October 22, 2017

 

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What Are the Fastest Growing Sectors in Health Care?

 

Anyone currently seeking a career with a future would do well to explore the Fastest Growing Sectors in Health Care. Not only is health care itself forecast to grow faster than any other industry but within health care some sectors are forecast to grow at rates that are literally off the charts. When it comes to job stability and higher than average earning potential, any sector within health care would be a good career choice but health care management is always within the top five sectors.

How Industry Projections Are Forecast

Every year the United States Bureau of Labor Statistics, BLS, looks at the state of the economy and industries that are growing or declining to make projections going forward. Over the past several years healthcare has been at the top, or near the top, and as Boomers begin to cross over into senior years, there is no reason to believe this will change in the foreseeable future. With the need for advanced care as they age, tens of millions of Boomers will be in need of services the industry is not yet equipped to handle.

Health Care Support Is the Fastest Growing Sector

Within the industry, health care support is the fastest growing sector and within this sector is healthcare management. Anyone with a Master’s Degree in Health Care Management can expect to rapidly rise within their career and according to the BLS this one sector is expected to grow by more than 17% in the coming decade, a rate that is much higher and faster than the national average. Currently the median pay for a career in management is roughly $94,500 a year. Again, growth is mostly attributed to the expected needs of an aging Boomer population.

A Few Key BLS Projections

According to statistics released in December 2015, the latest publication, healthcare is projected to grow at phenomenal rates with the biggest rate of growth in the following sectors:

  • Offices of health care practitioners
  • All hospitals – private & public (state and local)
  • Residential care facilities
  • Services within Home Health Care
  • Outpatient – Laboratory and assorted ambulatory services

Each of those sectors within health care is undergoing huge transformations as technology advances alongside a growing population requiring services. As a result, anyone studying for a Master’s Degree in Health Care Management would focus heavily on both business and technology as well as the necessary health care fundamentals. Most students considering an advanced degree already work within the industry’s more than 16 million people employed in health care and support services. As a result, they recognize a need for a knowledgeable and tech savvy administration. Keep in mind that the BLS believes that by the year 2024, at least 5 million more jobs will be added to an already massive industry.

There is no doubt that health care offers a wide array of career choices ranging from support services to patient care. Spanning the scope of both those sectors within the health care industry, management and administration is a field that offers room for growth and high salaries often within the six figure range. Anyone looking for a career path with job stability and better than average earning potential would do well to explore the Fastest Growing Sectors in Health Care, and in particular, health care management.

Related resource:

Top 20 Midwest Master’s in Health Care Management Degree Programs