Healthcare and Social Services Global Industry Overview

June 2022

This briefing examines how the healthcare and social services industry is performing 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 costs, industry profitability and the number of companies. The industry and market overview provide benchmarks against other countries globally.

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This report comes in PPT.

Key Findings

Digital transformation

The healthcare industry is expected to benefit from further advances in digital transformation over the forecast period. Beside the use of electronic health records, increasing utilisation of fast network connectivity, cloud computing, data analytics, artificial intelligence (AI), the Internet of Things (IoT) and robotics are expected to help streamline the delivery of healthcare services, improve outcomes and reduce costs.

Telemedicine

Virtual care will be 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 help to supplement conventional services and provide greater, more equitable access to healthcare to the wider population.

Sustainable healthcare

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

Cost containment

Budgetary pressures and the rising costs of health and social services continue to escalate cost-containment policies. In order to reduce public spending on health and improve efficiency, governments are enacting strategies to promote preventative and personalised care, alternative provider payment methods and hospital capacity planning.

Introduction

Scope
Examining four trends shaping the healthcare and social services industry
Key trends impacting the industry in 2022

Global overview

Healthcare and social services industry was resilient to COVID-19 shock
Following a strong rise in 2021, production value growth to ease in 2022
US continues to dominate global healthcare and social services industry
Healthcare and social services industry recorded strong profits growth in 2021
Strong consumer demand for health and social services supports global market growth
Industry is under strain due to rising costs of labour, energy and medical supplies
Energy prices to remain high and volatile due to elevated uncertainty

Leading companies

US hospital operators dominate global healthcare industry
Total number of companies grows due to expanding healthcare in developing markets
Industry concentration remains low in most of the countries

Global outlook

US and China to drive future value growth of health and social services
Production value continued to grow in many countries globally despite COVID-19 pandemic
Key future trends shaping the global industry

Country snapshots

US: The industry witnessed a swift recovery from the COVID-19 shock
US: Increasing demand and rising health spending to support industry’s future expansion
China: Following a significant rise in 2021, industry growth is set to slow down
China: Healthcare reforms and infrastructure development support long-term outlook
Japan: Industry is forecast to record sluggish growth in real terms over the medium term
Japan: Ageing population to support long-term demand for healthcare and long-term care
Germany: Industry growth to ease following a spike in revenues during 2021
Germany: Federal support measures to remain key in future growth
UK: The industry is set to record healthy growth over the forecast period
UK: Growing spending to support industry’s growth, but workforce shortages pose threat
France: Industry picked up swiftly in 2021, on the back of recovering demand for regular care
France: Industry to continue expanding, but vast staff shortages cloud the outlook
Italy: Industry growth to slow down after a strong recovery from the COVID-19 shock
Italy: Extensive investment to support industry’s long -term expansion and digitalisation
Australia: After showing resilience to COVID-19 shock, industry is set to continue expanding
Australia: Broad financial support and reforms provide solid ground for future growth
Canada: After a surge in revenues in 2021, industry growth is expected to stabilise
Canada: Federal support to facilitate industry expansion, but backlogs pose downward risks
South Korea: Industry remains resilient to the health crisis and is poised to grow further
South Korea: Growing spending and long-term investment plan to drive industry expansion
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