- Jun 16, 2022
The onset of the COVID-19 pandemic has pushed significant growth in the US Healthcare Industry, with 2022 being the year of consumer influence. With higher interoperability levels and significantly better price transparency for medical bills and drugs, the US healthcare industry is dead set on growth.
Moreover, it is also one of the most colossal and fastest-growing industries and is worth more than $714.5 billion. Read on to grab deeper insights into the current state of the US healthcare industry and its various upcoming trends.
General US Healthcare Industry Statistics
Here are some of the top statistics of the US healthcare industry:
- As mentioned above, the US healthcare industry is currently worth more than $714.5 billion.
- The industry was worth around 19.7% of the US GDP in 2020.
- The US national healthcare expenditure for 2020 was $4.1 trillion, which amounts to approximately $12,530 per person. This figure is supposed to reach $6.2 trillion by 2028.
Healthcare happens to be the 3rd largest industry in the country, with massive growth happening across the following sectors:
- Healthcare marketing
- Healthcare tech
- Health administration
- Health insurance
- One in every 8 individuals in the US is a part of the healthcare industry.
- The healthcare industry is currently undergoing a paradigm shift, and with a technology-enabled healthcare model in place, the role of general physicians will change forever.
- The US stands in the 35th place on the list of the healthiest countries in the world.
- An American couple with an average age of 65 will need to save around $295,000 to cover their medical expenses post-retirement.
With the healthcare industry constantly innovating and booming, here are the projected profits by 2024 for its various sectors:
- Distribution and pharmacies: $18.9 billion
- Medtech: $72.1 billion
- Provider: $197.8 billion
- Payer: $116.6 billion
- Pharma: $169.9 billion
- Healthcare IT: $27.9 billion
- With money gushing into the industry, it has paved the way for abundant job opportunities with high wages. The average healthcare employee salary is approximately $60,976, whereas the national yearly average is $47,060.
- US healthcare providers hopped on the tech wave back in 2020, spending around $11.36 billion on cloud technologies. This was 33% more than in 2019 when they spent just $8.55 billion.