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Looking to Start a Business in the Field of Medicine? Here are 10 Game Changing Ideas

Grand View Research has a report saying that the healthcare market will keep growing at a rate of 11.3% each year from 2023 to 2030.

BY KRITIKA BHATIA

PUBLISHED MAR 10, 2024

The growing need of healthcare and the industry has urged entrepreneurs to come up with new and helpful ideas|Pexels

Healthcare business ideas for entrepreneurs ready to transform the industry

Understanding the need and seriousness of the healthcare entrepreneurs want to help the society by coming up with new ideas, here are some of them to consider|Pexels — Healthcare entrepreneurs want to help society by coming up with new ideas (representational image) | Pexels

The rise of chronic diseases and medical emergencies has led to a rise in the demand for the healthcare sector. Grand View Research has a report saying that the healthcare market was worth $144.9 billion in 2022, and is predicted to keep growing at a rate of 11.3% each year from 2023 to 2030. This provides a golden opportunity for budding entrepreneurs who are looking to invest and transform the healthcare industry. Here are some of the revolutionizing healthcare startup ideas that they can work on while making profits and serving society.

1. Online pharmacy

Close-up of human hand holding a cellphone displaying the Amazon Pharmacy system, Lafayette, California, September 15, 2021.|Getty Images|Photo by Smith Collection — Close-up of human hand holding a cellphone displaying Amazon Pharmacy| Getty Images | Photo by Smith Collection

In today’s busy schedule, everyone is looking to get items delivered to their doors. With online pharmacies, the customer simply needs to upload a valid prescription, which is recognized by an AI tool, or maybe a client associate, and then the order is placed. Online pharmacies can be quite successful if they can ensure the timely delivery of medicines and the availability of rare drugs to patients.

2. Medical transcription

Medical Pescriptions are often difficult to read for patients therefore getting it transcripted is an easy way and a progessive startup idea|Pexels — Medical Prescriptions are often difficult to read for patients hence, transcriptions are in demand | Pexels

Medical transcription is the process where the vocal prescriptions from healthcare professionals are converted into written documents so that they can be stored in the records and are easily accessible. These records are stored as electronic health records in the hospital directory and help manage and track patients' medical reports. Medical transcription software can be built using AI algorithms which are also in trend in recent times.

3. VR and metaverse apps for mental health

VR or virtual reality is not only a helpful technology for fun but is also productive when it comes to healthcare and entrepreneurs can make use of the idea and play for their benefits|Pexels

Virtual Reality and metaverse are completely new fields that are finding use cases in multiple avenues and their benefits in healthcare are yet to be fully explored. VR and metaverse take users to a completely new landscape where they can break free from physical reality and immerse themselves in an experience that can free them of mental stress. There are also experiments aiming to make it beneficial for patients with mental health issues.

4. Medical records administration

A nurse station inside the Clinical Decision Unit (CDU) at Kaiser Permanente's Capitol Hill Medical Center in Washington, DC. Kaiser's CDU allows patients to avoid the frequent delays associated with a typical hospital emergency room. Kaiser members receive immediate care from clinicians, doctors and specialists on site, who have access to patients' complete electronic medical records. On the left is Darryl Richardson, RN, and on the right is Doctor Jasmin Valentin.|Getty Images|Photo by Brooks Kraft LLC — A nurse station inside the Clinical Decision Unit (CDU) at Kaiser Permanente's Capitol Hill Medical Center in Washington| Getty Images | Photo by Brooks Kraft LLC

In the digital era, hospitals have an added responsibility to safeguard sensitive data about patients. Given the challenges it comes with, hospitals are always looking out for solutions that can help them organize the information and ensure its privacy. Business enthusiasts can develop systems that can solve this problem and help medical agencies document and manage sensitive data. They can even build solutions for patients to manage their medical history and share it with the doctor of their choice.

5. Tele health apps

In this new era of everything online, healthcare can also be provided online for acute diseases. There are many healthcare apps through which a patient can book and entrepreneurs can take inspiration from|Pexels — Telehealth apps are sustainable business ideas for budding entrepreneurs (representational image) | Pexels

The Covid-19 pandemic unlocked a new normal, where people could get work done without being in direct touch with anyone. Be it their jobs or even their health checkups. Telehealth apps enable patients and doctors to connect without the need for them to be physically present in one place. Patients need to book an online appointment and then consult the doctor through a video or voice call. The doctors write prescriptions, and patients can directly order the medicines from the app itself. Telehealth apps are sustainable business ideas for budding entrepreneurs as they operate in the core of the medical industry and have enormous potential to grow.

6. Drug rehabilitation facility

People are now taking drug abuse and addiction seriously and going for therapies and rehab. Therefore, opening a rehab center or providing the leverage to book online consultations would be huge help to drug addicts and their families|Pexels — People are now taking drug abuse and addiction seriously and going for therapies and rehab (representational image)| Pexels

Drug abuse is rising at a fast pace with an increase of about 11% by 2030, per the World Drug Report. So there is a pressing need to open drug rehabilitation facilities where such patients can be treated. Entrepreneurs can come up with facilities that help treat drug addicts and even raise awareness about the impact that drugs can have on young folks. Technology can also be leveraged to provide innovative solutions that can help addicts combat drug obsession and live a healthy lifestyle.

7. Nurturing health awareness

Every doctor whether a beginner or a professional looks to upskill so that he/she can provide better treatment to its patients and also do justice to their learnings|Pexels — Medical knowledge and health awareness are crucial (representational image) | Pexels

Not only patients but doctors, medical coaches, trainers, and dieticians also want to upgrade themselves and know better about the medical field. Just studying medicine is not enough as during emergencies, one must be aware of quick solutions. Therefore, websites like WebMD, MayoClinic, and ClevelandClinic offer blogs, technical information, recent reports, and surveys on a wide range of topics from which a wide range of people with varying levels of medical knowledge can benefit.

8. Alternative medicine

There are many alternative medical treatments involving several therapies that even patients not suffering from any disease go for to stabilize their mobility and body alignment and come out stronger|Pexels

Apart from the allopathic treatments, patients are also exploring traditional treatments such as acupressure, Ayurveda, and homeopathy. Alternative medical treatments are rising as they promote a treatment that comes with fewer side effects as compared to allopathy. According to Grand View Research, alternative medical treatments are expected to rise with a compounded annual growth rate of 22.03%. So it’s a new field where businesses can invest.

9. Medical tourism

Due to the high-tech equipment and experienced doctors, people have to travel outside for treatment of diseases that are not curable in their nation and this encourages medical tourism|Pexels — Medical tourism is on the rise for the best cost-effective medical treatments (representational image) | Pexels

Medical treatment costs are rising at a great rate, and that’s why we see patients from the United States and Europe flying to the East to get treated at a lower cost. Startups can focus on providing tailored international plans for patients and their family members to travel across the nation. The plans are customizable and can include accommodation, travel, and even treatment costs. The startups would need to partner with healthcare providers and tourism companies to build a sustainable ecosystem around it.

10. Home healthcare facility

Healthcare after hospital discharge is the main thing. This is a good startup idea where apps provide in-home medical help to patients who have just recovered from chronic diseases|Pexels

Home healthcare refers to providing services to patients who have a chronic disease and need medical assistance at home to make them feel better. Even elderly people might need such services to keep them healthy. Businesses can focus on setting up portals through which these services can be requested at the convenience of customers. Patients might need nurses, therapists, chemists, medical test services, and other professionals in their homes.