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Healthcare Industry
What Is the Healthcare Sector?
The healthcare sector consists of businesses that provide medical services, manufacture medical equipment or drugs, provide medical insurance, or otherwise facilitate the provision of healthcare to patients.
The healthcare industry (also called the medical industry or health economy) is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care.
Industries Within the Healthcare Sector
The healthcare sector contains a diverse array of industries, with activities ranging from research to manufacturing to facilities management.
Drugs
Drug manufacturers can further be broken down into biotechnology firms, major pharmaceutical firms, and makers of generic drugs. The biotech industry consists of companies that engage in research and development to create new drugs, devices, and treatment methods.
Medical Equipment
Medical equipment makers range from firms that manufacture standard, familiar products—scalpels, forceps, bandages, and gloves—to those that conduct cutting-edge research and produce expensive, hi-tech equipment, such as MRI machines and surgical robots. Medtronic PLC is an example of a medical equipment maker.
Managed Healthcare
Managed healthcare companies provide health insurance policies. The "Big Five" firms that dominate the managed Medicaid industry are UnitedHealth Group Inc., Anthem Inc., Aetna Inc., Molina., and Centene.2
Healthcare Facilities
Healthcare facilities firms operate hospitals, clinics, labs, psychiatric facilities, and nursing homes. Examples include Laboratory Corp. of America Holdings, which operates facilities that perform blood tests and other analyses, and HCA Healthcare Inc., which operates hospitals and other healthcare facilities