Global Overview of the Healthcare and Social Services Industry

August 2021

The briefing examines how healthcare and social services industry performs globally and in the largest countries in terms of healthcare and social services output. The report also provides data for production, market size, imports, exports, industry’s costs, industry’s profitability and number of companies. The industry and market overview provides benchmarks against other countries in the region.

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EXAMINING FOUR TRENDS SHAPING THE HEALTHCARE AND SOCIAL SERVICES INDUSTRY

DIGITAL TRANSFORMATION

The healthcare industry is expected to witness major advances in digital transformation over the forecast period. Increasing adoption of cloud computing, data analytics, artificial intelligence (AI), internet of things (IoT), robotics and 5G, among other solutions, is expected to help streamline the delivery of healthcare services, improve outcomes and lessen costs.

TELEMEDICINE

Virtual care will remain an important way to meet the growing need for healthcare and align with populations’ changing preferences. Although telehealth solutions are not expected to fully replace in-person visits, they will further help to supplement conventional services and provide greater, more equitable access to healthcare to the wider population.

SUSTAINABLE HEALTHCARE

With the growing environmental awareness, the importance of sustainable practices has been on the rise within the healthcare industry. Thus, the health and social services industry is expected to witness increasing uptake of sustainable practices, including reduction of carbon emissions and waste disposal, efficient resource management and other measures.

COST CONTAINMENT

Budgetary pressures and rising costs of health and social services will continue to escalate cost-containment policies. In order to curb public spending on health and improve efficiency, many governments continue to enact strategies on promotion of preventative care, alternative provider payment methods and hospital capacity planning.

Introduction

Scope
Examining four trends shaping the healthcare and social services industry
COVID-19: Impact on healthcare and social services
Healthcare and social services has been among the least affected industries by COVID-19
Healthcare and social services industry remains resilient to the COVID-19 pandemic
US continues to dominate global healthcare and social services industry
Profits remain stable despite lower patient volume and additional expenses
Healthcare exports slow down due to pandemic-related travel restrictions
Recovering tourism flows to facilitate imports’ growth post-pandemic
Strong consumer demand for health and social services supports robust market growth
US hospital operators dominate global healthcare industry
Total number of companies grows due to expanding healthcare in developing markets
Industry concentration remains low in majority of countries
China, US and UK to drive future value growth of health and social services
Majority of countries saw positive healthcare development despite the COVID-19 crisis
Key future trends shaping the global industry
USA : Industry witnessed slower revenue growth in 2020
US industry growth to pick up in 2021, backed by renewed medical procedures
China : Revenues of healthcare providers continue to grow, albeit at a slower pace
Growth of China’s healthcare and social services industry to accelerate in 2021
Japan : Healthcare providers see weaker turnover growth amid COVID-19 pandemic
Japan’s ageing population to support steady future growth of health and social services
Germany : Industry revenues maintain solid growth despite the COVID-19 crisis
Stable growth of German healthcare and social services to be driven by vast federal support
UK : Healthcare and social services industry remains resilient to the COVID-19 crisis
UK healthcare industry poised for solid future development
France : Industry revenues plunge due to the negative impact of COVID-19
French healthcare and social services providers to see a rebound in 2021
Italy : Healthcare providers witness turnover decline due to pandemic
Swift recovery of Italian industry will be supported by renewed healthcare services
Canada : Turnover of healthcare and social services registers slower growth rate in 2020
Growth of Canadian healthcare and social services industry to accelerate in 2021
South Korea : Healthcare providers withstand the crisis, yet growth rate slows
South Korea’s industry to maintain stable long-term future growth
Australia : Turnover continues to grow, albeit at a weaker pace
Australian healthcare industry to benefit from long-term public investments
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