The diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans are referred as healthcare. Healthcare system is the organization of people, institutions, and resources to deliver health care services of target populations. In healthcare, there are various health practitioners in the field of dentistry, medicine, pharmacy, nursing etc.
In health care system, it includes various categories of medical equipment, instruments and services as well as biotechnology, diagnostic laboratories and substances, and drug manufacturing and delivery.
Industry Overview
The health care industry is one of the world's largest and fastest-growing industries. The health care industry has several sectors that are dedicated to provide health care services and products. A well-functioning health care system consists of a good financing mechanism, well-trained and adequately-paid workforce, reliable information upon which base decisions and policies are made, and well maintained facilities and logistics to deliver quality medicines and technologies which are very much essential, according to the World Health Organization i.e. WHO.
The WHO, have also estimated that globally there are 9.2 million physicians, 19.4 million nurses and midwives, 1.9 million dentists and other dentistry personnel, 2.6 million pharmacists and other pharmaceutical personnel, and over 1.3 million community health workers, making the health care industry one of the largest segments of the workforce.
Classifications of Healthcare Industry
The Global Industry Classification Standard and the Industry Classification Benchmark have classified the healthcare industry into two main groups, they are health care equipment and services and pharmaceuticals, biotechnology and related life sciences.
In health care equipment and services, it consists of companies that provide medical equipment, medical supplies, and health care services, such as hospitals, home health care providers, and nursing homes. Whereas in pharmaceuticals, biotechnology and related life sciences, it consists of companies that produce biotechnology, pharmaceuticals, and other scientific services.
As per the reports by publisher, the global healthcare industry is expected to grow from $99.6 billion in 2010 to $162.2 billion in 2015, at a CGAR of 10.2% from 2010-2015.
According to Plunkett Research Ltd, the health care costs have continued to increase exponentially in the U.S. and throughout the developed countries in the world. Total U.S. health care expenditures were estimated to be $2.8 trillion in 2012, and are forecast to be increasing to $3.5 trillion in 2016.
Some of the global healthcare industry players are National Marrow Donor Program, Narayana Hrudalaya Hospitals, Walgreens, Castlight Health, Assistive Ware, IBM, Ossur, Heritage Provider Network, Esri, and 3M.
Esri is the world’s largest mapping or geo-medicine Software Company, which provides tools for “disease surveillance” to connect the dots between illness and geography. This kind of medical intelligence allows health officials to identify patterns and target care.
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