Health care industry growth proves that medical services are highly essential to society. It may not be as glamorous as other industries, such as entertainment or sports, but the health care field is consistently necessary to the well-being of the US and global population.
The ongoing COVID-19 pandemic – which has transformed the world as we know it – especially highlights the importance of medical care. While other industries slowed down or came to a halt during the pandemic, the demand for health care services has increased even more because of it, according to the World Health Organization (WHO).
Are you working or planning to work in the health care field? Or are you simply curious to know how fast the medical field is growing and is expected to grow? Keep reading to find out the US health care industry growth rate in terms of employment, revenue, and National Health Expenditure (NHE).
Growth of Health Care Employment Rate
The employment rate for health care jobs has a projected growth of 15% from 2019 to 2029, according to the US Bureau of Labor Statistics (BLS). This is equivalent to an estimated 2.4 million new jobs in the health care field within that period.
The projected growth is faster and the expected number of additional jobs is higher in the health care sector compared to other industries.
According to the BLS report, the main factor for a bigger demand for medical services is the aging population. This report does not yet even take into account the current pandemic and future health crises, so it’s possible that the actual demand may even be higher than originally anticipated.
The average annual salary for health care practitioners – including Registered Nurses (RNs), surgeons, physicians, and dental hygienists – was $68,190 as of May 2019. This amount is greater than the average yearly wages for all occupations, which was $39,810.
The average annual salary for health care support workers involved in patient care – like home health aides, medical transcriptionists, occupational therapy assistants, etc. – was $28,470 as of May 2019.
In comparison, the average yearly wages for medical secretaries, administrative assistants, and other clerical entry-level positions in the health care field is $38,090 as of May 2019.
Growth of Health Care Industry Revenue
The health care industry growth rate in terms of revenue was 3.64% in 2019, according to the financial analysis of CSIMarket.com. The quarterly revenue for the health care sector has been increasing in general, as the CSIMarket.com data from 2018 to 2020 reveals.
The health care industry ranks second place in terms of revenue growth compared to other sectors in the overall US market, based on CSIMarket.com data as of December 2020. The health care sector’s year-over-year (Y / Y) revenue growth rate is 9.07%, only behind the retail sector (first place at 11.68%) and ahead of the technology sector (third place at 8.45%).
Growth of National Health Expenditure (NHE)
The National Health Expenditure (NHE) – which refers to the national health care spending of the US – rose 4.6% to $3.6 trillion in 2018, according to the Centers for Medicare and Medicaid Services (CMS). This amount represented 17.7% of the Gross Domestic Product (GDP) during that year.
The NHE is predicted to grow at an average annual rate of 5.4% from 2019 to 2028. The national spending on health care is anticipated to amount to $6.2 trillion by 2028.
The majority of health spending was sponsored by the federal government (28.3%) and paid for by households (28.4%). Private businesses were responsible for 19%, state and local governments for 16.5%, and other private revenues for 6.9% of the NHE.
Based on CMS data, the prices for medical services and goods are projected to grow at an average yearly rate of 2.4% from 2019 to 2028. The fast price growth is a reflection of the projected growth in the salary of professionals in the health care sector.
Do You Want to Become a Part of the Health Care Industry Growth?
Health care is a basic human need, not a luxury or a fad. People are always going to need medical services, whether they are seeking treatment for sickness and injuries or trying to maintain their good health. It’s no wonder that the health care industry growth is continuous.
You can become part of this growth yourself by working in the health care field. It’s true that it can be challenging to work as a health care professional because your job directly affects your patients’ health and well-being.
However, you can benefit professionally from belonging to an industry where the employment rates, revenues, and expenditures are constantly rising and expected to rise. Of course, you can also achieve personal fulfillment by making a difference in the lives of others through your health care job.
To top things off, you may have more job opportunities as a health care worker during this ongoing pandemic. According to the International Labour Organization (ILO), there is a greater need for the medical services of doctors, nurses, and other health care professionals because of the COVID-19 crisis.
Are you considering preparing for a career in the medical field? You can start enriching your health care knowledge through educational resources and informative articles at Clipboard Academy.
Are you already a nurse or health care professional who wishes to continue to become a part of the health care industry growth? You can register with Clipboard Health to find per diem shifts in the health care field.