The healthcare sector continues to grow. 2014 saw a lot of mergers and acquisitions and this trend is continuing in 2015 as well. In fact, as the global economy is now slowly recovering, spending in the healthcare sector is expected to grow at an average of 5.2% per year from the period 2014–2018.
This increase be predominantly be driven by growth in the aging population; greater health awareness; increasing prevalence of lifestyle diseases; infrastructure development; improved access to insurance; and treatment and technological advances.
The Affordable Care Act is on top of the major trends that are likely to influence the healthcare sector this year. The US Supreme court is yet to make a decision and the presidential candidates are already making healthcare promises! The other trends that will take precedence this year include:
- Consumers will play a strong decision-making role in their healthcare coverage and treatments.
- The federal government will further solidify its position as a healthcare market maker.
- Insurance reimbursements will become will become more miserly.
- Employers will look for ways to remain paternalistic by exploring new care and funding models such as bundles.
- Almost 70-80% of large businesses will soon or already provide employee vouchers or discounts for healthcare products and service platforms by the end of 2015.
- Consumer out-of-pocket spending on non-clinical health, wellness, and self-disease management technologies and services will grow by 60-70%.
The coming year will see the healthcare industry growing into a more competitive and efficient market. The industry is already working on maintaining a balance between the rising cost of healthcare services and the increasing demand. The advent of consumer-centered, digitally advanced care will flourish. All-in-all businesses in this sector must look at competing over long-term for success, expecting an immediate great leap will only lead to you spiraling downward!
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