Welcome Healthcarepreneurs, today we will discuss how market is helping to innovate health care industry. As you know, after globalization the world is now surrounded by hi-tech digital technology and making world smaller and smaller. Health care industry is also not far to embrace digitalization and already making progress in its way. As I learned through digital marketing, how every industry is collecting data from their consumers and how easily now they are reaching to the fingertips of their consumers and satisfying their needs. Same way now, health care industry is reaching to each and every corner of the world to understand people, their lifestyle and problems they are facing to get the proper basic health care. And for that they are taking help from social media, smart device apps and now wearable technologies; that emerges so many startups companies. There are very good insights on health care technology infographics by Fred Pennic to get the bigger picture.
Social Media and Health Care
Facebook changed the social media world, not only that the overall social media impacted the health care industry. There are some good statistics and numbers that explains in detail how extensively health care industry and its consumers are getting closer and closer. Health Care industry is very slow compare to others and it is expensive, but social media has been working closely with the consumers now, bringing all the changes with the speed and making it not expensive at the same time. As you see in last few days, both Facebook and Twitter gave very strong quarterly results that explains everything. Even when we started our healthcare club in Hult International Business School, we got more exposure when we opened a page on Facebook.
Smart Devices, Apps and Health Care Industry
After Social Media, next big thing is App, which is already showing its importance in the world of smart devices. There are thousands of apps on health care related topics and is in the process of disrupting health care industry. I believe people are more educated now through this apps than actually going through doctor and asking questions within 20 min clinic visit. Health care industry is a huge market, and there are plenty of things that normal person is unaware of. I am hoping though this apps most of the population in the world will get a direct access to medicinal, wellness, fitness and other health care related topics. Even, physicians are more becoming tech-savvy and doing remote patient management and mobile health using their mobile devices. By 2017, the prediction is this mobile industry is going to be a 26 billion dollar industry.
Wearable Devices and Big Data
Just today I was networking in one of the health care mixer in Palo Alto, CA. I met almost 10-12 people who are now working on the different kinds of wearable devices and collecting data from the consumers. In the same meeting, I got a chance to talk to Medicinal Doctors and I asked them one single question that how much you are giving importance to these wearable devices. Everyone talked a lot about this new technology and how it will be useful in understanding the patients. But at the end, they accepted that doctors hate computers and already they are spending lot of time on computers just for documentation. And if you asked them to see your data from your wearable device, he won’t even look at it. Anyway there is a still gap between this wearable devices and doctors attention.
At this moment, these wearable devices are continuously growing and trying to meet the needs in this fast changing world, where now more and more consumers are health conscious and more fitness centered. Basically, the main idea through this wearable devices is to educate and give them control on their body, without taking any help from doctors or nurses. Also, physicians can have the access to this big data to understand their patients and diagnose them well, especially chronic diseases.
Brands like Nike, Adidas, Samsung, and Google are already there in the wearable market, and now Apple is bringing iWatch soon. But there is one more industry blooming which is Big Data. Looking at this, wearable devices are going to stay here and both industries are seeing great future. I hope wearable industry will bring more revolution in health care industry.
I was just trying to bring to your attention that although health care industry is lethargic, and very expensive, there are so many changes already happening within around us. Also, other than what I mentioned above, scientists are also not behind in this new technology world, they are discovering innovative ways to tackle any health related problems and medical device experts are showing their talent by bringing automation in most of the medical instruments. This is what I called emerging market in health care industry.