The Centers for Disease Control and Prevention (CDC) states that over 1.6 million people in the U.S. are diagnosed with cancer each year, and approximately 600,000 deaths occur due to this ailment annually. Additionally, the CDC also states that more than 868,000 fatalities in America are caused due to stroke, heart disease, or any other cardiovascular disease (CVD) every year. Furthermore, the Center for Asian Health Research and Education (CARE) states that ischemic heart disease, chronic obstructive pulmonary disorder (COPD), and stroke are the leading causes of death in China.

Thus, the surging incidence of chronic diseases will help the healthcare industry in the U.S. and China to advance at 6.6% and 3.6% CAGR, respectively, during 2019–2024. According to P&S Intelligence, the industry will generate $5,605.5 billion revenue in the U.S. and $542.4 billion revenue in China, by 2024. Moreover, the booming geriatric population in both these countries will also boost the requirement for healthcare services in the foreseeable future. The Population Reference Bureau (PRB) forecasts that the population of people aged 65 years and above in the U.S. will reach nearly 95 million by 2060.

Apart from this, the burgeoning adoption of in-vitro diagnostic (IVD) tests, owing to their multiple tests performing capability, ability to detect an array of substances in the body, and record data smoothly, is also driving the growth of the healthcare industry. The most widely used IVD technologies are clinical chemistry, molecular hematology, urinalysis, microbiology, immunochemistry/immunoassay IVD. The escalating demand for such IVD technologies can also be credited to the rising incidence of chronic diseases, as these tests help medical practitioners quickly and accurately diagnose these diseases.

Moreover, the surging adoption of health insurance policies in the U.S., the U.K., Japan. Singapore, China, Germany, and France, owing to the huge financial burden associated with medical services, will encourage more people to focus on regular checkups and visit hospitals for any medical emergency. Over the past few years, the introduction of publicly and privately funded medical insurance plans has increased the affordability of healthcare services. In recent years, several government-funded organizations have also implemented many initiatives to boost the adoption of health insurance policies.

Additionally, the rapid digitization in the healthcare sector of Japan, Singapore, China, Germany, France, the U.K., and the U.S. has also reduced the medical expenses in these countries. Leading healthcare technology providing companies are actively focusing on developing digital platforms that assist in providing improved medical services. For instance, the adoption of advanced technologies, such as cloud computing, helps office-based physicians and hospitals in storing patient records and assisting patients in accessing their test results and medical records 24/7. 

In addition, the increasing deployment of ultrasound devices, endoscopes, computed tomography (CT) equipment, mammography instruments, X-ray machines, and magnetic resonance imaging (MRI) equipment in nursing, specialty care, and primary care facilities will aid the industry in the U.K. to attain the size of $585.5 billion by 2024. These medical devices and instruments are being used by nursing, primary care, and specialty care facilities to diagnose several chronic diseases. Furthermore, the surging use of free-for-service payment mechanisms in the U.K. healthcare facilities will also fuel the adoption of medical services in the forthcoming years.

Thus, the rising cases of chronic ailments, accelerating digitization rate in the healthcare sector, and booming demand for medical insurance policies will fuel the need for healthcare services in the foreseeable future.