III. Industry Analysis
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Healthcare is a human right that everyone deserves access to. The medical industry will always be a necessity, especially as long as people have access to good insurance. Therefore, the medical industry is expected to continue to grow as the population increases and more people rely on private practices to help them with their health concerns.
Furthermore, the demand for private physicians has been on the rise. Hospitals have run out of room, and nurses and doctors have been overworked. This has led to an increased demand for more medical professionals and private practices that can help lessen the load of larger hospitals.
Moreover, the pandemic instilled the importance of quality healthcare and practices in the general population. We expect that people all around the world will now put in more effort towards caring for their health and getting the care and screenings they need.
Market trends and analysis confirm these trends. According to Facts & Factors, the global private medical market is expected to experience a compound annual growth rate (CAGR) of 12.5% over the next five years. This is enormous growth that is rarely exhibited in other industries. Furthermore, there is a growing demand for more primary care physicians as the general population aims to prevent developing chronic and preventable diseases. According to Grand View Research, the primary care market will experience a CAGR of 3.2% over the next 10 years, which is also moderate growth.
With such a demand for more medical practices and a greater emphasis on general health, we believe that [Company Name] is starting at the right time and will see great success.