Already one of the largest industries in the world, the global healthcare sector is predicted to grow at a significant rate in the upcoming years. Expected to reach a value of nearly $40 billion USD by 2025, the rise of biotech, an aging population and, of course, the COVID-19 pandemic, will all play a role in the continued expansion of the industry.
Unsurprisingly, the domestic growth of the U.S. healthcare industry will be a main driving force behind the increased in value. Already accounting for more than 41% of the global industry, the domestic healthcare sector’s growth will have a considerable impact on the global healthcare sector. However, it is the Asia-Pacific region that’s the second largest market for healthcare in the world, followed by Western Europe. In India alone, the healthcare sector is expected to increase by a compound annual growth rate of around 16%, making it one of the country’s fastest growing industries.
What Does a Growing Healthcare Industry Mean?
People will always need medical care, which makes the global healthcare industry relatively robust. As the world’s population continues to increase, the number of individuals requiring medical care grows too. Due to this, the increased demand for medical services and products fuels industry growth. However, an increasing population isn’t the only reason behind the expansion of the sector. To learn more, take a look at what a growing healthcare industry could mean for our future:
1. Increased Use of Technology
Technology is impacting every sector but it’s having a particularly notable affect within the healthcare industry. The rise of ‘telehealth’ services, combined with earlier diagnoses and more effective treatments, are making healthcare services more widely available. From biotech to increased data protection, new technology is helping the industry to evolve in an unprecedented fashion. As new products are developed and innovate new procedures are approved, the medical industry is fueled by increased demand and sales.
2. An Aging Population
It isn’t just an ever-growing population that’s contributing to the growth of the healthcare sector; an aging population means there is an increased need for medical care and support services. The amount of medical care we need tends to increase as we get older. Seniors may require help at home, regular medical procedures, long-term medication or even round-the-clock care, for example.
When the number of seniors in the global population is higher, the demand for healthcare services is therefore also increased. As a result, the industry must expand to fulfil this need.
3. Increased Job Opportunities
When an industry grows, it generally creates more job opportunities, which is good news for people working in healthcare or for those who want to begin a career within the healthcare sector. In the U.S., for example, Registered Nurse roles are set to grow by 7% between 2019-2029. More advanced nursing roles, such as Nurse Anesthetists, Nurse Midwives and Nurse Practitioners, are predicted to grow by a whopping 45% in the same timeframe, which highlights the potential for promotion and career progression within the industry.
Given the rate of expected growth and the abundance of potential job opportunities, it’s not surprising that so many healthcare professions are taking a strategic approach to their careers. By enrolling on advanced courses now, current healthcare workers can ensure they’re ready for promotion when the opportunity arises. Furthermore, the availability of accredited online courses, such as, Nurse Midwifery, Pediatric Acute Care and Neonatal Nurse Practitioner programs available via distance learning, makes it easier than ever for healthcare professionals to further their careers.
4. More Accessible Healthcare
Even when demand for medical services is high, the industry can only grow if enough people are actually able to access the services that are available. When rural communities don’t have access to medical facilities or medical expenses are too high for families to seek help, for example, the industry may not grow as swiftly as it could.
Fortunately, healthcare is becoming more accessible, which may be contributing to the growth of the industry on a global scale. While there’s no doubt that access to healthcare is limited or non-existent in some parts of the world, we have taken steps towards making medical services more accessible in recent years. Providing this trend continues, we can expect increased access to healthcare services to continue to fuel the growth of the sector in upcoming years.
5. Regulatory Changes
Regulatory changes can prompt industry growth or decline in relation to any sector, but they are highly relevant to the healthcare industry. As virtually every aspect of healthcare is regulated by governments, any legal or political changes have the potential to significantly impact the growth of the industry.
As we’ve seen in relation to the COVID-19 vaccines, medicines, treatments and procedures must be approved by relevant governmental bodies before they can be delivered to patients within the relevant country. When a new approval is given, it fuels industry growth. Conversely, if regulatory changes limit the availability of services in some way, this could cause a decline in the industry.
However, the increased use of tech to create highly effective treatments, medical devices and medicines may mean that approval is given more quickly and more frequently. Similarly, regulatory changes to the way healthcare is financed could continue to fuel growth.
Become Part of a Growing Industry
The decline of an industry is catastrophic for its workers, as it usually spells redundancy and job losses. In contrast, a growing industry brings job creation, career opportunities and exciting innovations. For anyone who wants to join a booming industry, the healthcare sector is a natural choice.
From jobs involving direct patient care to tech roles focused on the creation of new medical devices, there are endless ways to forge a career within the industry. With so many sub-sectors and specialties, the healthcare industry really does provide job opportunities for everyone. What’s more – it’s a sector that creates real change in the world and has a positive impact on the lives of the global population.
5 Things That Can Help to Enhance Your Career in Business
A career in business can not only be a rewarding one, but it can also provide you with the flexibility to work in a specific area that you prefer. You can find positions working in a variety of industries and in multiple types of roles. With so much to offer, a career in business is certainly one that is worth pursuing.
That being said, to reap all of the benefits and explore all of the possibilities that a career and business allow, there are certain things that you should look to do to enhance your career and to make yourself the most viable candidate as possible. The best way to give yourself the most likely chances of success is to take specific steps to enhance your career and take your skills and talents to the next level.
