Industry revenue of “hospitals“ in the U.S. 2011-2023

As strange as it may sound, the challenges facing the U.S. healthcare industry are also some of its major revenue drivers. An ageing population, chronic diseases and robust technological advancements have all contributed in no small measure to the growing market for hospital services in the country. Industry revenues are expected to maintain a steady growth rate over the medium term increasing from 1.1 trillion U.S. dollars in 2018 to 1.3 trillion U.S. dollars in 2023. The total number of hospitals also witnessed an upward trajectory growing in number from 5,754 in 2010 to 6,210 in 2017.

Industry witnessing rapid technological advancement

Technology is dictating the evolution of healthcare and hospital services not only in the U.S. but most countries in the world. This change is being driven not so much by hospitals but by new market entrants who are using technologies such as deep learning, data analytics, Internet of Things (IoT) and robotics to create new products and business models. Therefore it is no surprise that the market for digital health in the U.S. is expected to grow exponentially from just over 36 billion U.S. dollars in 2018 to over 155 billion U.S. dollars in 2024. Optum, Cerner Corp, Cognizant Technology Solutions, Change Healthcare and Philipps are the top five health IT companies operating in the country.

Industry revenue of “hospitals“ in the U.S. from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

The industry classification is based on the Naics 2017 - system in the U.S.. The industry “hospitals“ has the code “622“.

Details on the methodology can be found here.

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Statistics on "Hospitals in the U.S."

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