Healthcare
Healthcare contributes over 10% of the GDP in most of the developed nations. The global Healthcare spending was 8.45 trillion dollars in 2018 and is expected to cross the 10 trillion dollar mark by 2022. Undoubtedly, Healthcare is one of the fastest and largest growing industries around the world.
Insights on Healthcare Sector in Canada
Healthcare expense as a part of Canada’s GDP has been going upward. For instance, in 2019, the Health care sector accounted for 11.6% of Canada’s GDP; most of the expenses were from hospitals (26.6%), medicines (15.3%) and doctors (15.1 percent). Between the financial years 2010-11 & 2018-19, public expenditure on Health care went up from 131.7 billion dollars to 172.6 billion dollars. This increase in the health care expense represents an annual growth rate of 3.4%. In the year 2018-19, Canadian government spent around CA$4656 for per person on medical care. By 2040-41, it is estimated to increase by CA$7039. Total health expenditure in Canada went up to over $308 billion in 2021. The sector's contribution to GDP rose to 12.7% in 2021.
Healthcare Sector in United States
U.S. holds one of the highest ranks in the global Healthcare sector. It is expected to reach 6.2 trillion dollars by 2028 from the current 4 trillion dollars. The main driving force of these increased expenses is due to the health institutions adopting the new advancing health-driven technology to improve the health care sector of the country. Sixty four percent of the total healthcare revenue is accounted by patient care whereas skilled nursing rehabilitation accounts to 4.49% and non-surgical dental interventions makes up 2.98%. Healthcare spending accounts for 17.8% of the total GDP.
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While there is a tremendous growth opportunity in the health-care industry, it’s has its own challenges. The nature of the business lends itself to intense pressure and can create a high-stress environment, especially while considering setting up a business in any foreign country. Healthcare companies need innovative strategies and a network of local and international experts at an arm-distance when it comes to expansion or establishing their business in an overseas continent. With a panel of global experts, Prescott & Lynn is well-equipped to provide complete support and guidance to hospitals, health centers, private healthcare organizations, etc. in setting up their businesses in the United States & Canada.