Increased healthcare spending provides consistent job opportunities in the industry. Spending has continued to grow despite a fluctuating economy. High demands for healthcare workers continue to produce increased labor shortages and high paying jobs in the healthcare industry.
There are several driving factors that affect the growth and demand in this industry.
Increase in older population
The demand for healthcare is expected to continue to rise since the projections from the US Census Bureau indicate the anticipated increase of those over the age of 65 will be from 43 million in 2012 to 84 million in 2050. Older individuals require higher frequency in healthcare visits and have far more complicated conditions in comparison to younger individuals. According to the CDC, individuals over the age of 65 require hospitalization 3 times more than the general population. These factors alone, make a career in healthcare a good choice for the coming years.
Larger gap between jobs and seekers
The U.S. Bureau of Labor Statistics, Current Employment Statistics continues to report growth in healthcare employment opportunities since 2013. The widening gap between job openings and job seekers furthers the growth indicator in this sector. It demonstrates the on-going demand in fields such as healthcare practitioners and technical occupations. Technicians have a significantly higher median wage, $66,440 in 2018 (Bureau of Labor Statistics) than the national median wage for American's in 2019, $47,060 (Bureau of Labor Statistics). Many of these healthcare occupations can be obtained with only a two year Associate's degree.
More healthcare jobs in the coming years
The job openings for healthcare organizations is expected to continue to increase. The U.S. Bureau of Labor Statistics indicates that the projected job openings for 2016-2026 will be 1.26 million jobs per year. The three healthcare sectors with the highest demand are as follows: 624,000 practitioners and technical, 258,000 technologists and technicians, 204,000 registered nursing jobs.
Better economy means more overall jobs
The economy is showing strong signs of continued job growth in the coming years. According to current Employment Projections the number of overall jobs is expected to stay on the rise with 11.5 million new jobs from 2016-2026. Employment is directly linked to increased healthcare spending. This is primarily due to the likelihood of healthcare insurance included in employment benefit packages along with increased healthcare consumer resources for co-pays, coinsurance and deductibles. Furthermore, it has been shown that healthcare consumers with insurance utilize such services more frequently.
What types of jobs are available in healthcare?
The most common jobs will include healthcare practitioners, nurses, technicians, therapists, physicians, surgeons and advanced medicine specialists. You may find top job listings and education certificates and degrees listed as: R.N. (registered nurse), physician assistant, physical therapist, dental hygienist, etc. For a more comprehensive list see the June article 2019 Top Healthcare Careers.
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