Health is measured by three major components: a country's basic mental and physical health, health infrastructure, and the availability of preventative care. Established healthcare system and the new entrants focus on nutrition to prevent costly medical issues and improve the overall health of the population they serve. Consumers want more nutritional advice, especially from the healthcare resources, according to the recent HRI survey. Revenue generated by the healthcare industry is summation of market of healthcare services, healthcare devices and healthcare reagents. Emerging technologies are about to remake the business operation and be the integral part of consumer lives. As these technologies integrate into healthcare industry, organizations need to hire new talent or to partner with the enterprise stocked with these skills. The USD 5 trillion is set for disruption due to this emerging technology. Upcoming innovations in healthcare industry like medical tourism, penetration of IoT and artificial intelligence in healthcare, healthcare information IT, mhealth, 3D printing Healthcare, digital healthcare, visionary healthcare, remote patient monitoring, clinical trials management, intraoperative imaging, telehealth, laboratory information system (LIS), healthcare outsourcing market, home care monitoring, etc are going to change the face of healthcare industry.
Global healthcare spending is projected to reach USD 9 trillion by 2024, 50% of expenditures will be spent on cardiovascular disease, cancer and respiratory diseases. Luxemborg, Singapore, Switzerland, Japan, Netherlands, Sweden, Hong Kong, Australia, Israel, Germany, Belgium, New Zealand, Norway, France, Qatar and Canada are considered with best healthcare system and high prosperity index.
The dominant theme in today’s Healthcare Industry is uncertainty, for instance, drug sales growth has fallen and patent expirations will put, on average, 46 percent of top 10 pharmaceutical companies' revenues at risk. Acquisitions and Mergers are in trend in this industry in order to expand the product portfolio and to gain access to approved facilities worldwide. Major acquisitions in Healthcare Industry are: Pfizer acquire Medivation for USD 14 billion to bolster its position in cancer medication, GE Healthcare acquires Biosafe Group i.e. cell therapy and regenerative medicine industry, McKesson Health Solutions has acquired IT vendor HealthQX to expand its IT portfolio with HealthQX’s ClarityQx value-based payment technology, merger of Ranbaxy and SunPharma led to the emergence of one of the biggest pharma companies valued at USD 4 billion, under a Business Transfer Agreement (“BTA”), US-based Abbott Laboratories acquired the domestic formulations business of Primal Heath care at a consideration of USD3.72 billion, etc.
Major players of Healthcare Industry are Pfizer, Roche, Merck, AstraZeneca, Novartis, Senofi-Aventis, Johnson & Johnson, Siemens, B Brown, CVS Health, McKesson, UnitedHealth Group, AmerisourceBergen, Cardinal Health, Walgreens Boots Alliance, Anthem, Aetna, etc.