The global medical market and healthcare industry is changing and expanding - it is now one of the fastest growing industries. This is due in part because of the demands of an increasing global market. According to a report from themedica.com (http://www.themedica.com/industry-overview.html), “the global medical industry absorbs over 10% of gross domestic product of most developed nations.” This huge industry includes hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies, medical equipment, manufacturers and suppliers.
A benefit of its immense size, the medical and health care industry provides ample employment opportunities. According to themedica.com, one in every 11 U.S. residents is employed in the health care business. The USA’s medical industry comprises of more than 750,000 physicians and 5,200 hospitals. It is one of the largest in the world, followed by Switzerland and Germany. This vast network of physicians and hospitals is supported by the large demand for medical services and well visits. There are “approximately 3.8 million inpatient visits and 20 million outpatient visits on a daily basis” in the U.S.
The increase demand for medical services can be attributed to a number of factors. Two of these factors are:
- Increase ageing population
- New innovative treatments and procedures
Along with the U.S. market, the global medical market is expected to continue to grow based on a number of factors. Some of these factors include:
- Continued investment in research and development
- Innovative pharmaceutical and drug development
- Large employment opportunities
Along with an increase in patients and a need for services, there are key segments within the medical industry that show signs of continued growth:
- Medical Equipment & Supplies
- Pharmaceutical Industry
- Healthcare Services
- Dietary Supplements
Translation and interpretation companies are one industry affected by the increasing global medical market. At Rapport International, LLC there has been an increase in requests for medical record translation, clinical research translation, and drug patent research. There has also been an expanding need for translation of dietary supplement packaging and disclosure translation.