In this article we will take a look at an emerging global sector which addresses healthcare needs caused due to infectious diseases.
Introduction – Start Your Business in a Growing Industry
Starting a business in a growing industry can be a strategic and lucrative decision for aspiring entrepreneurs. As the global market evolves, certain sectors experience rapid expansion due to changing consumer preferences, technological advancements, and emerging trends. This article explores some of the fastest-growing industries in 2023, providing insights into the opportunities they present for prospective business owners.
Science – Our Only Weapon Against Infectious Diseases
At a time like this, we are only furthering our belief – that science is the only cure to win the battle against Coronavirus. Integrally related to harnessing this benefit of science is the art of making it available at profitable rates through creative business development. In this post, we highlight some of the evolving business areas, rooted in helping the world cope better with pandemics such as the novel Coronavirus and also discuss ways to take your medical startup to fruition.
Predictive Healthcare – The Panacea to Present and Future Illnesses
It is believed by scientists that the Coronavirus was spreading through Italy, one of the top three global hotspots, through the first 50 days without any significant symptoms. Similarly, in China – many thousands of asymptomatic patients quickly turned into virus carriers.
This led to a large number of silent spreaders, who could not be monitored. As the world makes advances in healthcare surveillance through multiple mobile apps, smart watches, data trackers in our phones that can monitor minute details from our sleeping pattern to our heart rate – the prospects for predictive healthcare systems are only getting brighter.
Telemedicine Industry
Industry reports predict that the telemedicine industry is growing at a compounded annual rate of more than 18.5% every year. Telemedicine is the most versatile medical technology that makes remote operations, diagnosis and prescription possible. It is also being harnessed for health education, and delivery of healthcare to remote and inaccessible locations.
With many rural districts in India facing an acute shortage of doctors and the closing of city borders in almost every state in India – telemedicine is nothing short of a boon. With increasing mobile and internet penetration in India and the world, telemedicine has potential to change the course of the medical industry. It also has additional cost advantages such as reducing expenses on hospitalisation and emergency visits.
At this crucial time when access to hospitals is also barred for non-emergency services, consultations with doctors through internet technologies could deliver safe and quality healthcare without the risk of exposure.
Drones Based Medical and Essentials Supply
With increasingly stringent lockdowns not just globally, but also in India – an aggressive containment strategy such as the Bhilwara model that aims at total lockdown of a city – surveillance over quarantine violators is being done through drones.
This presents a unique opportunity of delivery of essential supplies like medicines via drones. Through the use of drones, supplies could reach vulnerable groups faster, without human participation, and in tough terrain and climatic conditions.
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Counselling and Psychological Help Startups
Aside from the political, economic and health effects of the Coronavirus – there is an emerging threat of mental ill-health.
Psychologists are now calling this “epidemic of despair” that yields a host of depressions, anxieties, isolation arising from fears of losing jobs, our loved ones and the thought of an uncertain future. This is also been seen to cause fits of rage, anger, suicidal tendencies, alcoholism and drug addiction across different ages. Online applications offering dedicated services of psychologists, psychiatrists, clinical healers are on the rise.
Yoga, Food and Healing Startups
With novel kinds of viruses and infections increasing everyday, there has been a renewed surge in preventive healthcare forms – notably exercise, yoga, meditation and healthy food. Similarly, musical instruments, relaxing music and sound healing are also upcoming forms of creative healing.
Starting your business in growing industry of medicine and infectious disease care
Starting a business in growing industry can be hard, involving multiple decisions, insights and procedural work.
To make your work easier, here are a few product and business development tips that you can refer to while deciding your field and form of business product in an emerging field of the medicine industry.
Market Scope
With concerns over health rising globally, the market for the medical industry is very wide and includes many countries with which India has trade relations.
Recently, USA has also asked India to export hydroxychloroquine (HCQ) as part of its Coronavirus treatment plan, which has potential to renew healthcare exports from India.
India is also a leading manufacturer of medical equipment, protective gear and is pioneering research in low-cost ventilators. With limited resources and many developed countries in Europe and the USA running out of medical supplies, India’s medical industry stands to gain from this crisis.
Product Scope and Opportunities
Given the fact that the medical industry is the only saviour of humankind from potentially fatal and novel diseases, there is a renewed global focus of businesses towards finding solutions.
These are leading us to newer physical products like testing kits, ventilators, protective equipment, sanitation systems. However, this isn’t all, newer technologies are also on the rise – these include diagnostics procedures, gene technologies, apps that allow tracing details of contacts, support applications for healthcare workers, virus outbreak predictors based on algorithmic visualisations and robots for disinfecting and contactless delivery of services.
The development of these technologies is likely to benefit a host of stakeholders and intermediaries such as medical equipment manufactures and suppliers, healthcare service providers, medical training and health research institutes, pharmaceutical and biotechnology companies, consulting firms operating in the sphere of medical counselling, healthcare IT solutions providers, healthcare insurance companies, venture capitalists and investors familiar with the medical industry, Government and regulatory bodies, etc.
Securing Intellectual Property Rights
One of the foremost tasks to cross off your list, once you’ve finalized your business ideas is to secure ownership of intellectual property.
