The healthcare industry is in the midst of unprecedented turmoil as it grapples with unsustainable costs, increased demand for healthcare, an aging population demanding improved chronic disease management, digital transformation, and outcome based healthcare. All of these issues are compounded by the projected growth of the industry.
Driven by aging population of the US coupled with the expansion of health benefits offered by the Affordable Care Act the healthcare industry is projected to continue its dramatic growth through 2024. The category is expected to account of 18% of the national GDP by 2024 compared to 16.7% in 2014 and15% in 2004.
From an employment standpoint, the Bureau of Labor Statistics reports that healthcare jobs and industries are “expected to have the fastest employment growth and to add the most jobs between 2014 and 2024. Employment in the healthcare industry is projected to grow at 21 percent. In comparison, the second-fastest growing sector, construction, will only grow at 13 percent.
Our Research Includes
A projection of “jobs created” during this period includes:
All of these factors are driving rapid and dramatic change across the entire industry. These changes will be less evolutionary and more revolutionary. Many of the jobs are being created to staff new healthcare business models designed to deliver patient centric care at lower costs. This creates much more competition, something the industry has been lacking for decades. Traditional emergency rooms are being challenged by urgent care clinics. Conveniently located small “quick” clinics are stealing patients from physician practices for minor illnesses and routine medical treatment.
The good news; change often brings opportunities. Market research in healthcare can provide the insight and understanding needed to seize the opportunities provided by this new frontier. Opportunities that may include: new adjacent businesses, innovation, non-traditional business models and processes, information management, etc.
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Representative Healthcare Projects
Clients in the Healthcare Market Include
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