Notably, all industries are essential to the growth and development of any country on a national and international basis. As such, it is vital to have a comprehensive analysis of a specific industry and its contribution to the countries overall development of an economy as a whole. In essence, the health industry is one of the most significant industries in any society since it is responsible for providing healthcare treatment to patients. Moreover, the government is expected to take on a major role in initiating essentials such as funding, employees, and treatment plans. As such, an industry analysis of the healthcare industry is vital in understanding the various aspects of health and its usefulness in social economic development.
Industry development is vital for the country in more ways than one. Ideally, the healthcare industry is divided into various sectors in order to cater for the various demands and needs in society. For example, healthcare should provide diagnostic and prescription treatment systems, surgery, healthcare management, and healthcare plans for all members of society. To add on, the system should cater for people from all walks of life seeing as some plans can only accommodate people with insurance. As such, the government is responsible for initiating a welfare system which individuals from low income families, unemployed people, and, charities which extra help to meet their medical demands.
Consumer Market Data Section
Unlike alternative industries, the healthcare industry is expected to be a not for profit industry. However, healthcare is known to generate trillions of dollars owing to the need for proper and effective treatment. To add on, healthcare and treatment pertains to all individuals as opposed to sectors like education and hospitality which targets a specific market. For example, the healthcare market targets the entire population which is approximately 321,000,000 people. In this case, not all the people in this demographic can afford medical insurance. According to the American Hospital Association (AHA) the number of community hospitals is 4,974. Half of these hospitals are registered as not for profit hospitals. The rise of for profit hospitals continues to increase owing to the lack of proper and effective treatment and funding. Public hospitals on the other hand continue to dominate the industry. Despite this, the services are often criticized given that most of the services are substandard and not up to per. As such, the government and alternative caregivers are tasked with the responsibility of introducing modern methods of treatment which can handle the overwhelming demand from the rising number of patients.
Competitor Information Section
Competitor information is essential in any industry analysis seeing that it showcases the various key players and their role in the industry dynamic. For example, the main key players are the public hospitals which are initiatives of the government and it’s supporting federal associations. The private hospitals also play a significant role in that they target specific clientele such as Medicaid, child healthcare, family healthcare, psychotherapy, medication, and surgery. In essence, the healthcare industry has developed to accommodate new treatment such as concierge services, private nursing, and hospitality services during treatment.
To conclude, all these services are introduced to provide alternative experiences from the traditional services. Competition in the industry is enhanced by the division of the market with some states being more expensive than others. As such, it is important to have an understanding of each medical package and its relevance to the community at hand.