Healthcare Industry Statistics in 2021
Sector: Digital Product
Author: Sweta Patel
Date Published: 11/30/2020
Healthcare is one such industry that has never experienced ups and downs especially after technology took over its evolution.
Even during this pandemic, technology played a huge role in transforming healthcare to a much advanced level.
Businesses looking to take advantage of this growing industry or healthcare businesses looking to expand in 2021, need to consider these healthcare statistics to,
- Understand the growth of this industry
- Find out loopholes in the current healthcare
- Challenges across multiple domains within healthcare
- Trace opportunities to drive business growth
- Learn how technology can help you achieve growth
- Select the right team that can help you grow your business
30 Healthcare Industry Statistics in 2021
1. General Healthcare Statistics 2021
1. As per the research of Harvard Medical School, Online symptom checkers are wrong 66% of the time when it comes to diagnosis.
2. As per Centers for Medicare & Medicaid Services predicted that Healthcare expenditures reach beyond $5.7 trillion in the US include payments for all healthcare costs, including pharmaceuticals, equipment, and technology from 2010 to 2026. Also, there are 1.26 million job openings in US healthcare per year.
3. As per the Market Research Future (MRFR), Global Medical Tourism Market is poised to touch USD 226,762.7 million by 2023 at an impressive 21.4% CAGR during the forecast period (2017-2023).
4. As per the CEO World Magazine research, Taiwan has the best health care systems in the world. Out of the 89 countries surveyed, Taiwan’s healthcare comes in 1st place on the list scoring 78.72 out of 100 on the Health Care Index.
5. As per the Business Insiders research, Heart valve disorders is the most expensive health conditions in the US. 41,878 $ is the average cost per stay for a Heart valve disorders health condition.
6. As per the research of the American Dental Association (ADA), annual dental spending is estimated to be $148.3 billion in 2020 and $154.9 billion in 2021.
7. As per Patient & Caregiver Resources predicted that The average adjusted cost per day of an inpatient hospital stay in state and local government community hospitals in the United States was $2,260 in 2018.
2. Healthcare Industry Statistics 2021
1. As per Research and Markets predicted that Global healthcare market reached a value of nearly $8,452 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.3% since 2014, and is expected to grow at a CAGR of 8.9% to nearly $11,908.9 billion by 2022.
2. As per the research of Statista, Total health spending per person globally in 2017 averaged some 1,100 U.S. dollars which are estimated to increase to 1,800 U.S. dollars by 2050.
3. As per the research of Statista, the United States spends 18 percent of its gross domestic product on health care in 2020.
4. As per the research of Statista, the U.S. share of total global health expenditures was at 41 percent and was forecasted to decrease to 35 percent during the coming decade until 2028. Indian and South Korean shares of global health expenditures were forecasted to grow to 3 and 2 percent, respectively.
5. As per the research of IHS Markit, Global healthcare spending is forecast to decline by 0.1% to USD 8.3 trillion in 2020 before growing 5.8% to USD 8.8 trillion in 2021.
6. As per the research, The US has the biggest healthcare industry, consisting of 784,626 companies and it spends about twice what other countries do on healthcare.
7. According to the latest healthcare industry stats, CVS Health Corp. (CVS) is the largest healthcare company in the USA with $257.3 billion in revenue and $6.6 billion in Net Income.
8. As per the research of The Business Research Company, The global medical devices market reached a value of nearly $456.9 billion in 2019, and it is expected to reach $603.5 billion in 2023.
3. Healthcare Industry Technology-wise Statistics 2021
1. As per the research of Statista, It is estimated that the global big data market related to healthcare in 2016 and a forecast for 2025 period, the market will increase from around 11.5 billion to nearly 70 billion U.S. dollars.
2. As per the research of Statista, in 2018, the North American healthcare AR and VR industry was valued at 477 million U.S. dollars. By 2028, that is expected to increase dramatically to 4.64 billion U.S. dollars.
3. As per the Markets and Markets research, the global Artificial Intelligence in healthcare market size is expected to grow from USD 4.9 billion in 2020 and reach USD 45.2 billion by 2026; it is projected to grow at a CAGR of 44.9% during the forecast period.
4. As per the research of Healthcare IT News, Artificial Intelligence and Machine learning (AI/ML) is most widely perceived to be delivering value in specialty care (radiology, pathology, pharma, etc), telehealth, remote health monitoring, etc.
5. As per the research of Markets and Markets, the global Internet of Things (IoT) in healthcare market size is expected to grow from USD 72.5 billion in 2020 to USD 188.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
6. As per the report of Aranca, the effective deployment of IoT-based healthcare technologies could help the US save well over USD 300 billion.
7. As per the research of Statista, the total telemedicine market size for the United States from 2014 to 2025 is predicted to reach 22 billion U.S. dollars in 2022.
8. According to the analysis of Accenture, when combined, key clinical health AI applications can potentially create $150 billion in annual savings for the United States healthcare economy by 2026.
9. As per the research of Markets and Markets, The wearable fitness technology market was worth USD 5.77 billion in 2016 and USD 12.44 billion by 2022, growing at a CAGR of 13.7% from 2016 to 2022.
10. As per the research of eMarketer.com, 45.8 million US adults used a wearable device at least once a month in 2017 and it is expected to reach 67 million US adults who will use a wearable device at least once a month in 2022.
11. As per the research of Aruba, Six in ten healthcare organizations are already using IoT, with patient monitors (64 percent) and X-ray/imaging devices (41 percent) among the main devices connected to the network.
12. As per the Market Research Future research, the global healthcare chatbots market is expected to touch USD 316.85 million by 2023 at 21.10% CAGR over the forecast period (2018-2023). It stood at USD 100.46 million in 2017.
13. As per Juniper Research, the consumers and businesses combined will save over 2.5 billion by 2023 in the healthcare sector by leveraging chatbots.
14. As per the research of Markets and Markets, the global telehealth and telemedicine market is expected to grow at a CAGR of 37.7% during the forecast period, to reach USD 191.7 billion by 2025 from an estimated USD 38.7 billion in 2020.
15. As per the research of American Well, a total of 22% of physicians have used telehealth to see patients, up 340% from 2015 when only 5% of physicians reported having ever used telehealth. But by 2022, between 340,000 and 590,000 physicians are expected to be using telehealth services.
Grow your business with the growing healthcare industry
Whether it’s about upgrading your existing healthcare services or management software, picking up the new healthcare business model, or developing a powerful healthcare product, these healthcare statistics for 2021 will help you make the right decision on how you want to take your business to shape its next level of success.
Talk to experts to ensure you make the right move when it comes to investing in technology for your healthcare business.