The health industry (also called the medical industry or health economy) is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative and palliative care. It includes the generation and commercialization of goods and services that lend themselves to the maintenance and restoration of health. The modern health industry includes three essential branches that are services, products and finance and can be divided into many sectors and categories and rely on interdisciplinary teams of trained professionals and paraprofessionals to meet the health needs of individuals and populations.
For us, it is a market that attracts a lot of attention, since the health industry is one of the largest and fastest growing industries in the world. Consuming more than 10 percent of the gross domestic product (GDP) of most developed nations, health care can form a huge part of a country's economy. To take a few examples, US health care spending grew by 4.6% in 2019, reaching $3.8 trillion or $11,582 per person. As part of the nation's Gross Domestic Product, health spending represented 17.7 percent.
For the purposes of finance and management, the healthcare industry is generally divided into several areas. As a basic framework for defining the sector, the United Nations International Standard Industrial Classification (ISIC) classifies the health industry as generally composed of: Hospital activities; Medical and dental practice activities; "Other human health activities".This third class includes activities of, or under the supervision of, nurses, midwives, physical therapists, scientific or diagnostic laboratories, pathology clinics, residential health centers or other health-related professions, e.g. in the field of optometry, hydrotherapy, medical massage, yoga therapy, music therapy, occupational therapy, speech therapy, podiatry, homeopathy, chiropractic, acupuncture, etc.
Other approaches to defining the scope of the health industry tend to adopt a broader definition, which also includes other key actions related to health, such as the education and training of health professionals, the regulation and management of the provision of health services, provision of traditional and complementary medicines, and administration of health insurance.
At CosmosIvicsa we will continue to analyze the most interesting markets and we have no doubt that the health industry, given the current situation, is growing by leaps and bounds