$33.5 Billion Boon to Healthcare Marketing
Healthcare marketers and MarTech companies will benefit from part of the digital revolution expected to garner $33.5 billion globally by 2022. Healthcare analytics spending is booming, according to recently released research.
The U.S. will dole out the most, says the “Healthcare Analytics Global Market–Forecast to 2022,” announced on Monday by Research and Markets.
Plus, many U.S. companies will receive dollars, including Cerner, IBM, Oracle, Epic, Information Builders, McKesson, Optum, Verisk, and MedeAnalytics and Allscripts healthcare solutions.
In the U.S., this is happening because of legal mandates from regulation including the Affordable Care Act.
A few factors in addition to healthcare record digitization may represent opportunities both for healthcare marketers and MarTech providers — an aging population means Americans will need more healthcare and MarTech providers can, for instance, provide predictive analytics that will show who may need help first. Is that person a fall risk? Predictive analytics can let healthcare marketers know and, if the marketers want to go the preventive route, they can suggest options to the patients. [Author’s note: For example, the fall-risk patients may present an opportunity for healthcare systems to contact at-risk individuals and recommend preventive physical therapy aimed at improving balance so these patients don’t break hips.]
Cerner Illustrates One of the Product-Level Opportunities
“Cerner Corporation accounted for the largest share of 19.5 percent of global healthcare analytics market,” reads the research. “It is one of the leading companies in healthcare information technology services. The company has a substantial amount of investment in research and development, which have created strong levels of organic growth throughout. The company develops innovative products which are industry-leading solutions and device architectures and services. For example, the company launched Cerner Virtual Patient Observer, a system to monitor high fall risk and [behavioral] patients.”
The Research Shows Why Healthcare Marketers Are Buying the MarTech
“The analytics help the healthcare organizations in reducing the hospital stays of patients,” it says, “meeting regulatory compliance, improved quality care, preclusion of chronic diseases and fraud detection.”
How Healthcare Marketers Are Using the MarTech
“Digitization of health records has catalyzed emergence and popularity [of] mobile apps, wearable devices and telemedicine,” the research says, “which includes patient portals, remote monitoring devices, video conference by clinicians [and] nursing call centers.”
Target Marketing’s Editorial Board, Healthcare Vertical, says one of the greatest challenges for healthcare marketers is ensuring healthcare personalization for patients. Most patients don’t even understand the care they’re received, let alone what they need to do to care for themselves, and how the insurance they have or don’t have works. At the moment, about half of patients will stop taking any medicine they’ve been prescribed within three months of treatment—no matter the illness, says Chuck McLeester, marketing strategist and analyst, as well as a Target Marketing blogger. McLeester is joined by other board members (Anna Powell, VP of Marketing, Influence Health; and Michael W. Capriotti, VP, Integrated Care Management, Virtua) on “The Most Important Issues Facing the Healthcare Industry.”
Cautions for Marketers That May Prevent Spending
The research says: “Factors such as security issues and data breaches, lack of skilled labor with analytical skills, lack of patient data confidentiality and transparency, lack of interoperability, functional gap between payers and providers, increase in governmental regulation and reimbursement issues are hampering the market growth.”
What do you think, marketers?
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