5 Healthcare Industry Trends to Expect in 2019
Four Best Healthcare Market Research Strategies
With an enormous market size of $156 billion, the medical device industry in the United States remains the largest in the world. Companies in the medical device industry consist of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health-related purpose. Although patients are the end-users of medical devices, manufacturers ideally focus their efforts towards selling their products to healthcare providers who in turn use them to serve the needs of patients.
Majority of the companies in the US medical device industry are concentrated in regions known for other high-technology industries, such as microelectronics and biotechnology. The states with the highest number of companies in the medical device industry include New York, California, Florida, Michigan, Pennsylvania, Massachusetts, Minnesota, Illinois, and Georgia. Compared to several other industries including telecommunications, automotive, and defense, the medical device industry invests a higher percentage of their yearly revenues into product innovation, reflecting the competitive nature of the industry and constant innovation and improvement requirements of existing technologies.
In the year 2010, the Patient Protection and Affordable Care Act (ACA) was brought into effect by the president Obama administration, re-vamping the operations of health care in the US. The ACA or Obamacare, as it is popularly known, hopes to improve health care in the US by providing affordable healthcare industry insurance coverage to all. The ACA has had a far reaching impact on the Americans choice of healthcare industry insurance and has garnered attention from across the world with the launch of the healthcare industry insurance marketplace. The United States is one of the few among the developed nations to offer universal health care through the Affordable Care Act to its citizens.
What is the Affordable Care Act ?
This act puts in place a comprehensive set of reforms that aim to improve and expand the Americans’ access to affordable health coverage. The market for health care in the US provides consumer protection, through the Affordable Care Act, to prevent restrictive and abusive trade practices by healthcare industry insurance companies. The Affordable Care Act aims to achieve the following objectives and goals in the US affordable health care market
- Improve the quality of health care services and ensure patient safety
- Ensure coverage protection to insured individuals and extends affordable coverage towards the uninsured
- Reduce the health care costs and promote high quality, effective, and value added care
- Encourages the adoption of health information technology in the health care industry
Affordable Care Act and Its Impact on health care in the US
The Affordable Care Act is one of the most controversial legislation pieces from the Obama administration that aims to improve health care in the US. Although there are a few valid criticism points around the Affordable Care Act, it has the following impact on Americans and health care in the US, in general.
- The Affordable Care Act provides extended coverage for individuals under their parent’s insurance until the age of 26; thereby, ensuring time and resources to young Americans to be financially secure and build a healthy lifestyle
- It offers more benefits for women under the new coverage options they cannot be refused coverage based on a pre-existing medical condition such as pregnancy or cancer
- With the aim to provide affordable health care to all American citizens depending on their interest, medical needs, and financial ability, the Affordable Care Act offers four tiers of coverage for healthcare industry insurance plans namely bronze, silver, gold, and platinum
- The Affordable Care Act guarantees a range of health benefits and services right from emergency services, prescription and drugs, maternity and newborn care, laboratory services, and hospitalization among several others
- The healthcare industry insurance companies will be held responsible and accountable across their range of service offerings under the Affordable Care Act; thereby, ensuring reliable and helpful service to the insured