Healthcare is a dynamic industry and hiding a lot of future opportunities. But the concerns of cost, complexity, and uncertainty can make this industry an unnerving one (Mckinsey). Whether you’re an investor, businessman, entrepreneur or innovator, you should try your luck because the healthcare opportunities are about to grow exponentially in the future.
Here, I’m going to share a list of healthcare business ideas that may inspire you to start innovative tech-based healthcare startups and become rich in a short time. Before I start delving into the list, let me share you with some important healthcare statistics for better understanding.
According to the Global Healthcare Industry Outlook (2018) report, the global healthcare sector will enjoy a 4.82% growth rate during 2018 and it is expected that the growth rate will increase in the upcoming years. In the report, it is concluded that Artificial intelligence, Big Data Analytics, the Internet of Medical Things (IOMT) and robotic inventions will bring innovation and reshape the healthcare industry.
According to WEF, leveraging innovation will assist healthcare practitioners to assist more patients in the future. In this regard, the Word Economic Forum highlighted 5 key trends that will reshape the future of healthcare such as Immuno-oncology, Gene Therapy, Personalised medicine, AI, and Wearable digital devices. Similarly, The wearable market is exploding these days. Statista reports that the wearable market is expected to increase 5.3% in 2021 and it is expected to hit 4.8% by 2024.
It means that the future of healthcare is bright. New opportunities will come for medical as well as for tech entrepreneurs.
Let’s start and discuss healthcare business opportunities one by one.
32 New HealthCare Business Ideas
1. Medical Transcription Services
Similarly, you can also start a home-based medical transcription services business. All you need is to become a virtual assistant and turn the doctors’ and nurses’ prescriptions into digital notes. Patients can easily save these digital prescriptions for their medical records.
At the same time, you can also develop similar apps for medical transcription services. You can make money through selling your subscription or you can sell your app on a one-time bases.
2. Connecting Doctors and Patients
Uber and Airbnb are businesses that are based on sharing economy models. These are internet applications that connect buyers and sellers at their platforms and they charge nominal commissions from each transaction.
You can also make similar applications where local doctors, physicians, ambulances can be listed, and patients can easily explore and acquire their services.
3. Medical Record Management
Maintaining a medical record is hectic work. If you are a good software engineer and able to build good medical record management software, then you can sell it to hospitals, clinics, medical labs and even sole practitioners.
At the same, you can also get complete outsourcing projects because it is difficult for sole practitioners to bear inhouse costs.
4. Introducing New Medicines
With the arrival of Ebola, bird flu, swine flu and zika viruses, doctors, professors and chemists introduced new vaccines to protect patients from deadly viruses.
If you are a good chemist or biologist, then you can do research and introduce new formulas, vaccines and even medicines to cure diseases. All you need is to conduct great research and patent your research work so that you can reap the reward in the future.
There are still some diseases such as cancer that need new medicines and vaccines at an affordable cost.
5. Medical Billing Services
According to Market Research Engine, the market size of Medical Billing outsourcing will be increased to $16 billion by 2024.
Medical Billing is a payment process/practice in the United States. The healthcare providers submit and follow up their claims from health insurance companies in order to get their payments against medical services rendered to patients. There are several tech companies offering their medical billing services by selling their medical billing software in the United States.
This market still needs improvement in the billing process and more tech entrepreneurs can bring innovative solutions. For big software houses and tech companies, it is a golden opportunity to start a new med-tech product.
6. The Supplies of Medicines & Equipment
Do you know that the market worth of Medical Supplies will be $136.63 billion by 2021? It’s true. The report of Medical supplies revealed that the market worth of this industry will be increased to $136.63 billion by 2021. It will be a tremendous expansion of this industry.
People with disabilities, seniors, and other patients having chronic illnesses have an ongoing need for medical equipment and supplies. Medical equipment and supplies may include braces, walkers, bedpans and more.
There is also a market in offering health tests to consumers to help them understand their own health needs without requiring a doctor’s visit. An example of this type of company would be BodyHealthIQ.com.
7. Health care Business Ideas in Manufacturing
Apart from the blend of medical and tech business, there is still a growing need of healthcare products such as Aloe Vera Gel, body oil, coconut oil, diaper, disposal injection syringe, empty gelatin capsule, hand wash products and healthy drinks. You can also produce/manufacture or supply these items to buyers and grow your business.
8. Healthcare business opportunities in Retail
As the population is increasing day by day, the health-related issues are also increased. This trend created a rise in the demand for quality healthcare services.
