s $12,530 per person

    • Federal government: 36%

    • US households: 26%

    • Private businesses: 16%

    • State and local governments: 14%

  • US healthcare spending accounts for 19.7% of GDP

    • In 2021, US-based digital health startups brought in almost $30 billion — Up from $15 billion in 2020

  • Healthcare continues to be the largest employer in the US

    • Healthcare & Social Assistance, 2018 US Census

      • 907,426 businesses

      • 20 million employees

      • $1 trillion annual payroll

    • From 2018 to 2028, this sector will grow 14% 

  • Adoption of emerging technology is a primary driver of rising healthcare spending

    • In 2020, US healthcare providers and facilities spent $11.36 billion on cloud technology — Up from $8.55 billion in 2019

    • In 2021, adoption of 5G brought an estimate $600 million in cost-savings to healthcare worldwide

      • By 2030, savings will reach nearly $94 billion

80% of healthcare providers plan to increase investment in technology and digital solutions in the next 5 years

Emerging Technology In Healthcare

  • Telehealth

    • By 2027, the market for telehealth will reach $397 billion — 38X larger than before COVID-19

    •  62% of healthcare consumers prefer virtual healthcare

      • 52% would choose remote monitoring for ongoing health issues

      • 52% would choose virtual care for routine appointments

    • 42 states and Washington DC now require private insurers to cover telehealth visits

  • Digital Therapeutics & Devices

    • By 2025, the market for digital therapeutics with reach $56 billion

    • DTx delivers evidence-based therapies through software and mobile apps

      • Must be approved by regulators to replace or complement existing treatment

    • By 2028, the global market for wearable sensors will reach $5.2 trillion — up from $661 million in 2020

      • In 2018, the FDA approved the Apple Watch for heart monitoring

  • Artificial Intelligence

    • Augmented intelligence works to enhance the intelligence of clinicians, rather than replacing caregivers

      • Spotting abnormalities in medical scans

      • Automating initial patient contact and triage

      • Predicting outbreaks of contagious diseases

    • By 2029, the global market for AI-enabled medical imagine solutions will reach $9.61 billion

      • By 20217, healthcare AI is expected to grow to $67.4 billion — up from $6.9 billion in 2021

      • By 2027, healthcare predictive analytics market will reach $29 billion — up from $3.7 billion in 2019

      • By 2028, the market for AR and VR in global healthcare will reach $43 billion — up from $2 billion in 2020

    • Extended reality (XR) uses lenses or headsets to overlay virtual elements on the world around us, is increasing used for clinical training and treatment

      • Training doctors and surgeons without risking patient wellbeing

      • Practicing social and coping skills for children with autism

      • Helping people face fears and psychosis in a safe environment

      • Detecting and highlighting veins for injections

  • Personalized Healthcare (PHC)

    • Personalized healthcare customized medical treatment for individual patient’s

      • Genetic testing

      • Predicting disease risk

      • Response to treatment

      • Determining the proper dosage of painkillers

      • Monitoring chronic diseases

    • Over the past 10 years, monthly Google searches for “DNA kit” have risen 119%

      • The cost of testing and dropped from $999 per kit, to as low as $60

The pandemic highlighted the need for greater equality in healthcare, and tech is helping to fill the gap

Driving Equality In Healthcare

  •  During the pandemic, people of color accounted for 63% of all COVID-19 deaths

    • More likely to contract COVID-19

    • More likely to suffer severe outcome

  • Social and economic factors impact up to 90% of health outcomes, new tech is helping bridge the gap

    • Cityblock Health: Integrates with electronic health records to help patients avoid hospital visits, flagging social barriers that could impact health outcomes

    • Unite Us: Develops software that screens patients for unaddressed social factors and refers them to community resources

    • Google: Released healthcare natural language API that turns data into actionable insights for clinicians, will likely grow to include FitBit data integrations

  • Lack of transportation to and from appointments often impedes patients’ access to care, 

    • 3.6 million Americans miss or delay appointments each year due to lack of transportation

      • Still more rely on medical transport services with long wait times and frequent driver no-shows

    • Missed appointments cost the US healthcare system $150 billion annually

    • Lyft & Uber have partnered to help provide transportation

      • Boston Medical Center reported $500,000 saved in a year

      • CareMore Health Systems save $1 million in a year

      • Hennepin Healthcare clinics reduced patient no-shows by 27%

The business of medicine is evolving. Here's to your health!

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The business of medicine is an astonishing large market. By 2040 the sector will be an $8.3 trillion market in the US alone. Let's examine the national healthcare growth trends in the infographic below:

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