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HealthTech in the time of COVID-19
2 September 2020 6minutes read
Reading Time: 6minutes
The global outbreak of COVID-19 continues to interfere with normal lives everywhere. This includes major countries across the globe. Other than wrecking normalcy, the pandemic has been just as devastating for the financial structure world-wide. The effects have been seen in every industry, especially the healthtech industry.
As a result, prominent businesses have started to modify their business approach with the promptly growing global situation. The health care sector is starting to shift to an online platform for most of it. This whole new approach calls for a lot of benefits to the customers as well as the investors.
COVID-19 is projected to have obvious long-lasting consequences on the market of the health care industry. Businesses have to undergo critical healthcare reorganizations when the pandemic subsides. Technological improvements, cost control, as well as better admittance will be an essential part of the future.
The question is, how these advancements in the health sector will affect the revenue of the industry. Also, how exactly will investments in this sector prove beneficial? However, before we proceed, we need to take a look at the impact of COVID-19 on the HealthTech sector.
Impact of COVID-19 on HealthTech Industry
With the global pandemic in full swing, various industries have worked on their business models to cope with the situation. They are required to rethink their business approach and strategies to keep up with the changing global scenario.
However, health care and HealthTech industries are the ones that have shifted to a different business platform altogether.
Here is how:
The health care workers have been slogging since the day, the pandemic broke out. Not just that, they were loaded with continuous calls from patients about probable symptoms and precautions. The management on a dual platform was getting tedious.
There had to be a way out! This is where virtual care comes in.
Numerous healthcare organizations have started shifting to self-made mobile applications. This is an attempt to support the customer demand who keep calling in.
The global pandemic has made people switch from visiting their doctors physically to consulting them online. This helps maintain social distancing norms while being in self-quarantine. Telemedicine also allows the healthcare providers, working from home.
This helps them with their financial security as well as a support system to respond to such a global emergency.
Nowadays, with patients being quarantined and treated at their homes, healthcare providers can attend a larger number of patients simultaneously, than ever before.
Reprioritise Health Care
In the upcoming years, major institutions and business will have to work towards the management of COVID-19. They will have to use their resources and capacities to do so.
Consequently, funding will become a huge constraint in the operational management of the global pandemic. The COVID-19 situation has exposed acute inadequacies in healthcare organizations, all across the globe.
When this is over, the countries need to reprioritize their health service programme. These modifications will be concentrated on cost, treatment, and quality of service.
With additional financial backing, the health care industry and the HealthTech business is expected to establish a major hold in the global market.
Preventative Health Care
The consequences of COVID-19 are expected to be long-lasting. The pandemic has highlighted the need for predicting the outbreak of such pandemics in future to cater the needs efficiently.
The under-preparation has crippled the global economy. Besides that, a lot of innocent lives had to pay the price of it. Besides, the protection of health service providers is the most important thing to focus on. It is expected that future policies will focus on these mentioned facts.
Precautionary care will be the centre of operative healthcare structures.
However, this switch will be difficult and will be implemented in instalments in the recent future. There exists mental and financial exhaustion of healthcare organisations. This is where the investment structures will need to focus on. It will be a symbiotic process as they will benefit from the returns as well.
A preventive healthcare scheme will modify the way health facilities are provided.
Changed Business Structure
As already stated, with the changing economic structure, most of the business platforms will have to rethink and modify their business plans and strategies.
Businesses are intensifying the manufacture of diagnostic tools to cope with the given situation.
These modified platforms and business models are expected to produce great revenue as well.
Investing in HealthTech Industry
Talking of positivity, there could.t be a better time for investors. The HealthTech industry is benefitting from the given situation. Consequently, there couldn’t be a better time to invest in a market that promises high returns.
HealthTech includes all the tools, drugs, vaccines, and structures aimed to modernize healthcare services.
Here we provide you with a list of the most favorable health technologies which promise benefit in the context of investment as well as services, in 2020.
There couldn’t exist anything as beneficial as an investment in artificial intelligence at the given phase. Aided with progress and decent opportunities, – this is what you need to invest in, to modernize healthcare services.
The usage of artificial intelligence in the HealthTech industry is projected to develop at a fast pace. It is predicted to grow at a rate of 40% annually till 2021. It may rise to USD 6.6 billion from the statistics of around USD 600 million in 2014.
In the HealthTech industry, Blockchain is associated with bitcoin as well as additional cryptocurrencies. Apart from that, blockchain provides the facility of maintaining digital records. This helps track various transactions making the process transparent and free of forgery.
Blockchain is on the rise with a diversity of professionals working on it. This is here to stay. Consequently, it requires funding and is obvious to generate decent returns.
Voice has evolved to be a gigantic marketing tool in the HealthTech industry.
With the easy access to smartphones aided with AI assistants, voice search is now the foremost HealthTech tool in the market.
Consequently, investors and shareholders are expected to invest in this marketing tool in 2020.
The HealthTech industry provides a comprehensive diversity of benefits and assistance. However, there is always room for more when it comes to development.
Delivering a personal user experience in the field of health services is important and needed. Hence, chatbots add to an additional touchpoint that users appreciate.
Virtual reality is projected to hit the USD 4 billion market by 2020. This is exactly why the HealthTech industry needs to implement the service. As it is certain that the industry is shifting its base to the online platform, why not make the best of it?
In the health care domain, users are frequently apprehensive and anxious. Therefore, a virtual visit or example system could help calm them down. This is obvious to add to the user experience.
The potentials of this tool are infinite. As a result, it is obvious to make a mark in the HealthTech industry.
So as we see, from visiting clinics physically to remote healthcare solutions, surgical AI assistants and digital health services at home – the innovation in HealthTech has been immense.
As the global pandemic has altered the future of the healthcare industry, the range of its services has grown hugely. This also ensures profitable yields on investment in the same industry.
This is a huge opportunity to dive in, as the market will grow exponentially from here and there couldn’t be a better time to invest in it.
Hopefully, this has been a useful content to deliver an insight into the health tech market. For more of it, you can access our business report that provides some of the gritty details of the industry and its market. For more, follow us at TheCodeWork.
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