According to the World Health Organization, global spending on health was USD7.8 trillion in 2017, about 10% of global GDP or USD1080 per capita, and since 2000 global spending has grown at 3.9% p.a. in real terms, around one percentage point faster than global GDP.
These global averages conceal wide disparities in levels of healthcare spending: in the USA healthcare spending accounts for over 17% of GDP (over USD10,000 per capita) while in Pakistan and Bangladesh it is less than 3% of GDP (less than USD200 per capita).
Global economic growth and ongoing healthcare reforms, and constant innovation in treatments are all impacting the financial growth of the industry. In particular there is strong growth of around 5% year on year in revenues the medical technology sector, fuelled by expenditure in excess of USD30 billion a year on medical technology research and development.
The UK’s National Health Service (NHS) is the world’s largest integrated health system, treating around one million people every day. While still the UK’s main healthcare provider, staff shortages and long NHS waiting times are contributing to annual growth of around 6% in private healthcare spending, now running at over GBP30 billion a year.
The largest customers for healthcare market research are pharmaceutical companies, which accounted for 16% of total market research spending in 2018.
Healthcare market research is one of FieldworkHub’s focus areas and we have a strong track record of recruiting patients, healthcare professionals (HCPs) and healthcare managers to take part in interviews and focus groups. We have recently recruited patients with conditions that include diabetes, haemophilia, psoriasis, eczema and joint injuries are amongst the conditions that we have recently helped to research and recent HCP recruitment projects have included general practitioners, nurses, cardiologists, oncologists, haematologists, dieticians and nuclear medicine experts.