The road to finding success in business isn’t always an easy one. There are a variety of obstacles that you will face along the way. However, with the right preparation and level of dedication, you can truly enhance your skills and take your career in business as far as you want to.
First and foremost, anyone who is looking to take a career in business as far as they can should begin by obtaining the right level of education. It is important to earn a basic degree in business at first to gain a baseline understanding of the field of business. There are many skills that you will develop when you earn a business degree that will help you to get your foot in the door with an entry-level job in business.
It is important to note that anyone who seeks to have a successful career in business should adopt the mentality that learning is a continuous part of the job. You cannot succeed in business unless you resolve to spend a portion of your time and energy, acquiring new knowledge and understanding about the industry in which you work.
Moreover, there are many jobs in business that are only open to those who have acquired an even higher level of education. A Master’s in Business Administration, or MBA, a degree is practically a prerequisite these days for promotion in the world of business. If you can find a concentration to pursue, you can make yourself more marketable in your specific field.
In choosing a concentration that is based not only on your experience thus far but also your aspirations, you can demonstrate to hiring managers and those in positions of power alike how capable you are of taking on more responsibility and bettering yourself. If you would like to learn more about the many benefits of choosing a concentration for your MBA, you can click here.
At some point or another, you are going to need to ask for advice and guidance about how you should proceed in your career or what steps you should take to progress professionally. It is important to understand that there is going to be so much that you don’t know. Having the humility to know when to ask for guidance is the most important thing.
In your efforts to obtain the right level of guidance throughout your career, it can be helpful to have a mentor. A mentor is someone who has been where you are and who has achieved things in their careers that you hope to achieve as well. This person is someone that you can look up to and turn to in those moments when you don’t quite know which steps you should take.
Finding a mentor who is a good fit for you professionally can take some time. It might very well be that your place of employment has a mentorship program in place that you can turn to. You can apply to such a program and be matched with a mentor who can serve as a career-long source of guidance for you.
If such a program doesn’t exist at your place of employment, that doesn’t mean that your chances of finding a mentor are lost. There are many ways that you can find the right person to serve as your mentor. Perhaps you already have someone in mind that you are comfortable turning to with questions about your career. It might be a more informal mentorship that you have, but that can still be an incredible professional relationship to have.
When you are looking for a mentor, there are some key qualities that you will want to look for. Not only should your mentor have the skills already that you hope to also develop on a professional level, but they should have the heart of a teacher. Such a person will likely be ready and willing to act as your mentor and professional guide.
In the world of business, there is a great deal to be said for having valuable connections that help you to advance your career. Your professional connections can play an important role in your efforts to enhance your career and to take things to the next level. Even though there is more to a successful career in business than having strong connections, it is a crucial element to your future success.
Building and maintaining your professional network is an effort that is going to stretch the length of your career. It is always a good idea to start as early as possible. While you are still in school and throughout your time earning any advanced degrees, you should look to connect with as many as your peers as possible.
As you progress in your career, there will be opportunities to connect with others in your field at professional networking events and corporate events. You should be ready and willing to participate in these events and make the most out of the networking aspects that they have. Learn how to communicate at such events and reach out to others to build up your professional network.
4. Specific Goals
While there are many things that you can do in a practical sense that will allow you to enhance your career, they can all be a bit on the misguided side unless you have specific goals in mind. Without knowing and understanding what your specific goals are, you cannot possibly hope to discover what the right steps are to achieve them.
Your goals are those things that you turn to in those moments when you feel your motivation lacking. When you aren’t sure what steps to take, keeping your goals in mind is the only way to know where to take things.
That being said, knowing your goals isn’t always the easiest thing to do. You might have some vague idea about where you would like your career to take you, but if you are ever going to get there, you will need to figure out some particulars. This will require some self-reflection and thought about what you want to accomplish.
It is important to note that just because you can lay out your specific goals, which doesn’t mean that they won’t change and develop along the way. As you progress in your career and learn more about who you are as a professional and where your natural skills and talents lie, it is very likely that your goals too, will develop. You should be prepared to identify and accepts these changes in your path if and when they come about.
Throughout your career, there are going to be times when feedback is going to come your way. It can be difficult to open yourself up to critical feedback, but you must learn to do so. Whether criticism comes from your superiors or if your peers have something constructive to comment about your performance, you should be ready and willing to take it all with a grain of salt.
Critical feedback can be a valuable tool when taken in the right context. Getting defensive about such things won’t allow you to learn and improve from them. Instead of taking professional criticisms personally, look at them as an opportunity to develop and grow. Keeping the right perspective in mind as you are given such feedback can help you to identify better your professional weaknesses and those areas in which you need to place more focus and energy.
It is also worth adopting the habit of seeking out feedback. While things like employee reviews and routine feedback are going to come up every now and then, anyone looking to enhance their career shouldn’t wait to seek out feedback. Whenever you have the chance to take part in or even lead a project, for instance, you should also request to know what your superiors think about your work performance.
Seeking out feedback and be uncomfortable, especially if you feel that you are out of your league a bit, but it can truly be a valuable tool in your efforts to enhance your career in business.