LONDON--(BUSINESS WIRE)--Spending in the global healthcare industry is increasing at a rapid pace, mainly driven by the rising population, growing number of the aging population, rapid urbanization, and the increasing demand for treatment of chronic diseases and comorbidities. Meanwhile, factors such as the development of clinical innovations, government support, and better access to medical treatment around the world are also fueling growth for the global healthcare industry.
BizVibe is home to over 150,000 Healthcare & Fitness companies around the world. In a recent article titled 10 Essential Facts about the Global Healthcare Industry, BizVibe takes a look at some of the most important facts and latest developments in the global healthcare industry. Here are some of the top essential facts:
- According to the statistics from Ibid and WHO, the global healthcare spending as a percentage of gross domestic product (GDP) is expected to increase from 10.4 % in 2015 to 10.5 % in 2020. Government healthcare expenditures as a percentage of GDP are projected to rise faster in low-income countries than other income groups.
- Global healthcare expenditures are projected to reach a total $8.7 trillion by 2020, increased from $7 trillion in 2015, representing a CAGR of 4.3% during the five-year period. The growth of global healthcare expenditures is believed to be mainly driven by improving treatments in therapeutic areas (TA) coupled with rising labor costs and increased life expectancy.
- North America is currently the world’s largest healthcare spending region, the total healthcare spending in the region is expected to increase from US$3.3 trillion in 2015 to US$4.1 trillion in 2020, registering a CAGR of 4.3% during the five-year period.
- Europe is the world’s second largest healthcare spending region with total spending of US$1.6 trillion in 2015, while this figure is projected to reach US$2 trillion by 2020, poising a CAGR of 4% from 2015 to 2020.
- Asia Pacific, mainly led by China, India, and Japan etc., is estimated to have the biggest annual growth rate of over 5% from 2015 to 2020 when it comes to healthcare spending. The total healthcare spending in the region is likely to jump from US$1.5 trillion in 2015 to nearly US$2 trillion in 2020.
Read the entire list of 10 Essential Facts about the Global Healthcare Industry on BizVibe
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