Considering healthcare as a business opportunity? Here are the top four healthcare markets for entrepreneurs looking to cash in on the booming medical industry.
A NEW AGE IN HEALTHCARE
Since the onset of the pandemic, the healthcare industry has been more in demand than ever. People everywhere are looking for innovation, personalized care, and convenience when seeking out providers. New healthcare markets are cropping up to address the needs of a changing population, and savvy investors are finding many opportunities to grow their businesses and provide much-needed quality care in their communities.
Many people prefer or require receiving healthcare services from the comfort of their homes. Elderly people who need round-the-clock nursing care are just one example of a sizable group dependent on this healthcare market. The COVID-19 pandemic helped accelerate the growth of home-based care, and the trend is likely to continue as the population continues to age.
For seniors who are able to age in place yet still require medical supervision or assistance on a regular basis, home healthcare is a vital necessity. By 2027, the home healthcare market value is expected to reach over $316 billion, making it a compelling opportunity for qualified practitioners.
Home healthcare entails clinical supervision carried out by licensed medical professionals. Registered and licensed practical nurses, occupational therapists, and physical therapists can all provide home healthcare, either through health or hospice agencies, or through healthcare franchise providers.
While the requirements for operating a home healthcare business aren’t nearly as daunting as that of a nursing home, the regulations and licensure considerations are still significant. Staffing costs, insurance (both your own and that of your clients), regulatory oversight, and massive competition can make this a challenging field, particularly for prospective business owners without a medical background or any previous experience in the field. It’s important to note that not all healthcare business opportunities require such experience. Some, like American Family Care (AFC), are looking for savvy entrepreneurs from any background.
Home healthcare will continue to evolve in both the breadth and complexity of services offered. Remote monitoring will continue to get better and more sophisticated, allowing for new ways of tracking patients’ health. The use of artificial intelligence and machine learning tools will push into the home, allowing providers to gain a better understanding of patients and their support systems, enabling the professionals to tailor and improve the quality of care delivered.
As of 2020, approximately 73 million baby boomers, individuals born between 1946 and 1964, were reaching retirement age. By 2030, all of them will be over 65, making it the second-largest age group in the U.S. The senior healthcare market is estimated to account for a massive $225 billion market share by 2024. For entrepreneurs seeking to get into a sustainable and care-focused business, the opportunities abound. Because it is such a wide market, the various avenues are endless, yet not all prospects are created equally.
While seniors typically spend more money on housing and healthcare per year than any other living generation, their amassment of disposable income gives them the ability to spend money on many other things that are important to them, giving business owners the opportunity to appeal to the needs of this dynamic generation.
As the senior population continues to grow in the United States, so will the need for customized services. The key for business owners is to provide a meaningful senior care service while also prioritizing their bottom line.
Digital healthcare services have become an essential part of the overall medical industry in recent years, particularly as the global pandemic made receiving medical care while under lockdown or quarantine more complicated than before. Telehealth use overall has leveled off at rates 38 times higher than before the COVID-19 pandemic, ranging from 13% to 17% of visits across all specialties, according to an analysis from McKinsey.
People are using their phones, computers, and tablets to seek medical counsel and interact with healthcare professionals. Mobile apps open the doors for virtual consultations with specialists, tracking lab results, and more. According to a report from Global Newswire, the healthcare mobile app development market is slated to reach a global revenue of around $111.1 billion by 2025.
Online pharmacies provide another lucrative foray into the digital healthcare market. These businesses offer prescription and over-the-counter drugs accepted through the mail, along with essential pharmaceutical consultations, all of which can be conveniently accessed from the comfort of one’s home. Because of this convenience, individuals are increasingly utilizing this service. As an online pharmacy owner, you must focus on drug listings, cart management systems, online shopping integration, digital payment support, and other web design features. And above all, as you’re dealing with patients’ medical records, your online pharmacy must be compliant with the federal law restricting the release of medical information.
The urgent healthcare market is projected to grow at a CAGR of 4.2% over the next five years, reaching $40.7 billion by 2027. Due to a combination of factors, including patient demographics, national healthcare policies, lack of access to primary care service providers and overrun emergency rooms, urgent healthcare centers provide a convenient, cost-effective solution for patients seeking assistance with a variety of medical needs.
By offering a range of services, urgent care centers are equipped to handle both low-level emergent and non-life-threatening situations, delivering care to the widest possible group of patients outside a hospital setting. By prioritizing convenience and affordability, urgent care centers have been the go-to for individuals in need of medical assistance, particularly when access to emergency rooms or general practitioners’ offices is limited by demographic, financial, or other factors.
While many urgent care centers are unable to provide on-site lab testing and X-ray services, AFC is an experienced healthcare franchise with lab testing services. Each AFC clinic is equipped with state-of-the-art lab tools to perform a variety of diagnostic tests in-house. From common illnesses such as the flu and strep throat to STDs, COVID-19, and more complicated conditions such as arthritis, mononucleosis, and thyroid-related illnesses, AFC goes above and beyond. While people face weeks-long wait times or multiple office visits to obtain medical test results from primary care physicians, the cutting-edge technology and equipment at each AFC center can perform full lab panels, urinalysis, and microscopies, all available on a walk-in basis to help inform and treat patients in a timely manner.
Each AFC facility is also equipped to provide state-of-the-art digital X-ray services that provide higher quality and faster image processing and diagnostics than many primary care offices, allowing for everything from a broken wrist to pneumonia to be treated accurately and efficiently.
PARTNER WITH AFC & BECOME A LEADER IN AMERICAN HEALTHCARE
Since 1982, AFC has been at the cutting edge of the American healthcare industry, providing the highest level of care to all communities we serve while offering savvy and caring entrepreneurs the opportunity to invest in a growing and recession-proof industry with a brand that prioritizes excellence.
With over 250 locations operating or currently in development across 27 states, there has never been a better time to jump into the urgent healthcare market. To learn more about franchising with AFC, apply now!