Healthcare is an amazing sector for aspiring entrepreneurs. Even before the pandemic, businesses in the industry were in demand. Starting a health-related business today or even just exploring the idea can be a smart move.
The Growing Healthcare Industry
Deloitte enumerated several reasons for the growth of the healthcare industry. And no, the pandemic is not to be credited for it. Healthcare systems expanded. The healthcare workforce grew short. Healthcare models evolved. Technology advanced.
These are only the major players. Others influenced the market. They include the aging population, prevalence of chronic diseases, and national drug crisis.
At a closer look, though, the major driving force in improving the healthcare industry is the consumer. The trend steers away from treatment. The focus shifted to the purchasing power of individuals. Spending on healthcare is expected to rise by 5% annually from 2019 to 2023. The previous number from 2014 to 2018 was just a mere 2.7%.
Diabetes is a prevalent chronic disease. With an increasing number of people having it every day, it is good to open up a clinic for diabetic people. A diabetes clinic can help improve patients’ quality of life. Most of them suffer from the complications brought about by diabetes.
With this setup, you will provide diabetic care. This includes teaching patients how to take care of their bodies. Diabetes patients also have kidney problems. You can offer dialysis services for them.
Nutrition counseling can also come in handy for patients. Your clinic can teach them what foods to eat. You can also teach them how to lose weight properly.
Diabetic patients also suffer from hard-to-treat wounds in their extremities. You can offer wound care along with your other medical services. Wound care can also be offered as a mobile service. This will be convenient, especially for elderly patients.
And although you focus on diabetic patients, you can also provide services for non-diabetic individuals. Offer a brief course in preventive measures against diabetes. Teach non-patients good nutrition choices and healthy eating habits. You can also form a support group for diabetic patients.
Alternative Healthcare Services
The alternative healthcare industry is growing. The current pandemic has encouraged people to look for alternative ways on how they can make themselves healthier.
Wellness treatments may include massage therapy and acupuncture. Many use these treatments in addition to their current health regimen. Some, meanwhile, prefer these treatments over the traditional Western methods.
Mainstream alternative healthcare can include homeopathy and oriental practices. Other forms include aromatherapy and herbal medicine treatments.
You can also open an anti-aging clinic that offers the same services but focuses more on the elderly.
There is an increase in women opting to give birth at home because of the pandemic. Husbands and relatives are no longer allowed in a hospital room to lessen the risk of getting the virus. Many women also prefer to give birth in birthing clinics. These are clear signs of a lingering stigma of going to the hospital to give birth due to the virus.
You can also offer infant care services for newborns. For mothers who have trouble producing milk, you can provide them with expressed breast milk in your clinic. You can also offer after-birth care for mothers. Giving birth is exhausting. Mothers should get all the nutrition and care they need.
Pharmacy and Medical Supplies Store
Because the healthcare industry is focused on consumers today, a pharmacy is a good way to tap into that market. Starting one is like opening up a retail store. You will manage a physical store and maintain an online store at the same time.
Aside from medicine, you can also offer medical supplies and equipment. Chronically ill patients and disabled individuals who can’t leave their homes will continue to need them. People who choose to stay at home will also demand these items, so there’s a new market to target.
Home Healthcare Services
Home care services are mainly focused on providing healthcare to older adults. It can also be provided for chronically ill patients or have been discharged from the hospital recently. It can also be for people who want to receive healthcare at home instead of the hospital. There are two types of services you can provide for all of them.
One, you can assist people who can no longer do everyday tasks at home. Or two, you can do that and help them take their medicine. Home care today, however, is not exclusive to the elderly or sick people. You can tap a younger market by providing fitness and wellness services, too.
Take Advantage of the Opportunities
Healthcare will continue to grow beyond 2021. It will go on opening up new opportunities for the business-minded. Take advantage of this growth, but always mind the skills and licenses required to keep your business legit.