Healthcare will be the next big thing in the coming years. Thanks to COVID-19, there is a renewed focus on healthcare. Here’s why it isn’t going away.
For centuries, the way humanity has been dealing with disease and healthcare has remained mostly the same. You would fall sick, visit a doctor, get medication or treatment and recover. That tried and tested model hasn’t changed much, until very recently.
Before COVID-19, we saw some trends leaning towards wellness and healthcare. Now, it is clear that those trends aren’t going away. Here are six reasons why I believe why the renewed focus on healthcare is here to stay.
1. Awareness of Our Own Fragility
In times before, humanity has been reminded of its own fragility. From the Black Plague to the Spanish Flu, we have been brought to or knees by organisms too small to see. However, since the last pandemic (the Spanish Flu of 1918), humanity has seen a rapid increase in the development of medicine. We’ve almost eradicated smallpox, managed to combat cancer and created organs in the lab.
That success has only given us a sense of invincibility, until COVID arrived. Now suddenly, we have become aware of just how fragile we are. That has put a renewed focus on fighting diseases.
2. Globalisation Has Eradicated Borders
At the start of the pandemic, we heard politicians and public health officials announce, “We are in this together”. That is not just hyperbole. Thanks to globalisation, diseases can spread from nation to nation in a matter of days. It does not matter if you are American, Indian, Chinese or Nigerian, any disease is now capable of becoming globally transmitted.
We tried containing COVID, it did not work. The reality is we are going to have to work towards a global health standard, one that gets applied irrespective of nationality. Healthcare is going to become a requirement for globalisation.
3. COVID-19 Isn’t the Last Pandemic
In September, the WHO Chief Tedros Adhanom Ghebreyesus said “When the next pandemic comes, the world must be ready – more ready than it was this time.” Global warming, rising pollution and urban density are giving rise to more disease.
To combat that, we will need a more robust healthcare system, especially if another pandemic breaks out. That knowledge should ensure we put more money and effort into our healthcare industry.
4. Rise in Preventive Care
Globally, we are seeing a rise in interest in preventive care. Perhaps the stats around chronic disease have scared us? Whatever the reason, more and more people are focused on getting, and staying healthy. Market Research Future expects fitness apps to register a CAGR of 31.25% between 2019 and 2026. We are also seeing a corresponding rise for the demand in wearables.
Preventive care is as important as management in healthcare. Now healthcare professionals are not just doctors or nurses, but fitness trainers and lifestyle coaches. The stats don’t lie: people are starting to put more focus on healthcare, wellness and prevention.
5. Work-Fuelled Rise in Lifestyle Diseases
Longer working hours, greater stress and increased pollution have led to a sharp rise in chronic diseases like diabetes and obesity. To combat that, workplaces are already beginning to look at offering healthcare solutions. These go beyond just insurance, to provide preventive care and wellness solutions that help keep employees happy,healthy, and regular.
Companies like Onsurity are working with organisations to offer healthcare solutions that enable healthier employees. There is a clear demand for such a product, especially since traditional group insurance policies are not as comprehensive, or economical. Now, good health habits are being driven at workplaces.
6. Accessibility of Healthcare
Thanks to COVID-19, telehealth and digital healthcare solutions have made the industry more affordable and accessible. Today, people even in remote villages in India have access to quality healthcare thanks to the many start-up’s in the country. Bringing more people into the fold, will only increase demand.
The availability of knowledge is also directly contributing. No matter who you are and where you are, chances are you have a smartphone and an internet connection. That means more people are reading about health issues and are demanding solutions. Whether they get access to artificial intelligence, BitCoin remains to be seen, but they will want access to quality healthcare.
Of course, there are plenty more reasons. For now, though, I believe these six will govern the rise in demand for healthcare. It is only sped up because of COVID-19, and now there is no looking back.
Kulin Shah, Co-Founder
Onsurity, Bengaluru
