Health Care Industry

By: EconomyWatch   Date: 30 June 2010

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Health care industry plays an important part in the economy of a country. The health care industry determines the GDP or the gross domestic product of any country. It also determines exports status, employment, capital investment etc. Health care segment provides employment openings to many individuals directly associated with the health care sector or other associated sectors, related to the health care industry in some way or the other. Efforts are usually made to keep the dollars rolling within the country economic set up. Businesses dealing in health care adds to the already existing economy by buying utility programs, by paying taxes for property etc.,.

The health care industry consists of the following:

  • Dentists and doctors
  • Protective care and nursing
  • Pharmacies
  • Allied medical, health services
  • Hospitals

The present era is likely to be dominated by expansion of demands in the market, increasing prices and increasing awareness among the customers. Such changes will trigger a change in the health care industry scenario for the better. The year of 1990 witnessed a sluggish rate of growth, the health expenses per capita marked an all time low. The sluggish nature could be due to the fact that several health programs were implemented efficiently.
 

With the invention of latest technological developments, the world health care industry is catching up with the other leading industries of the world. World health care industry is one of the largest industries catering to the medical needs of innumerable people around the globe. Statistics show that in the year 2004, employment provided by the health care industry accounted for 13.5 million job opportunities. Out of the 13.5 million jobs, some of the people opted for self employment while others remained salaried workers related to the health care. It has been predicted that between 2004 through 2014, increase in the health care jobs would be by approximately 19% or as many as 3.6 million job opening would be produced.

The statistics provided above reflect the health care scenario in the USA.Generally, the world health care industry comprises of the following segments:

  • Hospitals
  • Nursing
  • Physicians
  • Dentists
  • Health care services at home.
  • Medical practitioners
  • Outpatient departments
  • Ambulant health care facilities
  • Diagnostic laboratories and medical services

World health care industry includes any medical institution which includes either a single medical assistant to the medical practitioner or medical practitioners attached to different hospitals and other medical establishments.


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