20 Most Medically Advanced Countries in the World Heading into 2024
In this article, we’ll take a look at the 20 Most Medically Advanced Countries in the World Heading into 2024. We’ll also deep diver into the medical industry market insights and some key players in the industry. To skip the detailed analysis and see the top 5 countries, read 5 Most Medically Advanced Countries in the World Heading into 2024.
Global healthcare is rapidly growing across its various sectors, including pharmaceutical, home healthcare, telehealth, and mental health sectors.
The World Preview report by Evaluate Ltd. anticipates the global pharmaceutical market to grow at a CAGR of 5.9% from 2023 to 2028, reaching $1.6 trillion in five years. In the U.S., the pharmacy market, which stood at $534.21 billion in 2020, is expected to reach $861.67 billion by 2028, growing at a CAGR of 6.3%, per Fortune Business Insights.
With the rising demand for in-home care services, the home health agency sector is also experiencing a surge in growth, especially among the elderly and those with chronic conditions. According to another report by Fortune Business Insights, the global home healthcare market is expected to grow from $277.11 billion in 2022 to $505.81 billion by 2030. Another report by the Fortune Business Insights projects the U.S. home healthcare market to reach $156.28 billion by 2030.
Companies like CenterWell Home Health, Amedisys Inc (NASDAQ:AMED), and LHC Group, are making strides in the US home healthcare market.
For instance, Amedisys Inc (NASDAQ:AMED) is one of the largest home health providers in the US. It offers personalized healthcare services to more than 455,000 patients and more than 3,000 hospitals. In the third quarter of 2023, Amedisys reported a net service revenue of $556.2 million. This is, however, a slight decrease from $558.0 million in 2022. This loss is mainly attributed to the Amedisys Inc NASDAQ:AMED)’s acquisition by Optum (a part of UnitedHealth Group) in June 2023.
Telehealth services have also seen a boom, particularly post-pandemic, due to their convenience and efficiency in managing chronic conditions and offering remote consultations. The global telehealth market, according to Fortune Business Insights, is anticipated to grow from $128.12 billion in 2022 to $504.24 billion by 2030, with significant contributions from companies like Teladoc Health and American Well Corp (NYSE:AMWL).
American Well Corp (NYSE:AMWL) has more than 55 health plan partners and provides covered benefits to more than 90 million members. In Q3 2023, American Well Corp (NYSE:AMWL) achieved a major new opportunity supporting the United States Defense Health Agency's Digital First initiatives across the Military Health System. The company also reached its goal for client migrations, with 50% of visits on its Converge platform one-quarter ahead of schedule?. In Q3 2023, American Well Corp (NYSE:AMWL)’s total revenue stood at $61.9 million, with subscription revenue at $28.4 million and Amwell Medical Group (AMG) visit revenue at $26.7 million.
Healthcare Innovations
Technological advancements are playing a major role in healthcare market growth. Big data and artificial intelligence are enabling proactive measures against diseases and playing a crucial role in various healthcare sectors.
For example, in 2022, Toku Eyes, a company that uses AI to develop healthcare tools, leveraged AI in its innovative CLAiR platform to detect heart conditions through non-invasive retina scans. Recently in early November 2023, the FDA granted it Breakthrough-Device status, accelerating its market access. CLAiR uses AI to analyze retinal images for indicators of cardiovascular risks and diseases like stroke and diabetes, promising results in just 20 seconds. The company, which started in New Zealand and now based in San Diego, plans pivotal trials by mid-2024 and market entry by the end of 2025. Toku's solution, once approved, could revolutionize routine eye exams, offering a quick, affordable way to assess heart disease risk?.
Another recent development in the sector is the launch of a new dynamic digital radiograph (DDR) technology and a wireless handheld ultrasound device, the PocketPro H2 by Konica Minolta Inc (TYO:4902). These advancements, which incorporate artificial intelligence and machine learning, were introduced to enhance imaging and clinical decision support in healthcare.
The DDR technology by Konica Minolta Inc (TYO:4902) offers improvements in thoracic and musculoskeletal imaging. The introduction of the PocketPro H2 and the UltraStream Live! feature for real-time remote consultation signifies a substantial leap in point-of-care applications. This launch by Konica Minolta (TYO:4902), demonstrating the impact of integrating advanced technologies in medical imaging, took place during the recent RSNA conference in Chicago?.
A scientist in a lab coat revealing the advanced medical technology of the company.
Methodology
For our list of the 20 most medically advanced countries in the world heading into 2024, we used a variety of resources by Insider Monkey. We started by gathering 10 relevant resources (1,2,3,4,5,6,7,8,9,10), each offering insights into different aspects of medical sophistication. These include countries with top-notch hospitals, countries that produce the best doctors, countries with the highest salaries for medical professionals, countries that spend the most on healthcare and medical research and countries of choice for medical tourism. We have used these metrics as proxies for medical advancement.
