The healthcare industry is an all-encompassing term used to refer to pharma, biotech, medical equipment, healthcare equipment, medical supplies, and healthcare services. With its vast size, the healthcare industry spans millions of businesses around the globe and employs billions of individuals.
With advancements in technology, there has also been rapid infiltration of digitization in the healthcare industry. Now, the healthcare industry is a flywheel of several sectors, such as health, tech, and manufacturing.
If you are a B2B marketer looking to find quality prospects in the healthcare industry, you should know how the industry operates, what it includes, and how to target your niche. In this blog, we will discuss these aspects of the healthcare industry.
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What Does the Healthcare Industry Include?
The four major sub-segments of the healthcare industry are:
- Healthcare services and facilities
- Medical devices, equipment, and hospital supplies manufacturers
- Medical insurance, medical services, and managed care
- Pharmaceuticals and Related Segments
Let us briefly explore each of them.
1. Healthcare services and facilities
Healthcare services and facilities include the following:
Hospitals: Hospitals and other medical institutions provide medical, diagnostic, and treatment services. This broad category includes general, medical and surgical hospitals, along with psychiatric and substance abuse units. There are also speciality hospitals, family planning clinics, hospices, palliative care centres, dental labs, and blood banks.
Nursing and residential care facilities: Here are the major nursing and residential care facilities:
- Home health care services
- Nursing Care Facilities
- Urgent Care Centers
- Mental health and residential developmental handicap facilities
- In-Home Senior Care
- Community care facilities for the elderly
Ambulatory healthcare services: Ambulatory healthcare includes outpatient care centres, medical and diagnostic labs, and ambulance services.
Medical practitioners: Medical practitioners can be classified into numerous categories based on their speciality and the kind of services they provide. Here are the major categories:
- Psychologists, Social Workers, and therapists
- Nutritionists and Dietitians
- Physical Therapists
- Alternative Healthcare Providers
2. Medical devices, equipment, and hospital supplies manufacturers
These are medical companies that offer innovative products to supplement healthcare services. These include medical equipment, hospital supplies, products, and services, including specialist applications. Here are some major categories:
- Electro-medical and electrotherapeutic apparatuses
- Irradiation apparatuses
- Surgical Instrument and Medical Instrument Manufacturing
- Surgical appliances and supplies
- Dental equipment and supplies
- Vital Signs Monitor Manufacturing
- TENS Machine Manufacturing
- Nebulizer Manufacturing
- Medical Laser Machine Manufacturing
- Medical Device Manufacturing
- Robotic Surgery Equipment Manufacturing
- Endoscope Manufacturing
- Ultrasonic Cleaning Equipment Manufacturing
- Hospital Bed Manufacturing
- Hospital Furniture Manufacturing
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3. Medical insurance, medical services, and managed care
Given below are different medical insurance, medical services, and managed care providers:
- Health maintenance organizations (HMOs)
- Preferred provider organizations
- Exclusive provider organizations
- Healthcare Consultants
- Medical Patient Financing
- Healthcare Staff Recruitment Agencies
- Health and Medical Insurance
- Surgical Apparel Manufacturing
- Medical Supplies Wholesaling
- Medical Waste Disposal Services
- Dental Insurance
- Medical Couriers
- Medical Device Cleaning and Recycling
- Medical Claims Processing Services
- Pharmacy Benefit Management
- Corporate Wellness Services
- Home Medical Equipment Rentals
- Medical Case Management Services
4. Pharmaceuticals and Related Segments
The pharmaceutical industry develops, produces, and markets drugs or pharmaceuticals licensed for use as medications. Pharmaceuticals eliminate the need for inpatient and invasive care services. They are subject to a variety of laws and regulations regarding the patenting, testing, and ensuring the safety and efficacy and marketing of drugs. This sector further consists of many players, including Over-the-counter (OTC) drugs and Drug Stores, Prescription drugs, Biopharmaceutical drugs, Generic drugs, Pharmaceuticals Packing and Labeling Services, Dietary Fiber Supplement Manufacturing, Vitamin and Supplement Manufacturing, Cough and Cold Medicine Manufacturing, Health Stores and Eye Glasses and Contact Lens Stores, etc.
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Given below are different types of Pharmacies and Medical Stores:
- Over-the-counter (OTC) drugs and Drug Stores
- Prescription drugs
- Biopharmaceutical drugs
- Generic drugs
- Pharmaceuticals Packing and Labeling Services
- Dietary Fiber Supplement Manufacturing
- Vitamin and Supplement Manufacturing
- Cough and Cold Medicine Manufacturing
- Health Stores
- Eye Glasses and Contact Lens Stores
The Importance of the Healthcare Industry
The healthcare industry touches every segment of the population, employs millions of people, and is crucial to public health and safety. Moreover, it is tremendously important to the world economy.
Is The Healthcare Industry Growing?
Between the end of 2022 and the beginning of 2023, the global healthcare industry grew from 7,499.75 billion USD to 7,975.87 billion USD in 2023, at a CAGR of 6.3%. The healthcare services market is expected to reach 9,816.85 billion USD in 2027 at a CAGR of 5.3%.
For B2B marketers, this means there will always be new opportunities for success in the healthcare industry in the years to come.