The healthcare industry is one of the fastest growing industries and comprises an integration of sectors all tuned toward providing patients with all-round care, services and support. The sectors within this industry include hospitals, pharmaceuticals, medical devices, clinical trials, medical tourism, and health insurance, to name a few.
Growing awareness and increasing demand for a quality healthcare have enabledthe industry to rapidly develop, innovate and expand.The demand for quality healthcare is supported by various advances in technology. Rapid diagnostic tests, for instance, are in great demand due to the faster and accurate results being delivered. Robotic surgery is another advanced and innovative healthcare service with a growing demand. Robotic surgery enables doctors to perform complex surgeries with high precision and flexibility, resulting in faster recovery and shorter hospital stay.
Increasing healthcare costs however deter patients from seeking quality medical services or undergoing regular health tests.This is where health insurance comes into the picture. A wider insurance coverage, especially in the emerging economies, will further fuel the market growth.
The challenge as well as the opportunity for the industry is in improving the quality of patient care while reducing the overall healthcare costs.