To fulfill these demands governments from all around the world spend and grant millions even billions of dollars but still, the demand is not fulfilled. If you have a medical background, you can fill this gap by starting the following healthcare businesses:
- Diagnostic Centre
- Fertility Clinic
- Eye Clinic
- Medical Equipment Store
- Medical Shop
The above businesses you can start from small to medium investments.
9. Alternative Healthcare Startups
Apart from normal healthcare businesses, there are other alternatives and traditional healthcare startups i.e. massage therapy and acupuncture, which you can launch in your area. Please note that the requirements for starting these types of healthcare practices may vary from state to state.
10. Big Data & Analytics
The business and financial industries are already enjoying the big data revolution. Similarly, big companies are also investing on big data to revolutionize the health-related industries. Try to figure out gaps in this niche.
11. Drug Development
Conducting research is time-consuming as well as it requires a lot of funds. If you are running a pharmaceutical company and share your data with new researchers, then it can decrease the cost of research and help them to develop new drugs. It will be a win-win situation for both parties i.e. small players as well as for big companies themselves.
12. Figuring out and Predicting Patients’ medical needs
For Physicians and healthcare providers, it is difficult to figure out and predict the patients’ needs in some cases. It is time-consuming work.
With the use of some big data tools, physicians can not only highlight the risk factors associated with the health of the patients, but they can also monitor the health condition of patients. Like Optum, there is a still need of other big data tools to predict the patient’s medical need.
13. AI and HealthCare
Just like other fields, artificial intelligence is also helpful for the healthcare sector. Numbers of startups are using artificial intelligence-based software to improve healthcare services.
They are using AI tools with machine learning features to detect complex diseases. It is a growing niche and techpreneurs can disrupt the market.
14. Improve Medical Research
From the last few decades, a number of new diseases are coming and affecting people. Medical research is very important to find solutions to the problems.
If you are a good researcher, you can contribute to medical studies. You can also patent and sell your research to medical organizations.
At the same time, you can also a start medical research Centre to improve the healthcare sector.
15. AI and Insurance Fraud Detection
As mentioned above, artificial intelligence is improving the business, finance and healthcare centres. Similarly, AI is also helpful for fraud detection in the insurance industry. Sometimes, it becomes difficult for insurance experts to detect fake claims and frauds.
Employing AI tools with access to all data i.e. what information should be used/crawled for analysis and delivering results, can greatly help the insurance companies to detect fake claims and frauds. These types of tools will be a great demand in the upcoming years.
16. Blockchain and Smart Contracts
Likewise, in AI and machine learning, Blockchain is also disrupting almost every industry. It is also possible to integrate new technology i.e. smart contracts to improve drug testing for both practitioners and patients.
With highly secured technology and encrypted with blockchain, companies can attract and motivate employees to participate in drug testing trials with privacy and fairness. There is also a great demand for such tools which much be encrypted with blockchain.
- 5 Reasons why Blockchain Adoption will be Huge
- Top 3 Industries That Can Witness Gigantic Disruption From Blockchain Technology
- How Can Blockchain Technology Help Transform The Finance Industry
More Business Opportunities in Heath Sector
Similarly, there are also other healthcare / medical business ideas and opportunities you can pursue with little to high investment. Some are mentioned below:
17. Building 3D Printing Specialized Equipment’s for surgery
There is an inclining demand for medical equipment, especially during these COVID times. This demand cannot be completely fulfilled by using traditional methods. This situation requires a more fast and cost-effective method for equipment manufacture. 3D printing is the latest and most efficient method so far.
Retractors, forceps, hemostats, scalpel handles, medical clamps, needle drivers, are some of the surgical instruments been produced through 3D printing. The demand for 3D printing is increasing day by day.
18. Blood testing and bank
Blood testing holds a pivotal position in medical diagnosis and treatment. Doctors reply on blood tests to ensure patients well being or to confirm any disease. Blood testing and storing blood in blood banks require high professionalism. Accurate and precise results need proper technicians.
To have a successful entrepreneur lab for blood testing besides the actual work, focus on the lab’s financing, taxing, and business planning.
19. Building Robots To Manage Medical Tasks
Robots are taking over almost every field of life. In medicine, it may improve the certainty of a successful operation. Many robots, such as da Vinci, the TUG, the CyberKnife, the PARO Therapeutic Robot, are being used in highly specialized surgeries. They can change the course of human surgeries by providing more accurate, precise, and life-saving work.
