Where Might You Find Business Opportunity in the Healthcare Industry ?

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Make Money in Healthcare? You need not be a Physician Anymore

The growing popularity and demand for different healthcare products and services has made healthcare industry a safe and lucrative option for most businessmen. You need not just be a physician for making money in health care.

If you study the healthcare industry, you’ll know its amazing rate of growth. Read along to know how and why you should really invest in the health industry.

What Comprises the Healthcare Industry?

Healthcare is a vast industry comprising of provision of medical products, equipment, and services. These help in protecting, extending or increasing the quality of a person’s life. The industry consists of a network of interrelated providers with various areas of expertise, all coordinated to varying degrees to keep you healthy.

According to Global Industry Classification Standard (GICS), healthcare industry can be classified into the following two categories:

1. Pharmaceuticals, Biotechnology and Life Sciences
2. Health care services and equipment

Healthcare industry is a complex interrelated system which encompasses different things right from stethoscope manufacturer, physician, pharmacy to medical technicians and a lot more.

Where Might You Find Business Opportunity in the Healthcare Industry?

We are living in a health-conscious society, where everything comes down to good health. There are a number of different reasons that have led to increase in healthcare expenses. Some of these reasons have been listed below:

1. Increase in awareness
According to recent researches, the most searched topic on Internet is love, which is closely followed by topics such as beauty, fitness and health. Healthcare industry is evolving rapidly, and more than being seen as a crisis, it is now being taught as a way of life. Recent researches have shown a significant increase in health care expenses, which has further boosted healthcare industry. This awareness has led to growth in sales and demand of multi-vitamin tablets, supplements, herbalife products etc.

2. Aging Population
Venerable members of our ever-increasing society are another reason that has led to increase in healthcare expenses. It has been estimated that for the next 19 years, 10,000 individuals would be turning 65 every day! This means that by 2030, the percentage of population over former retirement age would have grown from 13% to 18%. The elderly people avail medical services more frequently as compared to other people.

3. Unhealthy Lifestyles
Though there has been an increase in awareness about importance of good health, people are largely afflicted by poor lifestyle oriented diseases. There has been an increase in sedentary lifestyles and the fast food fad has led to binge-eating. Unfortunately in most developed countries like the US, 65% of adults are overweight. It has also been observed that only 31% adults exercise on a regular basis, and 50% of kids exercise enough.

The increased stress levels and other unhealthy lifestyle habits have also led to increase in risk and diagnosis of diseases such as diabetes, high blood pressure and obesity. With average life expectancies now approaching 80 years, the health care industry has many reasons to expand!

4. Recession-Proof Industry
Unlike other industries, the health industry remains relatively undisturbed by variations in economy. People need health care services, even during times of economic slowdown, and this industry is believed to keep growing. Such a safe and lucrative option is undoubtedly excellent for most entrepreneurs.

Where Might You Do Business in HealthCare Industry?

Increase in medical and healthcare expenses has been one change which has been constant in the past few years. The constant aspect of this change has been the continuous increase in health care expenses.

Most entrepreneurs have been working hard to find better solutions to old problems, and launch new businesses. The aging and unhealthy population in today’s world has burdened healthcare system, which has led to increased demand, expenditure and scope for businesses in heath care sector.

The consistently increasing expenses of healthcare have been identified by most entrepreneurs. These entrepreneurs then later came up with franchise options along with new and innovative ways to make profit from this massive and complex health industry. Some areas emerging out from this competent healthcare industry are:

Health IT – Information technology is undoubtedly the backbone of health care industry in today’s world. There are innumerable entrepreneurial opportunities in health care IT field. Entrepreneurs today are working to create new programs and systems for electronic health recordings. N ew machines and innovative technologies are needed in operating rooms and doctor’s office. Ambitious entrepreneurs also look out for lucrative opportunities in fields of preventative care, nurse-care facilities, or nurse-managed clinics. As millions of dollars in incentives and a wide range of federal funding are available for solid offers in these areas, these fields are a potentially lucrative business option for serious entrepreneurs.

Concierge Healthcare – Another health care trend that has recently come up is the Concierge Healthcare trend. The concierge healthcare system helps most people evade long waits to get appointments or waste time in waiting rooms. Most people are willing to pay extra money for extra convenience. Doctors now provide on-call medical care, same day appointments, and even house calls. It is another lucrative business opportunity for most entrepreneurial.

Domestic Medical Tourism – Most insurance companies are aware that medical costs and quality of care can have some dramatic variations between various hospitals. Many entrepreneurial opportunities can open up for medical firms if they come up with competitive domestic travel programs.

Revolutionary changes can occur, if consumers are empowered with more choice, control and convenience.

Make sure you start off any new health care venture only after studying the market properly and researching well.