The 10 Biggest Industries by Revenue in the US
Biggest Industries by Revenue in the US in 2022
1. Drug, Cosmetic & Toiletry Wholesaling in the US
Revenue for 2022: $1.169.0B
The success of the Drug, Cosmetic and Toiletry Wholesaling industry is driven by demand for its primary product segment, pharmaceuticals. Most industry revenue is sourced from the distribution of prescription and nonprescription drugs to a variety of retailers and healthcare providers. Over the five years to 2022, several major brand-name drugs have lost patent exclusivity. This trend has created an opportunity for less-expensive generic drugs to enter the market. Nevertheless, wholesalers have prepared for the expanded use of generic drugs and adjusted their prices and supplies accordingly. Consequently, industry revenue is expected to rise an annualized 3.8% to $1.3 trillion... Learn More
2. Pharmaceuticals Wholesaling
Revenue for 2022: $1.102.6B
The Pharmaceuticals Wholesaling industry consists of companies that distribute both prescriptions and nonprescription, or over-the-counter (OTC), medicines intended to treat and prevent diseases. Over the five years to 2022, a rise in the number of physician visits has fueled revenue gains for the industry. Additionally, the aging of the US population has also boosted industry revenue growth, as individuals generally require and purchase more medications as they get older. Reflecting these trends, industry revenue has increased at an annualized rate of 4.1% to $1.1 trillion over the five years to 2022. However, intense external competition from e-commerce pharmaceutical retailers has... Learn More
3. New Car Dealers in the US
Operators in the New Car Dealers industry sell new and used passenger vehicles, provide repair and maintenance services and offer financing and insurance options. The industry is highly cyclical in nature and vulnerable to economic shifts, such as fluctuations in employment, consumer confidence and interest rates. Over the five years to 2022, industry revenue is expected to increase at an annualized rate of 2.7% to $1.2 trillion over the five years to 2022, including an increase of 3.7% in 2022. This increase in revenue throughout the period comes despite the negative effect of the COVID-19 (coronavirus) pandemic. The pandemic induced... Learn More
4. Health & Medical Insurance in the US
Revenue for 2022: $1.043.6B
The Health and Medical Insurance industry, which is made up of carriers of private and public health, medical and dental insurance, has been characterized by growth over the five years to 2022. This growth is a result of consistent increases in healthcare expenditure and medical cost inflation, in addition to a decline in the uninsured rate. Industry revenue is correlated with total health expenditure, as operators increase premiums to maintain profitability. Moreover, amid the COVID-19 (coronavirus) pandemic, the industry experienced an influx of enrollment through expanded Medicaid eligibility, in addition to lower operating costs due to lower healthcare utilization. However,... Learn More
5. Hospitals in the US
Hospitals play a central role in the healthcare sector and have a critical impact on the wellbeing of the US population. Thus, the Hospitals industry is one of the largest industries in the economy, responsible for nearly 5.8% of US gross domestic product (GDP). Over the five years to 2022, industry revenue has increased, supported by rising health expenditure and growing insurance coverage over the majority of the period. However, the industry was significantly strained by the COVID-19 (coronavirus) pandemic, as hospitals balanced an influx of patients requiring resource-intensive care, staffing shortages and rising costs. Simultaneously, revenue derived from nonelective... Learn More
6. Life Insurance & Annuities in the US
Revenue for 2022: $886.7B
According to the Federal Reserve and the American Council of Life Insurers, the Life Insurance and Annuities industry is one of the largest sources of investment capital in the United States. Holding 20.0% of all US corporate bonds, industry operators represent the largest source of bond financing for domestic businesses. As a result, many companies rely on life insurers for capital and liquidity. However, the primary obligation of life insurers is to their policyholders; consumers use life insurance policies and annuities products for wealth preservation, estate planning and retirement savings. Industry operators provide these services to both individuals and businesses... Learn More
7. Commercial Banking in the US
Revenue for 2022: $838.4B
The Commercial Banking industry is composed of banks regulated by the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors (Fed) and the Federal Deposit Insurance Corporation (FDIC). Banks generate most of their revenue through loans they originate to customers and businesses. Loans are made at various interest rates that are influenced by different factors, including the federal funds rate (FFR), the prime rate, debtors' creditworthiness and macroeconomic performance.
Over the five years to 2022, the industry has experienced mixed performance. Industry operators benefited between 2017 and 2019 due to interest rate hikes by the Fed and... Learn More
8. Public Schools in the US
The Public Schools industry includes traditional elementary (kindergarten through fifth grade), middle (sixth or seventh through eighth grade) and high schools (ninth through 12th grade), as well as both charter and magnet schools. Due to school districts' reliance on state and local government funding, industry revenue is directly affected by changes in tax revenue, which are affected by overall economic health. Government funding for primary and secondary education is estimated to grow at an annualized rate of 2.1% over the five years to 2022. Consequently, industry revenue is estimated to increase at an annualized rate of 1.6% to $866.8 billion... Learn More
9. Supermarkets & Grocery Stores in the US
Operators in the Property, Casualty and Direct Insurance industry support US consumers and businesses by providing protection against damage due to a variety of events, such as car accidents, catastrophe and medical malpractice. General insurers can provide these services at a fraction of the potential loss by pooling premiums to pay for losses that some policyholders incur. As a result, the industry is an indispensable part of risk management in the domestic economy. General insurers derive income from insurance premiums and by investing in bonds, stocks and other assets. Most property and casualty premiums are obtained through renewing policies that... Learn More
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