We checked out the rankings of countries on different of these lists and then averaged out these rankings for our final list of countries by medical advancement. We made sure that a country was present in at-least three of our lists for it to qualify for averaging. Finally, with these average rankings in hand, we re-ranked the countries from 1 to 20 in ascending order of medical advancement.
20 Most Medically Advanced Countries in the World Heading into 2024
20. Norway
Average Ranking: 10.6
Norway is one of the top countries with most advanced medical technology. With breakthroughs like laboratory quality control and the development of a targeted cancer drug, Xofigo, to treat bone metastases, particularly in prostate cancer, Norway has made significant strides in medical advancements.
19. France
Average Ranking: 10.5
France allocated about 12.2% of its GDP to healthcare expenditures in 2022, one of the highest rates in the OECD countries. The country's healthcare system is known for its effectiveness in chronic disease management and preventive care, making it one of the top countries in the medical field.
18. United Kingdom
Average Ranking: 10.5
The UK's National Health Service (NHS) is significantly investing in medical technology, with around ￡181.7 billion spent on health and social care in 2022/23. Building on the rapid development of medical technologies witnessed during the COVID-19 pandemic, like lateral flow tests and ventilators, the UK aims to ensure the right product is available at the right price and in the right place.
17. Sweden
Average Ranking: 10.2
Sweden's healthcare system, known for its high public funding and universal coverage, ensures low unmet needs and good health outcomes. Recent reforms have improved service availability and patient choice, with a focus on primary and specialized care.
16. Austria
Average Ranking: 10.0
Austria offers near-universal health insurance coverage, with 99.9% of the population covered through Social Health Insurance (SHI) funds. The country's health expenditure amounts to 11.4% of its GDP in 2022, making it $7,275 per capita which is higher than the OECD average of $4,986.
15. Germany
Average Ranking: 9.6
Garmany is the largest healthcare market in Europe. Its medical devices market is known worldwide, accounting for around $35.8 billion annually. Germany's health expenditure was 12.7% of its GDP in 2022, placing it among the top five health spenders in the EU and WHO European Region.
14. Singapore
Average Ranking: 9.2
With the adoption of digital health services like video consultation, remote monitoring, and AI-assisted triaging, Singapore is showing promising advancements in healthcare.
13. Ireland
Average Ranking: 8.6
In 2020, healthcare expenditures in Ireland constituted 7.1% of the GDP. The country's healthcare system, funded mainly through taxation, offers a blend of public and private services, with about 47% of the population holding private health insurance.
12. Netherlands
Average Ranking: 8.4
While the Netherlands has a smaller population, it’s one of the major European countries with access to innovative drugs. The Dutch government is actively involved in ensuring telehealth for its citizens. The country’s Health-RI initiative aims to facilitate an integrated health data infrastructure, making it one of the top countries with most advanced medical technology.
11. Belgium
Average Ranking: 8.4
Belgium's healthcare system, covering nearly its entire population, is supported by mandatory affiliation with a sickness fund or public auxiliary fund. It's among the EU's top health spenders, allocating 10.9% of its GDP to healthcare in 2022.
10. Spain
Average Ranking: 7.8
Spain boasts a universal healthcare system that provides comprehensive coverage to all its residents, with over 99% of the population having access to medical care. Spain's healthcare system is also recognized for its efficient medical research and organ transplant program, with the country being a global leader in organ donation and transplantation.
9. Australia
Average Ranking: 7.7
Australia is renowned for its high-quality health system. About 80.2% of all Medicare services are bulk-billed, and 10% of Australia's GDP is dedicated to healthcare, aligning with the OECD average.
8. United Arab Emirates
Average Ranking: 7.7
The United Arab Emirates is becoming a leading medical hub with its focus on robotics, electronic health records, and telemedicine, making it one of the top 10 most advanced countries in medical field. The presence of branded hospitals like Mayo Clinic and Cleveland makes it an attractive destination for medical tourism.
7. South Korea
Average Ranking: 7.6
The National Health Insurance Program (NIH) of South Korea is accessible to everyone, including foreigners residing in the country. It’s also a hub for medical tourism. International patients visit the country for advanced medical treatments, especially in areas such as plastic surgery, dermatology, and stem cell therapy. The country maintains a robust density of healthcare professionals, with 25.1 doctors and 85.3 nurses per 10,000 population. The country has managed to keep its infant and under-five mortality rates low at 2.29 and 2.79 per 1,000 live births, respectively. The government's focus on life sciences and biotechnology, supported by significant investments, positions South Korea as a major player in the global health industry.
6. Canada
Average Ranking: 7.1
Canada leads with medical innovations like holographic technology for remote checkups and AI-driven hospital systems, including predictive ICU admission tools and ER demand forecasting. The country is also advanced in 3D-printed medical implants. Its mRNA technology, initially used in COVID-19 vaccines, is showing promise in treating other diseases, including cancer and AIDS.
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Disclosure. None. 20 Most Medically Advanced Countries in the World Heading into 2024 is originally published on Insider Monkey.