If you are good in both medical and engineering, you can try out your luck in this field. Remember that you will require a good knowledge of programming and engineering as well as medical.
20. Healthcare Finance Planner
Healthcare professionals have quite a lot of load over their shoulders. The responsibility of taking care of other people’s health is not an easy task. Moreover, they also need to take care of their own financial problems. Here the need for a financial planner arises.
A financial planner will look after their financial issues such as paying the debt to manage salary. If you have studied finance, this is a profitable field to get started.
21. Starting a Health Insurance Agency
Insurance agencies earn quite an amount of money by investing their premium amounts. Health insurance is one of the most common insurance domains. People realizing the importance of health as well as insurance definitely opt to have health insurance.
If you have good business knowledge along with your medical knowledge, this field can prove really profitable.
22. Making Wearable Technology Devices
Wearable technology devices have become the new hype in the town. Besides tech knowledge, one also needs a good grip over the medical field because these wearable devices work by interacting with the human body.
If you are good both in medicine and advanced technology get into this field to gain high profits.
23. Opening of Childcare & Eldercare Centre
Opening z childcare centre or an eldercare centre is a good option. Besides providing them other life facilities, taking good care of their health will also be your responsibility.
When opening a care centre, make sure that you have proper knowledge of business planning and implementation. Moreover, you should know how to take care of financial issues.
24. Veterinary Clinic
Veterinarians work for animal care. For opening a veterinary clinic, you should be good around animals. It is a great opportunity for all those animal lovers. Vets are responsible for your pet’s health and will treat him in any case of injury or disease.
Opening a veterinary clinic will demand more than a degree. You must have good entrepreneur skills and business planning skills.
25. Starting a Retail Pharmacy Store
Pharmacy stores are highly profitable if managed properly. For opening a pharmacy retail store, you will need good capital for investment and also a permission permit from the state.
Those interested in pharmaceutical-related jobs and having business plans in their minds should definitely go for it.
26. Opening a Maternity Centre
There are many areas that lack proper maternity centres or also known as birth centres. When in labor, women prefer the nearest maternity centre. Go for areas that lack birth centres around large circumferences. This will attract a higher no of patients.
There are strict rules and regulations for opening maternity centres. Follow them when opting for a business start-up in this field.
27. Start Blogging, discuss medical issues and make a living
Bloggers are earning a handsome amount of money and some are even exceeding the limits. Having a good medical approach gives you the opportunity of writing a medical blog.
Take ideas from different currently well-established bloggers. Establish your blog and keep writing without any gaps.
You can also hire web developers for developing a professional-looking blog. This is one of the entrepreneur ideas that does not require much investment.
28. Medical Cleaning & Waste Disposal Business
Medical waste contains high amounts of toxins and pollutants. If not disposed of properly, it pollutes the environment. Hence, there are strict restrictions regarding medical waste disposal. Every hospital contacts different waste management companies to get rid of their waste.
For a business start-up for medical waste management, get familiar with the rules.
29. Start a Healthcare Management Organization (HMO)
Healthcare Management is a wide business range. There are various opportunities to avail yourself of. Pick a specific and microdomain to focus on your clients and your services in a better way.
For Healthcare MBA graduates, this kind of startup will prove to be much profitable considering their immense knowledge regarding this field.
30. Starting a Wellness Centre
Wellness centres are different from hospitals. Here, medical professionals provide mental and physical healthcare services to their clients in a more casual way.
For starting a wellness centre build a professional and highly coordinated team. Focus on a good business plan. Build a quite attractive and relaxing business place.
31. Starting a Medical Waste Recycling Centre
Medical waste is recycled to make different items that do not require much hygiene, such as urine bags. Hospitals dispose of their medical waste with the help of different medical waste management companies. Coordinated with such companies and recycle the obtained waste.
Build a recycling plant and a team that will take care of every step from collecting waste to delivering the recycled products.
32. Healthcare / Medical Consultancy Business
There are various healthcare professionals running their own independent clinics. Besides keeping an eye on their medical services, they have to supervise their financial and business issues.
Medical Consultants provide services in this regard. They advise medical professionals to take important steps that will increase their patient care and business. Medical consultancy requires good business knowledge as well as medical knowledge.
No doubt there are numbers of other healthcare business ideas and medical business opportunities you can pursue, but investment, skills and licenses/certifications are required to start a business. The outcome of this article is that the tech based healthcare businesses will enjoy more success in the upcoming years as compare to traditional ones.
So, what type of business you’re going to start?