Healthcare is ever seen expanding with this rapid growth rate. For the past three years, healthcare has been growing significantly.
As per the report, the healthcare service market grew by 6.3% annual CAGR (compound annual growth rate) from $7,499.75 billion in 2022 to $7,975.85 billion in 2023, even though the healthcare industry performed well.
However, the number is still low due to external factors like the Russia-Ukraine war.
And in the meantime, some healthcare segments got affected heavily, such as the healthcare equipment and the pharmacy industry. At the same time, the supply chain was disturbed due to COVID-19 and Russia-Ukraine war.
In addition, these issues can be solved by upgrading the healthcare business into a tech-driven mode where the healthcare industry can utilise all the potential of technology to make it more accessible and reliable.
Today we will talk about some profitable healthcare businesses that performed well even in the high-inflation economy. But needs to be upgraded with technology.
So let’s explore some of the profitable healthcare business ideas…
Top 5 profitable Health Tech businesses
These healthcare segments are the needs of the healthcare industry. Therefore, it plays a vital role in the healthcare ecosystem.
#1 Nursing care facilities:
Nursing care facilities fulfill different care needs. The category includes home nursing services, nursing care facilities, mental care facilities, urgent care facilities, and senior care.
Due to COVID-19, hospitals were always seen as fully occupied in the past two to three years, so treating patients was complex, creating an opportunity for nursing care facility providers.
Where patients can get treatment in their comfort zone, earlier, home care facilities were utilised for senior citizens who could only travel a little. But nowadays, patients prefer to get home care facilities rather than visit hospitals.
However, Recruiting CNAs and HNAs has increased, creating employment opportunities in healthcare.
#2 Medical equipment:
Medical equipment such as a ventilator, glucose meter, blood pressure monitor, mobility assistive equipment- walkers, canes, crutches, oxygen kit, and so on.
Healthcare providers seek medical equipment and devices essential in healthcare care delivery. In the past two years, due to COVID-19 need for medical equipment like oxygen kits, symptom checker devices, and especially the BIPAP machine of Primehealer.
Prime Healers Bipap machines are unconventional and very easy to use.
It has an automated ST mode with some required accessories and reasonable prices. In addition, Prime Healers provides exclusive deals on every medical equipment. An individual can rent that medical equipment in Bangalore, India as well.
However, the global market for medical devices is anticipated to increase at a CAGR of 5.5% between 2022 and 2029, rising from $495.46 billion in 2022 to $718.92 billion in 2029.
#3 Healthcare Insurance:
Healthcare insurance is one of the top most profitable businesses in the healthcare segment. Which alone contributes to a significant portion of the total healthcare economy.
The global healthcare insurance market is valued at $2.2 trillion, and revenue is forecast to be $4.0 trillion by 2027, with a 6.7% annual growth rate.
However, healthcare insurance expenses are now overwhelming for patients needing regular treatment.
#4 Medical billing services
The overall journey of patients getting treatments starts with an appointment and ends at billing.
And for healthcare providers and medical staff, medical billing is an overwhelming process.
While big healthcare firms have their own administrative or small healthcare firms outsource the complete billing services from different providers.
And that creates a significant gateway for medical billing service providers because many hospitals outsource their entire administration task from appointment to billing.
As a result, the global medical billing outsourcing market grew at a compound annual growth rate of 11%, from $13.56 billion in 2022 to $15.12 billion in 2023.
#5 Pharmacy business
Pharmacies are the need of healthcare and the main element in treating the patient. Without taking medicine, no patient can be treated well.
A pharmaceutical producer is the central segment of the industry, and retail stores pharmacy helps to deliver it to the end consumer (patient).
The retail pharmacy business has always been profitable. Even in the pandemic, where the journal business is losing money, the pharmacy stores are booming.
Healthcare is shifting towards a digital health era: How can this business utilise that opportunity?
Till now, these healthcare businesses have been operating and enjoying profit. But the digital revolution has changed business models.
For instance, nursing care facility providers must upgrade their service model by including online booking facilities and online services using home care scheduling software.
Similarly, healthcare insurance is no longer carried out in physical documents; every insurance plan is now purchased and claimed using an online web or app. Insurance agents no longer use traditional methods to reach out to their audience through sales calls.
However, medical equipment is only being purchased in hospitals because it becomes easy for patients to monitor and measure real-time symptoms like a heartbeat, pulse rate, and blood pressure using an IoT-based app.
While some businesses are directly affected due to the digital revolution in healthcare.
For instance, retail pharmacies and medical billing services. E-pharmacy is now delivering medicine to the doorstep; patients avoid visiting stores to buy from retail pharmacies.
In addition, healthcare firms are transferring the entire administration process into a digital app through which, with a few taps, patients can book appointments and get their billing details.
Although these industries have ample opportunity and threat to utilise the highest potential of technology, otherwise they will lose the entire market share.
To sum it up
Although healthcare is one of the significant contributing industries in the whole economy, as a result, the market size of the healthcare industry is expanding rapidly year after year.
