The United States of America (U.S.) registered an overall growth rate of 3.9% on total healthcare spending to reach USD 3.5 trillion (USD 10,739 per person) in 2017.
CRIFAX added a report on ‘Global Safety Syringes Market, 2019-2028’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The growing technological advancements taking place in healthcare sector, in addition to various healthcare schemes introduced by governments across the world over the last few years is anticipated to improve the growth of the Global Safety Syringes Market over the forecast period (2019-2028). New medical innovations followed by growing number of medical disorders is driving the governments across the globe to compel improved quality of medical services to be provided by healthcare service providers which is estimated to drive the growth of the market over the forecast period. National Health Expenditure Accounts (NHEA) has released its statistics, which states that total healthcare spending in United States of America was USD 3.5 trillion (USD 10,739/- per person) which grew at an overall rate of 3.9% in 2017.
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Further, according to NHEA, healthcare spending in U.S. was estimated to reach 19.4% of its GDP by 2027 from 17.9% in 2017.
As per Centers for Medicare & Medicaid Services (CMS), the total healthcare expenditure is estimated to grow at an average rate of 5.5% to cross USD 6 Trillion by end of forecast period, the growth being 0.8% faster than the GDP per year during the same time period. Moreover, the estimated spending on clinical and physician services has risen from 4.2% in 2017 to 4.9% in 2018. U.S. hospital spending witnessed a decline in growth rate in 2018, as compared to 2017 growing at 4.4% as compared to 4.6% in 2017. According to data released by Centers for Disease Control and Prevention (CDC), the personal healthcare expenditure for Medicaid grew at an average rate of 6% during 2006-2016, from USD 283.3 billion in 2006 t0 USD 505.2 billion in 2016. Moreover, CDC has launched a health initiative namely HI-5 or the Health Impact in 5 years initiative that focusses on resolving problems associated with poor health associated with high healthcare expenditure, by encouraging health improvement within communities, in order to restrain as well as decrease several medical conditions such as depression, anxiety, type 2 Diabetes and others.
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Additionally, many initiatives such as Winnable Battles, Million Hearts, 6|18 initiatives are all helping to avert many health conditions, so that better Medicaid coverage can be provided. To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Safety Syringes market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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This post was originally published on Trading Herald