The healthcare industry is expected to cross the trillion-dollar mark shortly due to its exponential growth. Grand View Research estimates that the worldwide smart healthcare market will reach a valuation of $144.9 billion in 2022 and will expand at a compound annual growth rate (CAGR) of 11.3% between 2023 and 2030.
The global pandemic’s aftermath and growing public consciousness of health issues have made the healthcare industry one of the richest in the world. Furthermore, given that the US will have $6.8 trillion in yearly growth in health spending by 2030, according to an estimate from the Centers for Medicare & Medicaid Services, this is the ideal time to investigate healthcare company ideas and launch a profitable venture.
This detailed guide on the top 12 healthcare startup business models will help you decide which path to go if you’re searching for a profitable medical company concept to capitalize on the expanding market potential. Now let’s get started.
Top 11 Healthcare Business Ideas for Startups with Real-World Examples
Ensuring the success and profitability of your startup is your first concern as an entrepreneur. Finding lucrative healthcare business ideas for 2023 that satisfy patient needs and address their issues can be a tried-and-true way to get wealthy in the medical industry.
An ambitious businessperson looking to launch a medical company or create a healthcare mobile app can choose from a variety of business prospects, including medical billing services, medical transcription services, medical records administration, and other related services. Let’s look at the top 11 medical industry business ideas that you might discover workable.
1. Online Pharmacy
In this day of rapid technological advancement, the convenience of online shopping is growing in popularity, and the healthcare sector is no different. Therefore, researching cutting-edge ideas for the healthcare sector, like online pharmacies, may have a very promising future in the modern era.
The online pharmacy market could undergo a significant transformation if it offers a straightforward ordering process for both prescription and over-the-counter products. ePharmacies have the potential to bridge the communication gap between patients and healthcare providers by combining the power of AI-powered virtual consultations with medication schedule reminders. This ensures that pharmaceutical services, medical supplies, and medications are supplied in a timely and convenient manner.
If you’re interested in integrating AI into digital health solutions, here’s a detailed overview of the cost to develop an AI healthcare chatbot.
2. Apps for Mental Health in VR and the Metaverse
Mental health is becoming more and more crucial in today’s busy and stressful environment. Thus, developing a mental health app that makes use of VR and the metaverse is among the most profitable healthcare business ideas for budding entrepreneurs. Innerworld is a virtual reality and metaverse program that offers anonymous avatar-based peer-led mental health support to users.
While the efficacy of Innerworld is still being studied, the bulk of VR treatment applications to yet have been on conditions such as claustrophobia, arachnophobia, anxiety, sleeplessness, chronic pain, and post-traumatic stress disorder.
Previously known as Psious VR, Amelia was a virtual reality program that used this state-of-the-art technology for mental rehabilitation. Amelia treats a variety of anxiety disorders, phobias, and illnesses linked to stress using virtual reality (VR) in an immersive way for her patients.
3. Managing Health Information
Hospitals have to deal with an overwhelming volume of data and documentation every day to keep up with operating procedures. Furthermore, medical facilities—whether they are large hospitals or small clinics—often struggle with effectively managing their medical records. You can look at a medical company’s idea to manage medical records. You can explore similar innovation paths in our pet health tracker app development guide that outlines how to manage health data for specialized use cases.
To help people find their doctors, you may even go one step further and develop an Electronic Medical Records (EMR) system. The standard of care services will increase with efficient record management.
People can store their medical data and health information on a web-based platform offered by Particle Health, a new health IT startup. Through the website, users can manage and share their records with medical professionals.
Continuing in this spirit, our group created the Health-e-People app, which lets users look up medical professionals for friends and family, manage all the data from their mobile devices, and interact with others who are creating networks within the international healthcare industry.
4. Telehealth Apps
Since the COVID-19 pandemic, mhealth applications and telehealth services have become the new standard. These apps enable electronic monitoring, diagnosis, and treatment.
A complete telehealth system that enables hospitals and medical personnel to electronically monitor, diagnose, and treat patients can be created through the use of electronic information and telecommunications technology. Any medical software application or solution that improves and simplifies healthcare for both patients and caregivers is welcome to the market and is likely to become a huge hit in the future.
Teladoc is a versatile platform that is a great example of a telehealth system that treats non-emergency ailments like pink eye, sinus, flu, infections, and other health issues. There are more than 3000 doctors on the market offering their services.
5. Drug Treatment Facility
One drug-related evil that afflicts modern civilization is drug addiction. The drug epidemic in our neighborhood has gotten out of control. According to the UNODC World Drug Report, the number of drug users worldwide is expected to rise by 11% by 2030. More than ever, it is critical to establish reliable drug rehab facilities where addicts can receive treatment for their addictions and enhance the quality of their lives.
