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Healthcare Industry Growth and Scope of Healthcare Management Profession

Healthcare and Hospital Management

Healthcare Industry Growth and Scope of Healthcare Management Profession

Healthcare Sector Growth

The health care sector is one of the world’s biggest and fastest-developing sectors, consuming more than 12 % of GDP of most developed countries. Most of the private sector jobs over the past 10 years came from healthcare sector and the sector continues to develop faster than most other industry segments.

Healthcare Sector in United States

Healthcare is the biggest, fastest growing industry in United States. The U.S. healthcare system accounts for over $3 trillion in yearly expenditures, which is almost 20% of US Gross Domestic Product (GDP). With respect to economic experts in the Office of the Actuary at the Centres for Medicare and Medicaid Services, investment is estimated to increase at a yearly average rate of 5.9% through 2020, which is 1.2% greater than US projected GDP development. By 2020, healthcare investing is estimated to go beyond $4.5 trillion.

Healthcare Sector in Singapore

Singapore has set up powerful fundamentals in healthcare quality, having instituted the globe’s 5th best healthcare infrastructure and spending more than 8% of GDP on healthcare and offering universal coverage for people in Singapore with multiple levels of care. The standard of medical practice in Singapore is amongst the most efficient and advanced in the world. The Joint Commission International (JCI) has currently approved more than 15 hospitals and 4 medical centres in Singapore.

Healthcare Sector in India

Indian Healthcare industry is growing at a study rate and offering various career opportunities for professionals. In the up-coming decade, growing consumer attention, strengthening of the medical insurance sector and a need for better services and products will change this country’s second biggest service sector employer.

An estimated 40 million fresh jobs are expected to be created by 2020, as per a report titled ‘India’s New Opportunities-2020’ by the All India Management Association, Boston Consulting Group and the Confederation of Indian Industries (CII). The Indian healthcare industry also has advanced over time with multiple benefits over other developing countries to become a global medical tourism hub. The quality of medical care at a much economical cost makes thing a global trend these days.

The healthcare industry in India is predicted to expand at a CAGR of 16% to touch US$ 160 billion in 2017 from US$ 92 billion in 2013, according to a recent report. India being a nation with an increasing population, its per capita healthcare expenditure has enhanced at a CAGR of 11% from US$ 58 in 2011 to US$ 70 billion in 2013, and going ahead it is predicted to reach US$ 90 by 2015. The factors driving the progress of the healthcare sector are increasing incomes, easier accessibility to high-quality healthcare facilities and greater attention to personal health and hygiene.

Career Opportunities

Unlike many standard higher educational programs / courses, graduates of any of the life sciences with an additional healthcare management education can find substantial opportunities in locations varying from small non-urban communities to big metropolitan areas and all over the world.

 Job Flexibility

Training and certification in healthcare management can take job aspirants into diverse and fascinating directions.  In addition to more standard careers in healthcare sector, people work in many other areas such as:  Biopharmaceutical organizations, clinical research organisations, health insurance organizations, health management consulting, banks and other financial organizations, Federal agencies, professional communities, NGOs, etc.

The primary skill sets which you acquire in a healthcare management training program provide a competitive benefit within the healthcare industry.  Moreover, these abilities transfer easily across a variety of sectors, offering flexibility for non-health sector positions as well.

Leadership and Advancement Potential

Especially for life science graduates with training and certification in healthcare management, there are outstanding career prospects and many of them also take on roles in various industries of the field at mid-senior and senior level management positions.

Constant Self Development

Healthcare management is a profession that values constant self enhancement and education, and most companies motivate ongoing professional development.  Many companies often assist tuition remission or in-service teaching for new expertise. Innovation, quality compliance and ongoing learning will be an integral part of the career from the day you start.

Excellent Earning Potential

People pursuing healthcare management professions have fantastic earning potential. For graduate, starting pays generally range from $60,000 to $120,000 per annum, based upon prior education and knowledge.  Senior healthcare professionals with 2-4 years can earn $220,000 or more.

Social Objective

Judgements made by healthcare professionals can assist to strengthen life of people.  Healthcare professionals have a perception of social mission—they significantly care about the individuals they work with and serve.  Additionally hospitals and healthcare providers deliver opportunities for those who desire to do well by doing good.

Visible and Respected Role in the Community

Healthcare professionals generally are amongst the most respected people of their communities.  Medical centres and other healthcare providers are among the most significant employers in many communities and their companies favourably influence the health and wellness of the populations they serve.

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