The demand for healthcare services in the US is expected to grow twice as fast as the national economy in the next few years. Inevitably, this moment would come one day – since Americans, as a group, are getting older – but few people thought it would happen so soon.
In addition to the age factor, there are several other drivers behind the healthcare jobs boom – read on to find out what they are.
1. A graying population
The first reason is so obvious that it might actually be underrated. Here are some facts and figures to illustrate our point:
- Approximately 76 million American citizens were born between 1946 and 1964
- Each day, some 10,000 seniors turn 65 in the US
- By 2025, a quarter of the workforce in the country will be older than 55
As the population ages inexorably, it only makes sense that healthcare jobs would slowly take up more and more of the economy. In fact, for the first time in history, healthcare has become the largest source of jobs in the US – surpassing manufacturing and retail, the most significant job sectors of the 20th century.
The staggering number of aging Americans – coupled with the equally unstoppable growth in medical spending – has many implications, but the most obvious effect is that this great nation will need more care, which in turn means more healthcare workers are required.
2. A booming biopharmaceutical industry
According to market search firm EvaluatePharma’s annual World Preview report, the global growth rate for the pharmaceutical industry is projected to be 6.3% through 2022, which is a 5% increase from the previous year through 2020.
With growing healthcare demand comes an increased need for professionals in the field – and we’re not only talking about traditional health aides, nurses, and doctors; the biopharmaceutical sector is a large and ever expanding part of healthcare in the US that could benefit from an increase in number of qualified healthcare professionals. This sector is a good fit for professionals who are specialized in chemistry or biology, with enticingly high wages on offer.
3. A new age of healthcare technology
The global homecare diagnostics and monitoring market is forecast to grow by almost 10% between 2016 and 2020 – and technology is the driving force behind this growth.
Healthcare tech is impacting the industry with breakthroughs in many fields, from data collection and treatment options to home diagnostics and remote patient monitoring. Such technology means doctors are able to see patients in the comfort of their homes via webcam, which allows them to make quick decisions in urgent situations – even just a few seconds saved can make a difference between life and death.
As technology changes the face of healthcare as we know it, the need for healthcare informatics professionals who can create, analyze, and manage new technologies will increase.
What to expect in the coming years?
By 2020, the US will need 5.6 million more healthcare workers – which indicates that, more than ever, the country is experiencing a skyrocketing need for qualified healthcare professionals in order to meet the increasing demand, further develop the biopharmaceutical industry, and manage technology advancements.
Oliver Long is a content writer for the defibshop – an independent defibrillator retailer that wants to ensure the protection of workplaces, public locations, and everywhere in between.