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.