The health economy sector is one of the largest and fastest-growing industries worldwide. This sector includes a range of activities and services related to healthcare, pharmaceuticals, medical equipment, digital health, and other related aspects.
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Global Financial Flow of the Health Economy
According to reports, the global health market reached a value of over10 trillion dollarsin 2023. This sector includes expenses related to medical care, pharmaceuticals, health insurance, medical equipment, and other health-related areas. It is predicted that this market will reach20 trillion dollarsby 2030, indicating an annual growth of nearly7 percent. This growth is primarily due to the increasing elderly population, the rise of chronic diseases, and the growing demand for high-quality healthcare services.
The Role of Technology in Economic Growth in Health Sector
Modern technologies, especially in the areas ofdigital healthandartificial intelligence (AI)have made remarkable impacts on this industry, helping to improve healthcare services, reduce costs, and enhance the quality of medical care. The following discusses some of these impacts and related statistics.
1. Digital Health and Transformation in Medical Service Models
Digital health encompasses all services and technologies aimed at enhancing healthcare through the internet and online platforms. This field includes things likeonline appointment booking, online medical consultations, the use of AI tools for disease diagnosis, and remote patient monitoring..
- According to a report fromGrand View Research, the global digital health market was valued at270 billion dollarsin 2023 and is expected to reach1.1 trillion dollarsby 2030, indicating an annual growth of22 percent.
- Wearable technologieslike smartwatches and health gadgets could add to this global market and generate an income of around50 billion dollarsby 2025.
2. Artificial Intelligence (AI) and Advancements in Disease Diagnosis and Treatment
The use of AI and machine learning algorithms in the health sector has improved the speed and accuracy of medical diagnoses. For example,AIhas many applications in identifying and diagnosing cancer, heart diseases, and other complex illnesses.
- According to forecasts,the AI market in healthcareis expected to exceed20 billion dollarsby 2027. This market will particularly grow in areas such asmedical imaging, patient data analytics, and digital pharmaceuticals.3. Mobile Phones and Health Apps
Health apps and online medical services have gained special importance in recent years. These apps allow individuals to monitor their health, access medical information, and even receive online medical consultations.
The health app market
- was valued at over10 billion dollarsin 2023 and is projected to rise to50 billion dollarsby 2030.The Impact of Technology on Cost Reduction and Increased Access to Medical Services
1. Cost Reduction
Modern technologies, especially in digital sectors, have been able to reduce treatment costs. For instance, the use of
telemedicinein remote areas has minimized travel and hospitalization costs. Additionally,AIand predictive disease algorithms can reduce diagnostic costs and prevent additional expenses by preventing diseases.According to a report from
- McKinsey, the use of telemedicine could reduce healthcare costs in developed countries by up to30 percent.2. Increased Access to Medical ServicesTechnologies have not only reduced costs but have also improved access to medical services. For instance,
digital health apps
andtelemedicinehave made it possible for individuals in remote areas and countries with limited health systems to access high-quality medical services.According to a report fromthe World Health Organization (WHO)
- , it is predicted that by 2030, more than30 percentof medical services in developed countries will be provided throughtelemedicine.ConclusionThe health economy sector is rapidly growing, and modern technologies, especially digital health and artificial intelligence, have significant impacts on this growth. From reducing costs to improving access to medical services, technologies have been able to create innovative trends in this industry. Given the existing statistics, these trends will help accelerate the future growth of this industry and may lead to a comprehensive transformation in global health systems.
