The year 2020 was an exceptionally long one for the healthcare industry. The pandemic, together with all the pandemic-related restrictions imposed over the populace, created an unprecedented crisis for the sector, as they did for all industries.
The Most Profitable Healthtech Businesses to Start
Rapid and large-scale responses were triggered as a result, including a push for faster drug and vaccine candidate discoveries and reliance on telemedicine or virtual care delivery. Critical to this response were the health technology innovators.
Even before the coronavirus pandemic, though, the broader availability of the Internet and an aging global population have already started driving change in the medical technology industry. Health tech innovators focus on products and solutions that address care delivery.
They also focused on securing data and the interoperability of platforms. All of these innovations align with the Future of Health vision and are likely to continue to receive the lion’s share of venture funding for medical tech innovators in 2022 and beyond.
Indeed, health technology has come a long way since the eyeglasses and the stethoscope’s invention, that it’s projected that more than half of the healthcare industry’s workforce will need at least reskilling soon.
All of these developments point out one thing: entrepreneurs who are strategizing for the health sector’s future will likely be well-positioned for growth and success.
If you’re one of those eyeing to start a health tech business, here are the most profitable ideas worth checking out:
Telemedicine is an e-healthcare form where doctors and patients are connected via phone calls, video calls, chat, or text.
Telemedicine offers uninterrupted communication between healthcare providers and patients. Its ability to increase people’s access to healthcare services is why many healthcare providers have already moved to implement telemedicine programs.
For those planning to start a health tech business or want to offer a new product in an existing venture, telemedicine platform development is, indeed, a lucrative investment.
Creating a telemedicine app is also now easier than ever, thanks to an increasing number of online sources that provide a detailed guide on developing a telemedicine app.
Everyone will rely on a telehealth-based cure and will use a telehealth platform sooner than later. That’s why it’s expected that the telemedicine market value will reach USD$175 billion worldwide by 2026.
The boost in the interest in such services is already evident today and will only elevate further. So, the best time to start owning a telemedicine app business is now.
Remote Heart Monitoring Devices
COVID’s outbreak has led to a significant increase in the preference for cardiovascular conditions remote monitoring. The move aimed to reduce the frequency of clinic and hospital visits and, thus, reducing the chances of COVID infections.
As a result, various startups have launched devices that enable remote heart monitoring.
However, even if the coronavirus pandemic didn’t happen, the rise of remote cardiac monitoring was inevitable because heart-related diseases are the primary cause of death worldwide.
Cardiac monitoring is an efficient option for tracking several heart dysfunctions at their early stages, which helps control the increasing number of deaths globally. It’s no surprise that the cardiac monitoring market was already valued at USD$19.71 billion in 2019.
Because of the COVID-19 crisis, though, it’s expected that the market will reach USD$26.83 billion by the year 2027.
That’s why besides a telemedicine app, another profitable health tech business idea is a product solution that allows patients to monitor their heart health at home.
Some of the remote cardiac monitoring devices that have already landed in the market nowadays enable uploading results to a cloud server.
That way, AI and machine learning algorithms can analyze the data to provide patients with fast results. Patients can then choose to share their results with their physicians – still remotely.
Voice-Assisted Wearable Devices
From Microsoft’s Cortana to Apple’s Siri to Amazon’s Alexa, the world has witnessed a significant rise in the use of voice-enabled digital assistants in everyday life. In fact, these digital assistants are already a common feature in many households.
With advances in voice, eye, and gesture recognition, as well as natural language processing (NLP), the interactions provided by these voice assistants will only become increasingly sophisticated.
The use of voice-enabled assistants in healthcare also continues to grow as hospitals look to combat physician burnout. Digital assistants in healthcare include chatbots to answer questions.
They’re also sometimes present in apps that monitor heart health, which, as previously mentioned, is also a health tech idea worth checking out.
However, one of today’s hottest voice-assisted health technology products is wearable devices, targeting the elderly audience. Why? The majority of seniors felt that a voice assistant made their life easier overall as it plays a vital role in improving their access to smart technology.
You know how performing a task using modern devices can be very challenging for the elderly segment since most aren’t familiar with touch screens; some are just not comfortable using touch screen devices.
With a voice-assisted wearable device, like a wristwatch, seniors can obtain the information they need even without ever touching smart devices’ screens.
Wondering what specific functions should a voice-assisted wearable device have? We’ve listed some of them below:
A Voice-Assisted Wearable Device Acting as a 24/7 Virtual Companion:
Seniors can easily feel alone as their world grows smaller, leading to loneliness and depression. Advancing voice-assisted wearable devices from ask-and-answer platforms to virtual companions that enable a two-way conversation can reduce isolation for the elderly segment.
Most emergency systems require individuals to press an emergency calling button.
However, people are unlikely to need help right next to where an emergency button is located—having a device that people, especially seniors, can wear to trigger a call with their voice anytime and anywhere can help in this case significantly.
A Voice-Assisted Wearable Device That Makes Voice-Triggered Emergency Calls:
Using AI and 5G, voice-assisted wearable devices can even provide reminders to seniors and interact with them when they’re ill to identify the appropriate next steps based on symptoms.
Those are only some of the many use cases of voice-assisted devices in the health industry.
Among those who use technology for keeping tabs on their health, 75% rely on voice-enabled digital assistants for alerts or reminders about medications.
That’s why the valuation of the voice assistant market is projected to reach USD$7.30 billion by 2025.
So, if you’re looking for a profitable health tech business idea, jump into voice-assisted wearable devices as soon as possible.
The pandemic accelerated the need for alternative forms of care delivery. And even as in-person visits resume, remote monitoring and virtual health are expected to continue.
That’s why the market for health technologies addressing these needs is also expected to continue to explode in the coming years.
Telemedicine apps, remote heart monitoring devices, voice-assisted wearable devices—which product will become part of your brand first?
- “The Future Of Health”, Source: https://www2.delcom/us/en/pages/life-sciences-and-health-care/articles/future-of-health.html
- “The Future Of Jobs Report”, Source: http://www3.weforum.org/docs/WEF_Future_of_Jobs_2018.pdf
- “Telemedicine Market Expected To Hit $175 Billion By 2026”, Source: https://www.healthcarefacilitiestoday.com/posts/Telemedicine-Market-Expected-to-Hit-175-Billion-by-2026–24943
- “Cardiac Monitoring Market Size, Share & Analysis By Type (ECG devices, Event Monitors, Cardiac Output Monitoring, Implantable Loop Recorders, Mobile Cardia Telemetry Monitoring (MCT), By End Use (Hospitals, Clinics) Forecast To 2027”, Source: https://www.reportsanddata.com/report-detail/cardiac-monitoring-market
- “Voice Assistant Market Size USD$7.30 Billion By 2025, Registering A 24.32% CAGR – Report By Market Research Future (MRFR)”, Source: https://www.globenewswire.com/news-release/2021/06/23/2252069/0/en/Voice-Assistant-Market-Size-USD-7-30-Billion-by-2025-Registering-a-24-32-CAGR-Report-by-Market-Research-Future-MRFR.html
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