Health Care Industry in The World
Health care industry is one of the biggest industries in the world. According to the data taken from Forbes Investment, which is an overview of the health care industries in all around the world, ‘health technology’ industry is the most profitable industry in the world with 20% profit ratio and ‘health service’ is in the top list as well (Chen, 2015). Even though health care industry has ranked the first in the lists, it is predicted that the industry will keep growing as far as the human beings exist in the world. The motivation of writing this paper on health care industry is that even though technology, computer, banking etc. sectors are seen very important because of the current needs of human beings, the first and the most important need of humanity is health care since nothing else is important for people without taking care of their health issues. Secondly, health care will eventually grow in Turkey as the report of Tubitak states that new resources will be provided for the doctors and health researchers with Turkey’s membership of European Union’s scientific programs (Türkiye’de Sağlık Hizmetlerinin Durumu, 2015).
Health Care Industry In Turkey
The healthcare industry will keep growing in Turkey and this has several reason. The first reason for the growth of health care industry is the increase in people’s needs, particularly the urgent and must needs. The needs of people to have a better and more frequent health care are going to increase the health care industry in Turkey. So, firstly the reasons for increasing needs for health care should be analyzed and the first and most important reason for the increasing needs for health care is the ageing of the population in Turkey.
The above graph, taken from (ISEPAT, 2013) shows the population dynamics of Turkey. From the graph, it is seen that the population is going to increase as time passes and the 10% old people will occupy the 28% of the whole population in Turkey by the end of 2075. The ageing of the population is a sign that the quantity demanded for health care services in Turkey is going to increase as old people need health care services more. In addition to this, since old people will want to pay more for health care services, the demand for health care services will increase and the demand curve will shift to the right since increase in demand shifts the demand curve to the right. In this sense, the reason for the demand shift is the number of the buyers, who are the old people, with increasing population in turkey, who wants to have health service more than they used to want in their young times.
Hair Transplant In Turkey
The market of health care is another element to be analyzed to understand the insights of the health care industry in Turkey. With the growth of health care industry, the market for biopharmaceuticals, which is a sub market in health industry, became one of the most improved markets in Turkey. According to the report of Pharmaceutical Manufacturers Association of Turkey (IEIS), there is an increasing trend in the biopharmeceutical market in Turkey which increased more than 20% from 2006 to 2010 and the number of manufacturers in the industry are 49 where 25000 employees work on average by the end of 2010 (Hunter, 2011). In addition to the data that Rod Hunter gives in his report on Turkey’s health care industry, it focuses only on one part of the industry and more data that gives an overall overview of the market of health care in Turkey should be found.
The ‘Turkish Health Industry Report’ of Deloitte, given above, has the signs that show an increasing trend in the number of doctors, nurses and also the percentage of health expenditures in the gross domestic product (GDP) of Turkey. The graph shows that with the increasing GDP of Turkey from 2000 to 2010, both the number of doctors and the nurses increased nearly 2%. Even though the number of dentists did not increase with a significant rate, the data in the graph shows us that the number of employees and the report of Rod Hunter shows that the amount of production is also increasing in the health care market of Turkey.
To conclude, this paper analyzed the growth of the health care industry in Turkey until 2016 and also the growth predictions about the health care industry in the future. The growth analysis of the market of health care was analyzed within two aspects, the first aspect is about the increase in people’s needs, particularly the urgent and must needs. These needs are related to the ageing of the population of Turkey and the reports show that there is a correlation between the ageing of population and the need for health care, thus the growing of the health care industry in Turkey. The second aspect analyzed within the improvement of health care industry in Turkey is related with the increases in the number of employees, i.e. the number of doctors and nurses, and the amount of production in the market. The data about these two predictors about the market of health care also show an increase in health care market from past to present. So, the past data and the predictions taken from Tubitak and some other notable reports from authorities in the health care industry in Turkey show an increasing trend in the growth of health care industry in Turkey. So, Turkey is a good market for health care to invest in since it is growing and full of opportunities. Even though reliable data is used in the report, there is a shortcoming of the report which is analyzing the health care industry only in two aspects as explained above. Such a big market like the health care market should be analyzed and evaluated in terms of more aspects to have a better, more reliable and more clear report.