Health care is a dynamic industry undergoing unprecedented changes. By 2022, nearly one in eight U.S. jobs is projected to be in health care. In recent years, health care has been a driving factor for job growth in the Greater Phoenix region, which has the potential to become a national health care hub.
To increase our understanding of the changing health care landscape and facilitate its continued growth, the Greater Phoenix Chamber of Commerce and the University of Phoenix prepared a white paper that provides a comprehensive summary and outlook of the health care sector in the Greater Phoenix region.
The importance of the health care sector to our economy can’t be overstated.
Of the top 25 employers in Greater Phoenix, three are health care provider organizations. In total, the region’s provider sector contributes 60,000 jobs and $8 billion to the local economy. In addition, Greater Phoenix is expected to add 45,000 health care jobs during the next 10 years, exceeding the growth of established hubs such as Philadelphia, Minneapolis, San Francisco and Seattle. Further, provider jobs skew toward high-skill, high-wage positions, which is a plus for our economy.
The research also highlighted hospital consolidation, telemedicine and new health technologies, an aging population, increased job demand and new disruptive models as the five key trends driving change in the health care industry.
This disruption model is seen in the rapid increase of clinics in non-traditional care settings such as pharmacies, retail chains or supermarkets. There are also opportunities for the Valley to be a destination for medical tourism due to its favorable climate and resort amenities.
Evolving trends shaping health care continue to bring dynamic change and growth to the Greater Phoenix region. Responding to this change through continued investment in business and education infrastructure, pursuit of effective public policy, focus on medical research and continued collaboration between private, public, academic and non-governmental organizations is imperative to managing this evolution effectively.
Perhaps the most vital ingredient to growing Phoenix’s health care industry across all spectrums is an education system that builds the talent pipeline while retaining existing talent.
Growing the health care economy is no easy task. Join the Chamber to be a part of growing the Greater Phoenix region into a national health care hub.