Global Healthcare Sector Overview (continued)
According to United Nations reports, the world population is expected to reach 8.5 billion by 2030, and by 2050, it is projected to rise to 9.7 billion. This population growth will undoubtedly lead to an increase in demand for healthcare services. For this reason, Mashroo3k Consulting strongly recommends investing in this vital sector.
Global health expenditure is also expected to rise at an annual rate of 3.9% between 2020 and 2024, which is significantly higher than the 2.8% annual growth recorded between 2015 and 2019.
It is also worth noting that the global average number of hospital beds per 1,000 people is only 2.9, and the number of physicians per 1,000 people is 1.8. In addition, there are only 4 nurses and midwives per 1,000 people. These figures fall short of the actual demand, which highlights the urgent need to increase investments in the healthcare sector to meet the rising demand for medical services.
Technological advancements have played a significant role in enhancing global healthcare services, contributing to improved survival rates and quality of life over the past decade. Experts predict that the global healthcare services market will grow from USD 6,872.86 billion in 2021 to USD 7,548.52 billion by the end of 2022. By 2026, the market is expected to witness substantial growth, reaching USD 10,414.36 billion, with a compound annual growth rate (CAGR) of 8.4% during the forecast period (2022–2026).