Over the past few years, the healthcare business industry has expanded. The industry has seen numerous advancements in medical technology and an increase in digital transformation in healthcare. It continues to be a lucrative source of opportunities for investors, entrepreneurs, and people looking to enter the medical business. The healthcare industry represents nearly 18% of the US economy, making it the third-largest industry in the country. There’s never been more of a great time than now to consider investing in the healthcare industry. There are several innovative businesses that will continue to flood the market for the next few years, whether small or large-scale businesses.
This article has some of the best healthcare business ideas and trends that will be worth investing in. Read on to explore these business ideas to help you identify the countless investment opportunities available in this sector.
Many employers and organizations are beginning to recognize the impact of wellness applications and how they could be useful to their employees. Company wellness initiatives like retreats and other team-building events have been around for years, but that will change when employee wellness apps become more mainstream.
Employee wellness apps offer a wealth of benefits to workers. According to a recent report from SHRM, about 48% of workers say they would be more confident in digital health resources if they have access to them. These applications also reduce total health costs for both health providers and patients. Employers would also start to see a decline in the number of sick days, which would improve productivity rates. Another amazing benefit is that healthcare apps would give workers a more personal and unique healthcare experience. This venture is worth the investment as more and more companies churn out healthcare apps for corporate workplaces.
The recent coronavirus pandemic exposed how unprepared the global healthcare sector was for handling infectious diseases on a large scale. Several countries now have apps to help governments and healthcare professionals better track and monitor cases. While it is unfortunate that it had to take a pandemic for these advances, there is also impressive progress. In the past few decades, major strides have been made with in vitro diagnostics research and genomics, making it easier to create vaccines with quick turnaround times. Thanks to these advancements, there might be new solutions for other diseases that continue to affect people worldwide, such as tuberculosis, hepatitis B, malaria, and cystic fibrosis.
AI symptom checker chatbots have also become increasingly popular throughout the healthcare industry. These chatbots are convenient to patients, as they are available 24/7, can provide advice using a patient’s input, and encourage them to seek medical assistance where necessary. AI and other predictive analytical tools will be extremely important to helping healthcare professionals develop a better and more thorough understanding of diseases, especially infectious diseases.
Telehealth is no longer a passing trend in the medical industry. Instead, it has become an important part of a patient’s medical experience, especially since the start of the 2020 pandemic. This platform uses digital communication channels, including mobile devices and computers, to ensure the delivery of medical services. At the peak of the coronavirus pandemic, there was a sharp rise in the use of telehealth services. This makes it an effective way for patients to access the doctors without risking infecting others. Even after the pandemic, experts believe telehealth services will still be extremely relevant and worth over $180 billion by 2026.
Telehealth medical services come with numerous benefits. It expands access to healthcare, ensuring that people with mobility limitations and other issues can seek medical help. It also reduces physical contact between medical workers and patients, lowering the chances of spreading infectious diseases. Telehealth services also ensure that there is consistent communication between patients and doctors.
At first, the concept of virtual reality was only for video games. Now, more research into virtual and augmented reality shows how to use it beyond entertainment purposes. The healthcare industry can utilize virtual reality as a tool to train medical officers. It can also help patients feel more comfortable with medical procedures. Studies show that medical professionals who use virtual reality training tend to complete medical procedures faster than those who do not.
Virtual reality can also be helpful in pain management and mental health. Many health professionals use this tool to treat various mental illnesses, including anxiety and post-traumatic stress disorder. These technologies create real-life simulations to challenge patients psychologically and help them overcome their fears. This type of immersive therapy is purported to ease the fears of patients after an average treatment time of two hours.
The virtual reality market is already lucrative but should experience massive growth by 2027 to the market value of $34 billion, as it continues to have long-term benefits for patients and medical professionals.
A typical clinic or hospital normally has its database of patients’ records and medical histories. However, this method can be extremely limiting, as patients will always need to undergo tests and diagnostics anytime they seek a new healthcare provider. This can lead to a waste of time and material resources.
With interoperability, there will be a universal database accessible to all clinics that attend to a particular patient helping medical practitioners to have a more comprehensive report of their patients’ status. As this concept grows more popular, many healthcare systems that refuse to share such relevant information will begin to lose their influence.
Most medicines use a one-size-fits-all approach and tend to overlook the unique needs of different people. On the other hand, precision medicine uses a patient’s genetics, lifestyle, and other factors to ensure that they are diagnosed and treated properly.
Fortunately, there have been major strides in the invention of modern technologies. These help medical professionals effectively capture data to accurately diagnose their patients. We expect this niche to expand its worth to $5 billion by the end of 2022.
The Internet of Things (IoT) is a network of objects containing information and other technologies that ensure data exchanges and connections with different systems across the internet. The medical IoT field is rapidly evolving and growing. Devices like monitors and software applications cater to a wide range of healthcare business needs. Fortunately, medical IoT can provide better versions of traditional devices with AI and other technologies. For example, patients can connect their smart inhalers to mobile apps to track their health.
Medical IoT has a ton of benefits. It allows healthcare professionals to track their patients’ well-being remotely and provides them with real-time data and information. It is also more cost-effective for both patients and hospitals. More people would access medical care, and medical facilities could use these sensors to track their inventory supply and spending.
Online pharmacies have become more popular options for purchasing prescriptions and over-the-counter drugs. It eliminates the amount of time spent waiting in long lines for medications. The recent pandemic also saw a huge and permanent leap into pharmaceutical e-commerce, expected to hit $435 billion in revenue by 2025.
E-commerce retailers such as Amazon have made major investments in the online pharmacy business. Amazon Pharmacy allows patients to order prescription medication. This innovation also allows other companies to enter the business and develop products and services to offer patients.
There has been a steady rise in the presence of smart medical implants in the healthcare business in recent years. These implants promise to be capable of curing patients with many different types of disabilities that were previously thought incurable.
This advancement is possible thanks to 3D printing, effectively making it more accessible to a larger group of patients. Several startups and other medical companies are also ready to introduce neuro-implants to cater to various medical conditions. There is still a lot of research to be done in this field, but it is one to watch out for.
There have been a lot of advancements in the field of nanomedicine within the past year. This industry is fertile ground with a lot of potential for investors in the healthcare business. The nanomedicine market will be worth over $250 billion by 2025.
Nanomedicine involves using microscopically tiny objects or materials to diagnose and treat certain illnesses. For example, nanomedicine can detect cancer cells or other viruses at the early stages of treatment. This technology is likely to fight back several auto-immune, genetic, and oncologic illnesses, including arthritis and tumors, more successfully.
The healthcare industry is quickly evolving, and as it advances further, it also creates amazing investment opportunities for investors and entrepreneurs. Are you looking to either turn your medical business into a highly-profitable one or are looking for investment opportunities in the healthcare industry? If yes, it is always important to know which areas could yield better returns. In that case, these healthcare trends and businesses will help you make the right decision.