Healthcare

Healthcare industry overview

The healthcare industry is poised for growth. Even as the industry grows, its complexities necessitate well-thought-out data-driven strategies. Customer-centricity is key to growth, efficiency and developing winning products – be it a therapy, health plan, payer service, or medical device. However, healthcare industry participants (e.g., pharmaceuticals, medical devices, life sciences, health payers, and providers) realize putting customer focus into practice is no walk in the park. Therefore, enterprises from most subsectors of the healthcare industry have started leveraging market intelligence solutions to develop offerings and services that vibe better with customers and forge win-win partnerships. At Infiniti Research, we have more than 18 years of experience delivering custom business solutions to key players across the healthcare industry. Our healthcare market intelligence specialists have firsthand experience in navigating the many challenges the sector faces.

Heart disease, cancer, unintentional injuries, lower respiratory diseases, strokes, and Alzheimer’s are some of the top causes of death in the US every year. The leading causes of mortality also include diabetes, influenza, pneumonia, kidney infections, suicide, septicemia, and chronic liver cirrhosis. Together these conditions claim nearly 77% of all lives lost in the US every year. Annually, heart disease and cancer claim the most share (46%) of lives.

Total healthcare spending in the US exceeded $4.3 trillion in 2021 and will likely push past $6.8 trillion by 2030. As things stand, healthcare costs account for nearly a fifth of the American economy. These include hospital care, physician services, clinical services, prescription drugs, and personal healthcare. Other costs include home healthcare, nursing facilities, health insurance, public health activities, and health insurance administration. Furthermore, federal funding had to be stepped up during the COVID-19 pandemic in areas like vaccine development, testing, health and emergency response systems, and public health insurance programs.

The healthcare industry has grown exponentially due to technological advances, innovation, and changing public health aspirations. Even so, the spiraling cost of healthcare is admittedly a key issue dogging the sector. As a result, industry participants are gravitating toward a value-based healthcare delivery model that strives to link every cent of healthcare spending with improved patient health outcomes. To pare out costs at every step, the value-based care model makes great use of nursing facilities, primary and urgent ambulatory services, and hospice and palliative care. More than ever, healthcare professionals’ treatment decisions must be backed by evidence (“evidence-based medicine”) of their efficacy and safety.