Why Healthcare is Expected to See Huge Growth in the Next 10 Years

The healthcare industry will see a large surge in new jobs over the next decade, according to recent data from Staffing Industry Analysts and the Bureau of Labor Statistics. In fact, approximately six of the 10 fastest-growing occupations will fall within the healthcare realm, as noted in a recent article. “Six of the 10 fastest-growing occupations from 2018 to 2028 are expected to be healthcare and social assistance related,” according to Staffing Industry Analysts.

More specifically, the jobs that will see a surge in growth and popularity include home health aide employment, which is expected to grow at the fastest rate of 37% over the next decade. This is followed by personal care aides (36%), occupational therapy assistants (33%), physician assistants (31%), nurse practitioners (28%) and speech language pathologists (27%), according to the Staffing Industry Analysts article.

Meanwhile, the report also projects that nurses will see substantially higher employment in the next 10 years, including growth of 12%, while physical therapists will see employment increased by a rate of 22%.

The Bureau of Labor Statistics offers important context about these huge gains in the industry. “Employment of healthcare occupations is projected to grow 14% from 2018 to 2028, much faster than the average for all occupations, adding about 1.9 million new jobs,” according to their report on occupational outlook for the healthcare industry.

The report continues: “Healthcare occupations are projected to add more jobs than any of the other occupational groups. This projected growth is mainly due to an aging population, leading to greater demand for healthcare services.”

The information also includes pay statistics for the field. “The median annual wage for healthcare practitioners and technical occupations (such as registered nurses, physicians and surgeons, and dental hygienists) was $66,440 in May 2018, which was higher than the median annual wage for all occupations in the economy of $38,640,” according to the data. Interestingly, unemployment for workers in the healthcare industry was also lower than in other fields, according to the Bureau of Labor Statistics data and Staffing Industry Analysts. “In September 2019, the overall U.S. unemployment rate was 3.5%, the lowest in a decade. For the third quarter of 2019, the unemployment rate was lower for healthcare practitioners and technical occupations at 1.3% and healthcare support occupations at 3.3%,” according to the article. “The unemployment rate was also very low for physicians at 0.4%, registered nurses at 1.1% and physical therapists at 1.0%.”

In sum, the healthcare industry is poised for a huge increase in jobs over the course of the next decade and will prove to be a hotspot for the United States in terms of employment in the coming years.