Our businesses play a big role in society. It dictates our resources, our goods, and our very own survival. No matter what industry you are in, you are still contributing to the lives of so many people in the world. One of the essential businesses and careers in modern times is those in the health and medical field.
Many industries comprise the overall field of health. There are thousands, maybe millions of businesses in this field found all over the world. In the US alone, the health and medical field is valued at one trillion, making it one of the country’s biggest industries. Furthermore, it comprises 8% of the US’ overall GDP. It’s staggering to think how significant an impact this particular industry has in the US and the world.
Growing sub-sectors can bring an even bigger success to this trillion-dollar industry. Here are some markets making a big impact in the health industry. If you’re planning to start a business in this industry, consider joining these markets.
Telehealth used to be insignificant in the overall health sector. No one really knew the point of it or what makes it essential. The main goal of Telehealth was to provide healthcare opportunities to those who need it, no matter where they are. But because of the traditional way people used to think before (e.g., Physical appointments are better than calls), no one really saw the benefit of investing in Telehealth. It was only last year when the pandemic started. People started to see the benefits of Telehealth in the world.
Currently, the Telehealth market is one of the fastest-growing markets in the health industry. The Telehealth market is valued at $60 billion but is expected to reach $559 billion in 2027, with one of the highest compound annual growth rates in the industry of 25%. Those that used to speculate that Telehealth will be a stagnant market have now seen how important it is to the world.
Many appointments are now made online, and those who need general healthcare now do it by phone or through online means. Many experts believe that as more people get used to this, it will become a norm in the future.
The field of dentistry is a humble one, but one that can become even greater. As we become more aware of our personal health and hygiene, and as younger generations become more sensitive in the way they look, dentistry will continue to grow as a market in the health industry.
The dentistry market is valued to be at $180 billion in the US, with a growth rate of 8.4%. It has a decent growth rate compared to other sectors in the industry, but experts believe that it will continue to grow for as long as later generations become more concerned about their general health. It is also a career open to many other industries out there. Becoming an accountant for dentists can be a lucrative business on its own. The field of orthodontics is also another business that has a decent chunk of the market. It is a flexible market that is welcoming to all kinds of innovations.
Starting a business in dentistry isn’t all that hard either. It’s either you graduate from the field itself, or you’re an investor who’s looking to help someone set up a clinic. It’s quite flexible how you want to start in this market, and it’s generally up to your personal preference.
Another market that is continuously growing throughout the year is Psychiatry. There are many more people becoming aware that mental health is as important as physical health. Treating people with mental disorders is becoming more part of the norm instead of alienating them. Because of this, more and more people in business are setting up clinics worldwide.
The psychiatry market value is at $197 billion, with a CAGR of 6.9% for the next few years. Although this is a humble growth rate, much like dentistry, many experts believe that it will be a sub-sector that will continue to grow throughout the years. There will always be a demand for psychiatrists and clinics in the US. This demand will bring more people to join the industry, hence, helping it grow to accommodate more clients.
These are three of the fastest-growing sectors in the health industry that are also impacting our daily lives. Markets such as telehealth are revolutionizing the way we do healthcare. In comparison, both psychiatry and dentistry are accommodating our individual needs to become better persons in society. These sectors will see considerable growth in the next few years and if you’re planning to join the health industry, consider joining through these sectors.