With vaccines rolling out around the world and infection numbers waning, the worst is finally behind us. As the economy begins to further open, we’ll see several industries that experienced growth during the pandemic continue to thrive, particularly CPG and virtual meeting technology.
The healthcare and fitness industries has also experienced a boom as more and more Americans became aware of their health. This particular industry is poised to absolutely skyrocket in the coming years. Here’s where we can expect to see these increases continue and why.
Telehealth Services
During March of 2020, the use of telehealth services increased by 50% and very soon after skyrocketed to an increase of 154%. As expected, the proportion of COVID-related telehealth visits significantly increased throughout the course of the pandemic, prompting the federal government to relax guidelines around telemedicine.
The prevalence of digital devices across all demographics contributes to the success of telehealth. No additional equipment is needed, as with many of the other healthcare technology sectors that are currently on the rise. Patients need only a smart device, such as a tablet, phone, laptop, or desktop computer.
The telehealth industry is certain to continue booming with these guidelines relaxed…and, of course, now that consumers have discovered and embraced the convenience of in-home care. In While many medical physician visits will still need to take place in-person in the future, don’t expect telehealth to go anywhere.
Artificial Intelligence
Robot doctors sound like something from a futuristic science fiction film, but they’re actually already here. Of course, surgeons have used robotics for delicate operations for years, but robots also rose to the occasion during the pandemic in order to disinfect hospital rooms and equipment, check temperatures for new patients, and dispense hand sanitizer. The ability to work with machines for many of these tasks helped protect healthcare workers from potential infection, and also showed us just how much time we could get back in each day with robots performing menial, yet essential, tasks.
Perhaps even more likely to continue growing is the use of AI for customer service. Rather than physical robots helping patients, we’ll see more chatbots—and they’re getting smarter. Many chatbots can now detect and seamlessly converse in various languages, whether by speaking or through text. These programs learn quickly in order to provide the most realistic experience possible for patients who need medical advice or assistance without visiting a healthcare facility.
These chatbots are here to stay, too, and not just in the healthcare industry. What was previously considered a convenience by many brands will soon become a necessity.
Wearables
Because the pandemic made 83% of Americans more aware of their health, monitoring devices became a must-have in 2020. This trend isn’t expected to slow down, with revenue for wearable technology poised to reach $74 billion by 2025, up from $27 billion in 2019.
Wearables may bring to mind fitness trackers, and that’s certainly accurate. However, there are many other monitoring devices that consumers have discovered, all of which helped to keep vulnerable people on top of medical issues while they were unable to see a doctor during the lockdown portions of the pandemic. These glucose, EKG, and blood pressure monitors made life so much easier that we can definitely expect the need for them to continue well after it’s safe to visit a doctor’s office again.
Virtual Fitness
What is a fitness buff to do when all the gyms close for several months? Virtual fitness classes weren’t exactly new during March of 2020, but they did suddenly become absolutely crucial to an ever-growing group of consumers. Some brands were ready for the demand, such as Peloton and Mirror, which were already entirely virtual. Others had to pivot quickly in order to introduce an entirely new product to their customers.
At that particular point in time, the virtual and online fitness market was estimated at just over $6 billion, and it’s not slowing down. Experts believe the virtual fitness industry will bring in nearly $60 billion by 2027.
We have some pretty compelling evidence that these four specific markets within the health and wellness industry will continue to grow exponentially in the coming years. How will your brand support this growth? Are you ready to build solid marketing campaign strategies in order to meet or even exceed your goals?
Even if you’re not yet ready for a CMO, you should have a solid marketing expert in place. A fractional CMO could be your answer to ramp up your business in these new, hopeful, and exciting times. If we can help in any way, don’t hesitate to reach out.