If you’re developing an app – its logo, your business trademark and the technology behind it must be registered and patented at the earliest. A patent registration protects the way something is made, its process, its composition and the methodology of its creation. It covers all stages in the spectrum – from conceptualization to development and improvisation of the product or technology.
This enables you to secure exclusive rights over the idea and would deter competitors from copying your business processes. Additionally, the grant of a patent also helps an investor assess your business more favorably. In India, it can take up to five years to get a patent registered, from the date of filing.
Licenses, Registrations and Other Approvals
As a start-up working in the medical and healthcare sphere, many licenses and regulatory approvals may be required. Since “Health” – is state subject, there can be state government rules and regulations to follow.
Moreover, since “Infectious diseases” are a part of the Concurrent list, there may be significant manufacturing and approval guidelines from the Centre as well. For example – testing kits for Coronavirus in India can only be manufactured after an approval by the Indian Council for Medical Research.
Fastest Growing Industries to Start a Business
Shipping and Delivery Services
With the rise of e-commerce and the growing demand for fast and efficient delivery, the shipping and delivery services industry is experiencing significant growth. Businesses that offer last-mile delivery solutions, freight forwarding, and innovative logistics services have ample opportunities in this space.
The Healthcare Industry
Advancements in medical technology, an aging population, and a focus on preventive healthcare have contributed to the expansion of the healthcare industry. Entrepreneurs can explore opportunities in telemedicine, medical device manufacturing, digital health solutions, and home healthcare services.
Travel and Food Industries
As travel restrictions ease and people resume their travel plans, the travel and food industries are expected to witness rapid growth. Startups can tap into the travel market by offering unique travel experiences, sustainable tourism initiatives, and technology-driven travel platforms. Similarly, the food industry presents opportunities for plant-based food products, meal delivery services, and niche culinary experiences.
Online Retail
Online retail has been a thriving industry for several years, and its growth has only accelerated in the wake of the pandemic. Entrepreneurs can consider establishing niche e-commerce stores, and direct-to-consumer brands, or explore the potential of augmented reality and virtual shopping experiences.
The AI Revolution
Artificial Intelligence (AI) is transforming various industries, including finance, and healthcare, marketing, and manufacturing. Businesses that focus on AI-driven solutions, such as chatbots, predictive analytics, and machine learning algorithms, are likely to witness substantial growth.
The Top 5 Fastest Growing Industries in 2023
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Shipping and Delivery Services
The increasing popularity of online shopping has fueled the demand for efficient shipping and delivery services. Same-day or next-day delivery options are becoming the norm, prompting businesses to invest in innovative logistics solutions, autonomous delivery systems, and eco-friendly packaging.
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The Healthcare Industry
The healthcare industry is experiencing remarkable growth due to the integration of technology and the need for personalized medical solutions. Telemedicine platforms are becoming more prevalent, while wearable health devices and AI-driven diagnostics are transforming patient care.
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Travel and Food Industries
As travel restrictions ease and consumer confidence improves, the travel industry is experiencing a rebound. Innovative travel startups that focus on sustainable tourism, experiential travel, and contactless services are gaining traction.
Similarly, the food industry is witnessing a shift towards healthier and sustainable food options. Plant-based food startups, meal delivery services, and ghost kitchens are rapidly growing segments within the food industry.
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Online Retail
The convenience and ease of online shopping have driven the growth of the e-commerce sector. Niche online retail stores that cater to specific customer interests, as well as direct-to-consumer brands that eliminate intermediaries, are thriving.
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The AI Revolution
Artificial Intelligence continues to revolutionize various industries, driving growth and innovation. AI-powered solutions are being used in customer service, marketing automation, data analysis, and healthcare diagnostics, among other areas.
FAQs
Which business is fast-growing?
Several businesses are experiencing rapid growth in 2023, including shipping and delivery services, the healthcare industry, travel and food industries, online retail, and businesses focused on AI-driven solutions.
What is the growing industry?
The healthcare industry is one of the fastest-growing sectors, driven by technological advancements, an aging population, and a focus on preventive healthcare.
What types of industries are growing?
Industries that are currently experiencing significant growth include shipping and delivery services, healthcare, travel and food, online retail, and businesses that leverage AI technologies.
What are the 4 types of business growth?
The four types of business growth are: Organic Growth: Expanding the business through internal means, such as increasing sales and market share. Mergers and Acquisitions: Growing by acquiring or merging with other businesses. Diversification: Entering new markets or industries to broaden the business's scope. Strategic Alliances and Partnerships: Collaborating with other companies to achieve mutual growth objectives.
Conclusion
Starting a business in a growing industry can be a rewarding venture for entrepreneurs seeking opportunities in dynamic and evolving markets. The fastest-growing industries in 2023 include shipping and delivery services, healthcare, travel and food, online retail, and AI-driven solutions. Entrepreneurs can capitalize on changing consumer preferences, technological advancements, and emerging trends within these sectors to establish successful and innovative businesses. By staying informed about industry trends, adopting cutting-edge technologies, and prioritizing customer needs, aspiring business owners can position themselves for sustainable growth and success in a competitive business landscape.
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