5 Most Profitable Businesses in 2021

3. Healthcare Business

Since the COVID-19 pandemic in 2020, the healthcare business experienced a drastic boost. With the virus affecting people of all ages and conditions, the healthcare industry was caught off-guard even though its revenues surged highly. In the United States, healthcare is funded by the government to an extent; yet it accounts for 17.8% of the entire country’s revenue. In fact, the United States spends the most on health per person worldwide.

The healthcare business in the United States is growing significantly each year. Since 2017, it has expanded by 7.3% on average, a figure that would undoubtedly increase due to the emergence of the coronavirus. According to statistics by Policy Advice, the US healthcare industry is expected to increase to $808 billion by 2021, taking into account all the factors that impact it. Although the healthcare industry is a lucrative one, the barriers to entry are significant. To become a healthcare practitioner, an individual must complete a four-year undergraduate degree, a further four years of medical school, and from three to seven years in a residency program. In short, it takes between 10 to 14 years for an individual to become a licensed medical doctor in the United States. Moreover, the competition in the healthcare industry in the United States is intense, as 784,626 healthcare companies exist in the country.