Global Healthcare Industry Overview 2018

Blog | November 24, 2023

The global healthcare industry underwent significant transformations in 2018, influenced by technological advancements, demographic shifts, and a growing emphasis on patient-centric care. This overview encapsulates key trends that shaped the sector, ranging from the integration of artificial intelligence and blockchain to the rise of patient-centric models and precision medicine. As we explore the developments that defined 2018, it becomes evident that the healthcare landscape is evolving towards greater accessibility, personalized care, and innovative solutions. This introduction sets the stage for a comprehensive examination of the dynamic forces propelling the global healthcare industry into a new era of healthcare delivery.

Healthcare Industry Overview

The healthcare industry overview unveiled by a recent analysis lays down some interesting facts which might force you to think twice before making investments in this market. Today, the healthcare industry is one of the fastest evolving sectors globally. Do you ever wonder why? This is due to the fact that today health care is looked upon not as a crisis that has to be dealt with but as the way of life. The healthcare industry overview findings reveal that this industry is going through a rapid transformation, and to succeed in this environment of competition, there is a need for the organizations to make significant investments in technologies to cut down costs and improve medical care. Before digging into the global healthcare industry overview, lets figure out what health care is all about.

Get in touch with an industry expert to learn more about the new challenges, opportunities, and trends that are set to redefine the future of the healthcare industry.

What Does Health Care Mean?

Health care, at its core, is a comprehensive system dedicated to providing medical products, equipment, and services with the overarching goal of safeguarding, extending, or enhancing the quality of patients’ lives. This multifaceted domain is driven by a commitment to promoting well-being, preventing illnesses, and treating various medical conditions. Here are some key points that encapsulate the essence of what health care signifies:

Holistic Well-Being: Health care extends beyond mere treatment; it emphasizes holistic well-being by addressing physical, mental, and emotional aspects of patients’ lives. The focus is not only on curing ailments but also on promoting overall health and preventing diseases.
Patient-Centric Approach: The core principle of health care is centered around patients. It involves personalized and patient-centric care that takes into account individual needs, preferences, and circumstances. This approach fosters a collaborative relationship between healthcare providers and patients.
Diverse Network of Providers: The health care industry comprises a vast network of interrelated providers, including hospitals, clinics, physicians, nurses, therapists, and support staff. This collaborative ecosystem works cohesively to ensure a continuum of care for individuals at various stages of their health journey.
Preventive Care: Beyond addressing existing health issues, health care places a significant emphasis on preventive measures. This includes vaccinations, screenings, and lifestyle interventions aimed at averting potential health risks and promoting long-term wellness.
Innovation and Technology: Health care is continually evolving with advancements in medical technology, research, and innovation. From cutting-edge treatments to state-of-the-art diagnostic tools, the industry leverages technology to enhance the quality of care and improve patient outcomes.
Health Education: An integral aspect of health care involves imparting knowledge and awareness to individuals. Health education empowers people to make informed decisions about their well-being, adopt healthy lifestyles, and actively participate in managing their health.
Community and Public Health Initiatives: Health care extends its impact beyond individual patients to address broader community and public health issues. Initiatives include disease control, health education campaigns, and community outreach programs to promote population-level well-being.
Quality of Life: Ultimately, health care aims to enhance and optimize the quality of life for individuals. Whether through chronic disease management, rehabilitation services, or end-of-life care, the focus is on supporting patients in leading fulfilling and healthy lives.

In summary, health care encompasses a comprehensive and interconnected set of practices and services dedicated to the well-being of individuals and communities. It reflects a commitment to promoting health, preventing illnesses, and ensuring that individuals receive the care and support they need at every stage of their health journey.

Global Healthcare Industry Overview

Today, the healthcare industry is providing colossal business opportunities worldwide. Do you ever imagine why? This is because of the rising health concerns among consumers. Here is a brief synopsis of the healthcare industry overview that has been realized by the experts globally:

Spending on healthcare typically accounts for approximately 10% of the GDP in the developed nation
This spending is more on treatment than prevention in almost all the countries
Although awareness related to healthcare is rising with governmental and non-governmental organizations intervention still majority population all over the world is facing the problem of obesity and overweight
There is an increase in annual visits by doctors and more employers are encouraging healthy lifestyles through incentive programs like gym memberships
Opportunity for green industry franchise has also expanded its roots
Organic restaurant and sustainable food practices business have also sprung up
Entrepreneurs are on the way to finding solutions to meet the needs of an aging population
Sedentary lifestyles and uncontrolled eating habits are leading to a rapid increase in the risk of cardiovascular diseases

Recent healthcare industry overview reports reveal that despite knowing the right way to live, there is a long way to go for all of us, which, in short, means that the demand for healthcare services will keep on increasing. There are several healthcare industry trends that are working as a support system for this rise in demand. Some of the top healthcare industry trends are listed below:

Request a free brochure of our healthcare analytics solutions to find out how we help healthcare service providers devise analytics-driven strategies to drive growth.

Top Healthcare Industry Trends 2018

Telemedicine

Telemedicine is a great way to mitigate the gap between physicians and patients. The need to reduce healthcare costs and the growing number of the aging population are also important factors propelling the rise in telemedicine services. This can help the researchers in deducing a completely different healthcare industry overview in the years to come.

