Health Care Sector Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 8/26/2024
SIC Codes: 4119, 4522, 8011, 8021, 8031, 8041, 8042, 8043, 8044, 8049, 8051, 8052, 8059, 8062, 8063, 8069, 8071, 8082, 8092, 8093, 8099, 8322, 8331, 8351, 8361
NAICS Codes: 62
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Health Care Sector Industry Profile

Companies in this industry provide a wide range of health care and social services through hospitals, doctors' offices, nursing homes, outpatient surgery centers, and other facilities. Major companies include Ascension Health, HCA Healthcare, Kaiser Permanente, and Tenet Healthcare (all based in the US), as well as Fresenius (Germany), National Hospital Organization (Japan), and Ramsay Health Care (Australia).

Worldwide, health care expenditures reached about $10 trillion in 2021 according to World Health Organization (WHO). Health spending in the US is expected to reach about $20,000 per person by 2050, according to Institute for Health Metrics and Evaluation (IHME).

The US health care sector includes about 890,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $2.5 trillion.

COMPETITIVE LANDSCAPE

Health care reform efforts in the US and other developed countries are changing how providers are reimbursed for care. More attention is being focused on rewarding or penalizing institutions based on efficiency standards and the quality of care delivered. As pay-for-performance reimbursements are implemented, health companies are consolidating to better compete and negotiate with suppliers and insurers. Slim operating margins and a minimal ability to raise prices makes eliminating wasteful processes essential. Obtaining grants and federal funds is key to profitability in the case of many nonprofit health care providers.

Hospitals, surgery centers, and other facilities may compete for physicians, seeking to attract doctors with state-of-the-art equipment and quality work ...

 
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