The 5 Fastest-Growing Healthcare Industries

The demand for healthcare professionals is at an all-time high. With ongoing shifts in population demographics and increased health awareness, the healthcare industry is projected to expand significantly over the next decade. This growth positions healthcare services as one of the nation’s most dynamic sectors, offering numerous employment opportunities.

But what does this surge in demand mean for job seekers? In simple terms, roles such as doctors, nurses, and various healthcare and social assistance professionals are experiencing a robust increase in demand. This above-average growth rate not only translates to more job openings but also reflects enhancements in medical care quality and the potential for higher earnings.

The escalating need for professionals, including physicians, nurse practitioners, occupational therapists, mental health specialists, and physician assistants, stems from the increasing demand for quality healthcare. The aging baby boomer population is a key driver of this growth, as more healthcare workers are required to address the complexities associated with chronic illnesses and age-related conditions. Many healthcare professions are expected to see an increase of over 30% by 2029.

The job market outlook for medical professionals remains bright. Growth was already evident in 2020, and roles such as home health aides, personal care aides, and occupational therapy assistants have shown substantial job creation.

How Are the Fastest-Growing Industries Identified?

The U.S. Bureau of Labor Statistics (BLS) analyzes industry growth rates by using comprehensive labor statistics to forecast ten-year employment projections. These projections help determine how the job market will evolve and what the labor landscape will look like in the coming years.

The BLS has been predicting industry growth rates since the late 1970s, with the latest forecasts examining growth from 2020 to 2030. According to labor statistics, five out of the twenty fastest-growing industries are situated within healthcare and social assistance.

Moreover, the overall job market is projected to grow by approximately 6 million jobs, climbing from 162.8 million in 2020 to 168.8 million in 2030.

While the annual growth rate is expected to stabilize at around 0.4%, which is slower than the rapid growth witnessed in the previous decade, promising opportunities abound, particularly within the fastest-growing sectors.

To determine high-growth sectors, analysts closely examine job requirements, industry production needs, and economic indicators. This method, combined with advanced data analytics, enables accurate predictions of future labor demands and economic expansion.

These labor statistics play a crucial role in career planning, policy formulation, educational initiatives, and investment strategies.

Top Five Fastest Growing Healthcare and Social Assistance Industries

If you’re contemplating a career in home healthcare, social assistance, or medical services, you’re in a favorable position. Healthcare services are projected to outpace nearly every other sector in terms of growth.

The average growth rate for healthcare and social assistance occupations is anticipated to exceed 30% between 2020 and 2030, significantly outpacing other fields.

Utilizing data from the Bureau of Labor Statistics and pertinent industry insights, here are the top five rapidly expanding markets within the healthcare sector:

1. Individual and Family Services. This sector stands as the fastest growing within healthcare, with an annual growth rate projected at 3.4% from 2020 to 2030. By 2030, experts predict approximately 3.7 million workers will be employed in individual and family services—an increase of 1 million jobs from 2020. Careers include family therapists, marriage counselors, healthcare social workers, community health workers, and mental health counselors.

2. Home Healthcare Services. Home healthcare services are expected to grow at an annual rate of 2.6% from 2020 to 2030, translating to nearly 500,000 new jobs. This demand is driven by increasing life expectancies and a growing elderly population requiring chronic care.

3. Outpatient Care Centers. Employment in outpatient care centers is projected to grow by 2.6% annually, resulting in almost 300,000 new jobs. Particularly, outpatient mental health centers are expected to see a 15% rise in employment, reflecting increased demand for mental health services.

4. Offices of Other Health Practitioners. This category, which includes nurse practitioners and physician assistants, is projected to grow by 22% over the next decade, creating more than 230,000 new positions. The demand for these roles has surged in recent years, indicating strong job security.

5. Other Ambulatory Healthcare Services. This sector is expected to grow at an average rate of 1.6%, resulting in over 53,000 new jobs by 2030. Services provided are essential and typically do not require overnight hospital stays.

Best Jobs in Rapidly Growing Healthcare Industries

Now that you’re aware of the healthcare and social assistance industries poised for rapid growth, let’s explore specific roles that are expected to flourish over the next decade.

• Nurse Practitioners. Projected to expand by over 52% between 2020 and 2030, nurse practitioners provide primary and specialty healthcare services, often working autonomously or in collaboration with other professionals.

• Occupational Therapy Assistants. This role is expected to see a 34% growth, resulting in more than 16,000 new positions. They assist patients in recovering and developing essential life skills.

• Home Health and Personal Care Aides. There will be an estimated 1.2 million new jobs for aides by 2030, reflecting a 33% growth rate, as they support individuals with disabilities and chronic illnesses.

• Physical Therapist Assistants. The market for physical therapy assistants is projected to grow by over 30%, adding approximately 32,000 new jobs as they work to help patients regain mobility.

• Medical and Health Services Managers. Growth in this field is expected to reach 31% over the next decade as healthcare executives manage various healthcare operations.

• Physician Assistants. The demand for physician assistants is projected to grow by over 31%, as they provide essential healthcare services and treatment plans.

• Substance Abuse, Behavioral Disorder, and Mental Health Counselors. Approximately 79,000 new jobs will be created in this field, helping individuals facing various challenges.

• Speech-Language Pathologists. Careers in this area are expected to grow by nearly 25%, translating to over 40,000 jobs as they address speech and swallowing disorders.

Other Fast-Growing Markets in Key Industries

If healthcare isn’t your preferred field but you’re still seeking stable employment in fast-growing industries, several other sectors are experiencing positive growth.

While healthcare dominates the fastest-growing jobs list, other industries are also expected to see significant job creation:

• Mining. Despite its challenges, mining is projected to grow, with over 110,000 new positions expected by 2030, reflecting a 2.8% annual growth rate.

• Personal Services. This sector anticipates a 27% overall growth rate, resulting in nearly 100,000 new jobs across various personal assistance roles.

• Educational Services. The demand for educators will remain strong, with an expected 2% annual growth leading to more than 175,000 new hires in the next decade.

• Computer Systems Design and Related Services. This industry is projected to grow by 23%, establishing over 574,000 new jobs driven by technological advancements.

• Commercial and Industrial Machinery Repair and Maintenance. Expected to grow by 14%, this sector will see the addition of over 33,000 job opportunities, highlighting the need for specialized repair skills.

Author

Elsie Boskamp

Elsie is an experienced writer, reporter, and content creator. As a leader in her field, Elsie is best known for her work as a Reporter for The Southampton Press, but she can also be credited with contributions to Long Island Pulse Magazine and Hamptons Online. She holds a Bachelor of Arts degree in journalism from Stony Brook University and currently resides in Franklin, Tennessee.