The primary driver for the US Healthcare Market is the advancing healthcare facilities in the region, for instance-Sovandi was a specialty drug developed in 2013 for the treatment of hepatitis C. The treatment costs incurred for the complete recovery of the patient amount to a value of USD 95,000. Additionally, the rising personal income amongst the U.S population accounts for another factor that propels the market growth. According to sources, a major segment of the disposable income is spent on healthcare products and services.
According to the market database, alternative factors like the aging population of the United States propel market growth. According to the market research, by the year 2030, it is estimated that one in five Americans will be people born between the years 1946-1964. Therefore, as the group ages, the care and support required by these citizens are expected to increase.
The life expectancy (at birth) was around 73.3 in the 1980s. The lifespan of an average human being grew to a value of 78.3 by the year 2015. As of 2019, the life expectancy has gone up to 78.87 years, the value increased by a factor of 0.08% as compared to 2018. This steady growth in terms of lifespan is an outcome of the increased medical research and technological advancements within this sector. Reduction in malnutrition, increase in sanitation and infectious disease control are some of the other factors that are likely to have supplemented this organic growth.
Healthcare as important conjunction for the New York Economy
According to the market database, the healthcare sector constituted 40% of the 87,200 jobs created throughout the city as of 2020. Home-care services provided a major thrust for the growing market. Although according to the comptroller, the home-based health care workers were amongst the least-paid employees of the healthcare market. In the year 2019, the Empire State added 12,300 social assistance workers who provided help as well as support for elderly people with disabilities. Research conducted by the Economic Modelling Specialists International indicated that for every 100 new direct healthcare jobs delivered in New York City, an additional 107 jobs were created within the state leading to massive economic support provided to the GDP. The steady employment trends within the city are expected to boost personal income, sales, and tax collection. Therefore, aggradation in terms of the expanding employment rate is expected to enable the city to afford new services and to balance the budget.
Segmentation based on New York healthcare market:
According to the market database, the healthcare industry can be classified based on Hospitals, Nursing and Residential care, Offices of health practitioners. Home health-care as well as Outpatient, Lab & Other Ambulatory care. The hospitals’ segment constitutes roughly 45% of the overall jobs generated within the industry.
Market distribution and growth of the healthcare industry
According to the market database, many healthcare providers within the region are owned by distinct private businesses. About 58% of the community hospitals are non-profit. Government-owned healthcare units constitute 21% of the geographic spread and for-profit-based hospitals constitute another 21%.
The National health expenditure for the US Healthcare Market is expected to grow by a value of roughly 6% per year until 2027. Additionally, healthcare-based spending is anticipated to grow 0.8% faster than the GDP over the coming years, it is expected to reach a value of 19% approximately. Additionally, the prices for health care reports are also expected to grow by 1.1%.
According to the market database, healthcare coverage is provided through private health insurance and public health services(e.g., Medicare, Medicaid). The U.S. Healthcare Market does not have a universal healthcare program to provide aid in terms of medical support. Although, New York facilitates healthcare amenities to its population with the help of MetroPlus. This program offers low-cost to no-cost health insurance coverage to eligible people living in NYC, Manhattan, Brooklyn, etc. NYC MetroPlus assists the uninsured yet documented population in terms of gaining access to the city’s pipeline of public hospitals and clinics. One major downturn of this service is that it can only be procured by people who have been enlisted as legal occupants of the area.
According to the healthcare market research reports, about 30,000 New Yorkers were undocumented immigrants who didn’t have access to health care facilities. To address this problem, De Blasio introduced a government-run health insurance facility called the NYC Care that aims to help ineligible people. The market database states that citizens in the city who are uninsured and have lived in the area for over six months can utilize NYC Care to consult a primary doctor. The public health program also provides other features like specialty care like mental health and substance abuse services.