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Growth Rates in Unexpected Sectors of the Healthcare Industry

The Bureau of Labor Statistics suggests that healthcare services will have the fastest growth of any industry in the United States.  It is estimated that the healthcare industry accounts for $1.75 trillion dollars annually in terms of revenue, and employs around 14 million people, and it is expected to grow.  Estimates from the Bureau of Labor Statistic are suggesting a 40% growth over the next ten years.

Healthcare Industry

When it comes to cutting-edge treatment and the finest in diagnostics, the United States is the world leader.  The U.S. Medical Technology Industry comprises 38% of all the medical technologies worldwide. The United States exports just over 44 billion dollars in medical technologies annually and the industry is expected to see significant growth. The United States leads the world in the production of medical technologies and is also the industry’s largest consumer.

This massive industry is supported by medical professionals who are highly trained and dedicated to the industry which is comprised of doctors, nurses, and various areas served by medical technicians. The medical industry is poised for further growth and is an excellent area for individuals considering going to or returning to college. The following are medical and industry subsectors that are expecting substantial growth.

Medical Subsectors:

Academic medical centers – They provide specialized care and a significant percentage of research needed for advanced treatment.

Nursing and residential care facilities – The United States has over 16,000 nursing home facilities which house 1.7 million beds that bring in around 190 billion dollars annually.

In home nursing care – Many of the aging and elderly are reluctant to go directly into nursing homes, because of this there is a growing demand for in home nursing care.

In-patient care – Hospital care brings in an excess of 809 billion dollars annually. There are approximately 5000 hospitals and of those 1000 are for specialized treatment. Annual grown exceed 5% annually.

Hospice Care – As the population ages so does the demand and need for hospice care.

Growing demand for care in rural areas – With the new health care act there is going to a significant amount of growth for the medical industry in rural areas; much funding has been allotted to make substantial improvements in funding in these areas.

Ambulatory care – With infirmity another important subsector is ambulatory care which accounts for some 750 billion per year in revenue.

Industry Subsectors:

Electro-medical and imaging equipment – There are many necessary medical equipment devices to aid the medical industry in making accurate diagnosis of many medical disorders. This equipment needs manufacturers and operators. Some of the devices are the MRI, ultrasound, and things like computed tomography, and X-ray machines.

Surgical and medical instruments – This is are specialized equipment that aids medical professionals and include anesthesia equipment, hypodermic needles, catheters, syringes, devises to perform blood transfusions, optical equipment, and orthopedic instruments as well as others.

Surgical supplies and apparatuses – These include artificial limbs, joints, as well as stents, surgical dressings, tapes, drapes, gloves, surgical masks, orthopedic appliances, hydrotherapy tubs, disposable dressings, and things like wheelchairs.

In addition to medical supplies, the dental industry also needs medical staff and equipment. The dental industry needs dentists, hygienists, and people to work in laboratories. Some of the products used by the dental industry are stainless steel tools, plaster, dental chairs, dentures, denture molds, drills, amalgam, cement, sanitizing and sterilizing equipment.

The industry is huge, and there are many advances on the horizon especially in the area of biomedical innovation, technologically advanced care, such as cyber knife, as well as specialty clinics. The United States is the industry leader and is ahead of the world in innovative care. In addition to biomedical advances, there are advances elsewhere in microelectronics, telecommunications, software, instruments, biotechnology and even further advances in the highly specialized areas of nanotechnology and micro-electro-mechanical systems.

With healthcare being the fastest growing of any industry, is estimated that the healthcare industry accounts for $1.75 trillion dollars annually in terms of revenue and Bureau of Labor Statistic are suggesting a 40% growth over the next ten years.  Anyone considering going into the medical industry, in almost any capacity, can expect to see employment growth, good wages, and more job security than in any other industry. Thankfully there are now there are many online degree programs for current and future healthcare workers such as MSN bridge programs which can help someone in a struggling industry transfer into this growing one without having to quit working and take out time and loans to go to school.

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