As the Covid-19 pandemic hit and the world scrambled to go online, it laid bare both vulnerabilities and opportunities to bridge the digitisation gap in the digital health market, propelling it forward 10 years, in just 10 weeks. Sector providers and developers can now capitalise off this tech infrastructure acceleration and bolster the operational inefficiencies previously driving up costs, creating exponential improvement in digital healthcare.
Technology can optimise processes, deliver apps, products and services to combat other pre-existing health factors linked to the pre-Covid health crisis such as the aging population, chronic diseases (e.g. obesity) and the ever-growing drug development costs. This has been recognised by regulators and legislators who have responded to the growing health crisis by lifting regulatory red tape.
This huge shift across digital healthcare, and the society as a whole, has created huge opportunities for start-ups, unicorns, decacorns, hectocorns as well as more established firms to create solutions for both B2B and B2C end users across the healthtech sector; including patients, professionals, hospitals and biopharma.
In 2020, the UK attracted record levels of investment maintaining its leadership in European digital healthtech research. In terms of global growth, digital health is set to double in the next five years, reaching $350 BN. All of the demand, investment and adoption are driving both B2B and B2C to grow quickly however B2B is scaling faster as B2B takes the longest to unlock.
Flourishing sub sectors in Healthtech
Throughout the pandemic, professionals and patients have become accustomed to new digital healthcare systems, platforms and processes. In the UK, online medical appointments soared from 2% in early March to 80% in April. Furthermore, 9 out of 10 GP prescriptions are dispensed electronically. This together with App-based Covid reporting and check-in systems are good examples of how things pivoted online driving the digital user experience.
Going forward, innovation will continue to flourish at the consumer interface level, linking to a variety of sub-sectors including digital therapeutics, femtech, remote care, remote appointments and monitoring services.
Check out our article on the top five healthtech companies to watch here. Or you may be interested in our Five Organic Marketing Activities to Kickstart Your Startup.