Rehab centers can focus on:
- Specific demographics (elderly, youth)
- Custom software for patient tracking and personalized care
- Remote treatment via ai in healthtech solutions
One complete drug treatment platform is called inRecovery. By using inRecovery’s addiction recovery platform, treatment facilities may care for their patients without adding to the burden on their trained staff. The recovery team may help treatment institutions offer a more engaging and customized experience. By recognizing and rewarding desired behavior as well as acknowledging little daily accomplishments toward long-term development, they provide patients with a sense of empowerment.
6. Raising Awareness of Health
More than ever, medical professionals—such as doctors, dieticians, health coaches, and specialists—are interested in learning more about the system. They seek an understanding of their situation more than anything else. It’s challenging to understand medical technologies. It is difficult for those who did not go to medical school to comprehend how difficult and complex their situation is.
Thus, two of the best healthcare business ideas include starting a blog to promote health-related issues and building a website or application with material relevant to health. Your medical blogging firm could reach new heights and new horizons if you develop an AI language model akin to ChatGPT.
Your blogging website can generate revenue through social media promotion, display ads, commercials, sponsorships, collaborations with well-known brands, and/or other monetization strategies to grow into a multimillion-dollar business.
One excellent example of this kind of medical business concept is WebMD, which satisfies the curiosity of its users by offering accurate, up-to-date medical information.
7. Alternative Healthcare Providers
Alternative healthcare business ideas that are becoming more and more popular include homeopathy, massage therapy, and acupuncture. These services are being used by a lot of individuals, either to supplement more conventional medical care or to raise the standard of primary care.
Grand View Research projects that between 2021 and 2028, the market for complementary and alternative medicine will expand at a compound annual growth rate of 22.03%. Even if their insurance does not cover these types of therapy, more people than ever are prepared to pay for them.
You can start a practice or hire hire healthcare developers to expand your services into a clinic or mobile unit.
Companies offering energy therapies, acupuncture, magnetic field therapy, and chiropractic care are among those offering alternative healthcare services to people. If you have the knowledge and credentials required to work in any of these fields, you can decide to start your own independent company. You can also hire experts to work at a center or provide mobile services if you want to grow your business.
Allen Labs Ltd. is one company that provides alternative medicine. It is the most well-known manufacturer and distributor of alternative health, naturopathic, and homeopathic products in the world.
8. Medical Travel
Medical tourism services are among the most profitable healthcare startup ideas. Those who need to travel across national and international borders to receive medical care may find it advantageous. To successfully execute this medical business idea, entrepreneurs need to seek out respectable healthcare facilities throughout the globe and establish partnerships with them to offer worldwide healthcare services at a reduced cost.
Along with other apps for medical tourism, some of the most well-known names in the field are TravelDoc, GetTreated, GapDoc, Medigo, and GloboMD.
9. Surgical scrubs and uniforms
Scrubs, robes, shoes, and other medical uniforms are an intangible part of the healthcare industry. Medical professionals never lack options when it comes to comfort and style when selecting scrubs or other comparable attire, but they are hard to come by. Thus, putting up a bid to buy medical staff uniforms could be a creative method to break into the healthcare sector and help those who help us.
You can start an online store and carry scrubs, lab coats, stylish shoes, and other medical goods for professionals. You can either develop them yourself or obtain them from other sources. It is possible to give the cloth more strength and resistance to abrasion.
The American clothing company FIGS designs scrubs and other medical clothes for medical professionals with comfort, composition, fabric, material, and aesthetics as top priorities. Consequently, when a doctor reports to work, they can choose to wear scrubs or a uniform.
10. Home Medical Care Provider
A home healthcare facility is among the top medical business ideas available online. It offers in-home medical help to people who require assistance maintaining their well-being, are managing chronic medical conditions, or have recently been released from the hospital.
It can be advantageous for the entire community in areas where the population is aging swiftly and requires support in adjusting to the difficulties of old age. Therefore, entering the home healthcare industry may be a smart move.
Leading out-of-hospital care partner HCAH provides in-home care from medical specialists such as chemists, lab techs, therapists, and nursing personnel. Physical therapy sessions, post-operative care, home hospitalization, and geriatric care are among the services offered.
11. Transcribing Health Information
Healthcare transcriptionists transcribe doctor voice notes for patient records. An AI-powered transcription tool like ai agents in healthcare or Speechify can significantly improve accuracy and usability.
You can integrate ai in healthcare to enhance these systems and even offer them as SaaS to hospitals.
To go further, follow this healthcare software development guide to build complete digital health solutions including EHR, EMR, and automated transcription tools.
Conclusion
Embark on your entrepreneurial journey with these cutting-edge healthcare business ideas, poised to make a significant impact in the industry and improve healthcare outcomes for all.
Moreover, if you are looking for a healthcare software development company through which you can hire developers, then you must check Appic Softwares. We have an experienced team of developers that can assist you in building medical software. You can even hire dedicated developers from us and let them manage your billing software.
So, what are you waiting for?
