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.
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.
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.
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.
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.
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