Artificial Intelligence

Recent information obtained from healthcare industry overview reports show that AI is expected to be one of the important healthcare industry trends in the upcoming years. This is driven by the demand for precision medicine and cost reduction. AI is capable of transforming any area of healthcare, such as workflow tasks of the hospital and diagnosing health conditions, and boost efficiency.

Schedule a free demo to gain detailed insights into our healthcare analytics solutions portfolio.

Robotics

Robots are playing the lead role in bringing about a revolution in the medical world. There is a dire need to improve medical productivity and reduce routine errors. This leads to an increase in the demand for healthcare assistance and automation robots.

IoT and Wearables

Today, patients are getting more involved in managing their own personal health. This has been even more efficiently facilitated by the advent of wearables and connected devices, which, today, have become one of the rapidly emerging healthcare industry trends, i.e., according to recent healthcare industry overview reports. It helps in making healthy lifestyle choices and overcoming specific diseases like asthma, COPD, pain management, and heart arrhythmia.

Blockchain

To mitigate the security-related risks associated with sharing information, especially in healthcare, blockchain technology is getting more and more attention and has become one of the famous healthcare industry trends today. Many reports that focus on the healthcare industry overview actually highlight the fact that blockchain technology will be one of the biggest disruptors in the healthcare industry.

Patient-Centric Care Models

The healthcare industry saw a paradigm shift towards patient-centric care models in 2018, focusing on delivering personalized and holistic healthcare experiences. Patient engagement tools, wearable devices, and mobile health applications empowered individuals to actively participate in managing their health. Providers embraced a more collaborative approach, involving patients in decision-making processes and tailoring treatment plans to individual preferences and needs. This trend aimed to enhance patient satisfaction, improve adherence to treatment plans, and ultimately achieve better health outcomes.

Precision Medicine and Genomics

Precision medicine gained momentum in 2018, fueled by advancements in genomics and molecular diagnostics. The ability to analyze individuals’ genetic makeup allowed for more targeted and personalized treatment approaches. Genomic data played a crucial role in predicting disease susceptibility, identifying optimal treatment options, and understanding the genetic basis of various conditions. Precision medicine not only improved the effectiveness of therapies but also paved the way for more accurate diagnostics and risk assessments.

In conclusion, the healthcare industry in 2018 witnessed a dynamic interplay of technology, patient-centric approaches, and innovative solutions. The trends mentioned above reflect a collective effort to improve the quality, accessibility, and efficiency of healthcare services. As we move forward, these trends continue to shape the future of healthcare, laying the foundation for a more connected, data-driven, and patient-focused industry.

Connect with us

Insights

Customer Experience Marketing: Creating Strategy to Reduce Customer Churn

Written By: Sudeshna Ghosh Key Takeaways for Customer Experience in Marketing Introduction The COVID-19 pandemic presented a challenge for companies to continue providing quality customer experience during a time of crisis. However, many businesses adapted well to customers’ changing priorities around safety, security, and convenience. For instance, online retailers and food delivery services quickly implemented contactless delivery methods to protect […]

Effective Strategies for Enhancing Sales Force Productivity

Written by: Medha Banerjee Introduction to Unlocking the true potential of sales data is unquestionably one of the top ways to make a breakthrough in sales force productivity, returns, business growth, and market position, but this is easier said than done. Leading enterprises often struggle when it comes to structuring and redesigning their teams. Challenges such as […]

How Beverage Customer Analytics can help to Analyze Customer Behavior Patterns?

Written by: Medha Banerjee Introduction to Beverage Customer Analytics Consumer Packaged Goods (CPG) Food and Beverage industry and non-alcoholic beverage manufacturers are facing challenges to understand customer behavior patterns to enhance their experience, satisfaction, and ultimately drive business growth. As technology continues to shape the industry, the integration of AI-powered assistants and advanced data analytics […]

Top Benefits of Retail Price Optimization: Your Ultimate Guide

Written by: Medha Banerjee Introduction Retail Price Optimization Price is one of the most crucial factors influencing the buying decisions of budget-conscious shoppers today. Customers today often browse through multiple outlets, both physical and virtual, before making a purchase, and more so, if the price is on the higher side. However, the intense competition for […]

Modern Marketing Tactics: Crafting Cutting-Edge Strategies for Organizations

Written By: Sudeshna Ghosh Key Takeaways for Modern Marketing Tactics Introduction Nowadays, everybody knows that businesses can market their new products or services by posting many leaflets on their city signposts and signing up for eye-catching ads in the local newspapers. But do you know what benefits you can get from having some modern marketing tactics in your […]

Guide to Advanced Marketing Analytics Solutions and Its Business Benefits

Written By: Sudeshna Ghosh Key Takeaways for Advanced Marketing Analytics Solutions Introduction The rise of advanced marketing analytics solutions has transformed the process businesses operate, offering data-driven decision-making capabilities and in-depth insights. By harnessing the power of advanced marketing analytics tools, businesses can now assess potential risks, optimize processes, and forecast current market trends with unparalleled precision. This case study will provide you with […]