Definition of the Industry of Interest
The industry chosen for the present issue research is the healthcare industry. The healthcare industry is one of the fundamental industries in society and the economy. It refers to the medical services, products, and technologies sector. The end goal of the healthcare industry is to improve the health of individuals and the population as a whole. Some of the most common agents in the industry include hospitals, clinics, pharmacies, medical technology companies, and health insurance providers.
Definition of the Issue of Interest
The healthcare industry is essential for ensuring the well-being of the population. At the same time, it faces several issues that can represent obstacles for providers and patients. Some of the issues the industry is currently facing are rising healthcare costs, limited access to services, quality of care, health insurance costs, medical errors, chronic diseases, and others (Howdon & Rice, 2018). One of the most pressing issues at the present moment, however, is the issue of the aging population.
The aging population is associated with the growing life expectancy in a nation and the world. While life expectancy is growing and the percentage of older adults is increasing, the birth rate is decreasing, which creates an imbalance in the age proportions of the population (Howdon& Rice, 2018). As a result, a high percentage of the population is out of the labor force and in need of constant medical assistance at the same time (Howdon & Rice, 2018).
The percentage of younger people is decreasing, which means fewer newcomers in the healthcare industry and fewer healthcare professionals overall (Howdon & Rice, 2018). The demand for healthcare services is growing, with the supply slowly decreasing (Howdon & Rice, 2018). This puts a strain on the healthcare system. The issue is becoming more prevalent as the baby boomer generation reaches retirement age. This means that the issue will become more acute in the near future, which is why it is necessary to address it and find a suitable solution before the healthcare system collapses.
Summary of the Key Points Associated with the Issue
There are three key points associated with the issue of the aging population. The first one is an increased demand for healthcare services. The older the population is, the more in need of specific medical services due to a growing number of chronic health conditions with age. Diabetes and cardiovascular diseases, which are among the most common chronic conditions, tend to appear more often in older adults (Howdon & Rice, 2018).
Older people may also need assistance in daily activities, increasing the demand for healthcare services. There is, however, a shortage of healthcare workers, specifically those specializing in senior care. The shortage is expected to grow as the number of people starting a career in the medical field is not growing. This will potentially lead to longer wait times and reduced access to care for the older population and people of all ages. Moreover, the cost of healthcare services provided to older people is higher due to the complexity of their health issues.
Reference
Howdon, D., & Rice, N. (2018). Health care expenditures, age, proximity to death and morbidity: Implications for an ageing population. Journal of Health Economics, 57, 60–74. Web.
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