Ever since the COVID pandemic, the Healthcare sector has been booming at a rapid pace. The Healthcare industry has grown rapidly in terms of revenue for various reasons listed in this article.
The Healthcare industry has implemented different techniques over the years to grow its revenue.
One such facility is online consultation. Since the pandemic, individuals have preferred online consultation over going to hospitals. Apart from that, the busy schedule of individuals leaves them with no other choices.
Statistics suggesting growth of the healthcare industry:
The online doctor consultation market is valued at 3.9 billion in 2020 and is projected to reach USD 16.0 Billion in 2026, at a CAGR of 26.6%. Moreover, North America is expected to dominate the market in upcoming years.
Why online consultation is a must for healthcare business:
There are several reasons for which a healthcare business must implement an online medical consultation facility.
Here are the main reasons for which the healthcare industry is shifting its focus on online consultation.
1. Increases revenue:
Online consultation generates high revenue in the healthcare industry. The advance of the facilities provided by a healthcare business better the revenue generated. There are several factors on which the revenue generated by online consultation depends.
2. The increases trust factor of customers:
To increase your healthcare business, you need to have a good customer base which you get by providing quality service to them.
Through online consultation, patients can have any time access to get in touch with their doctor. Hence, it helps in increasing the trust factor of the individual.
3. Saves time:
Patients living in cities often get stuck with work or other responsibilities. It unintentionally leads to negligence of individuals’ health because they have to go to hospital and then consult a doctor. However, online consultation saves a lot of time.
4. Lesser errors:
This is another benefit of an online consultation as it reduces the chances of making mistakes, i.e., inputting wrong information, which leads to the wrong diagnosis at times.
5. Easy accessibility:
Individuals can easily access online consultation from anywhere provided the patient has an internet connection. This is a great benefit as all the information is available to them at their fingertips, and medical examinations can be done without going anywhere.
The reason behind the growth of the healthcare industry:
1. Increase in the number of people:
The global population is increasing day by day and so as on a global scale which leads to an increase in demand for healthcare.
2. Increase in the rate of chronic diseases:
There has also been a rise in chronic diseases such as diabetes, heart disease, obesity, and others which lead to an increased need for medical treatment.
3. Increase awareness about preventative care:
Across all nations, there has been a growth in awareness among individuals related to health and wellness that contributes to preventive care across the US, making it easier for them to take medical treatment if needed. This is another factor responsible for the growth of the healthcare industry.
4. Increase in disposable income:
With the rise of employment, people are earning more nowadays, which increases their spending on the healthcare industry.
5. Advancements in technology:
With the advancement in technology, science is getting better every day with production of new medicines and equipment for improved diagnosis and treatment procedures has led to the growth of the healthcare industry worldwide.
6. Rapidly growing aging population:
The population worldwide is growing older day by day with increased life expectancy at birth on a global scale which has led to an increase in the number of people more than 60 years and above, and this age group is considered as an important source of the healthcare industry contributing towards revenue generation.
Things to consider before starting online medical consultation:
There are several things to keep in mind before starting an online consultation business:
- Make sure you have a good understanding of internet and hospital marketing.
- As a healthcare business, choose a niche that is going to be profitable throughout the years. Although your healthcare business can provide consultation in all niches. But at the beginning it’s profitable to go for a certain niche.
The rise in population around the world has led to the growth of the healthcare industry across all nations due to increased awareness about healthcare issues among individuals.
In the time of such growth, it is extremely important for healthcare businesses to scale up their business.
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