Market Size & Growth:

The US healthcare industry is massive, with healthcare spending accounting for over 18.3% of US GDP in 2021. The healthcare profit pools are expected to grow at a 4 percent CAGR from $654 billion in 2021 to $790 billion in 2026. US healthcare providers and facilities spent $17.9 billion on cloud based technologies in 2022—a figure that is expected to jump to $29.15 billion in 2026.

Market Drivers & Challenges:

The healthcare industry faces difficult conditions in 2023, primarily because of continuing high inflation rates and labor shortages. Major barriers to entry exist in the form of professional licensure, regulation, intellectual property protections, specialized expertise, research and development costs, and natural economies of scale.

Key Players:

The healthcare industry involves many parties working together, including healthcare staffing and administration, providers, and patient care. Some of the key players in the industry include:

Health Insurance Companies: UnitedHealth Group, Anthem, Aetna, Cigna,Humana

Pharmaceutical Companies: Pfizer, Roche, Novartis, Merck, Johnson & Johnson

Medical Equipment Manufacturers: GE Healthcare, Siemens Healthineers, Philips Healthcare, Medtronic, Stryker

Healthcare Facilities: HCA Healthcare, Tenet Healthcare, Universal Health Services, Community Health Systems, Ascension Health 

Outlook:

The market outlook for the healthcare industry is positive, with the industrybeing quite resistant to the ups and downs of the business cycle. The US healthcare industry is expected to continue growing as the population swells. The industry is expected to face challenges in 2023, but improvement efforts are expected to help the industry overcome these challenges in 2024 and beyond. It is constantly being innovated, and the emerging health-focused technology and rapidly evolving digital health technologies are expected to shape the future of the industry.