The Digital Health Industry Landscape: An Introduction for Job Seekers
Growth, potential, opportunities. These are some words that are being more and more associated with Digital Health. Arthur D Little’s report “Succeeding with Digital Health” estimated recently that the Digital Health industry will double in volume within 3 years. The market is growing at an impressive rate. The industry landscape is constantly changing with startup companies popping out fast with their innovative ideas multiplying even faster. The digital health industry is making its name and people are starting to notice, so should you, too?
If you’re not familiar with the industry, Digital Health is all about connecting technology with personal healthcare. If that seems vague to you, imagine how automobile technology has experienced so much growth that now sensors and monitors keep the car in check more than ever. Data about your car is much more available now than it was before. That’s what digital health is trying to do, but with personal healthcare.
A prime example is the numerous running apps available for smartphones nowadays. You get to track more of what’s happening inside your body when you run, from your heartbeat to the amount of calories burned. Like in cars, these kinds of data are incredibly accessible now compared to before. The data that the applications provide can be valuable to promote general wellbeing and to prescribe medication if ever the need arises. Digital Health is bridging technology and health to make our personal healthcare easier to handle.
Why should you care? Well the industry provides a vast amount of career opportunities. Let’s take a look at the industry why it provides so much potential for your careers.
The Digital Health Industry Landscape
The Digital Health industry at present is all about growth and innovation. In 2014 alone, the amount of money invested into the industry was $6.5 billion dollars, an increase of 125% compared to 2013, based on StartUp Health’s 2014 report. That means investing more than doubled in just a year, which translates to more funds for the shareholders. There is demand for the industry because opportunities are everywhere, with over 7,500 startups already operating, based on the same report by StartUp Health.
These are strong indications that the industry is experiencing strong growth. The market size is increasing while the list of competitors in the industry are growing, without saturating it yet. The industry wants to grow, and has demand to grow. It needs a bigger workforce to help with expansion and is providing a vast amount of opportunities for those willing to partake in the Digital Health revolution.
Putting it in Perspective
For a person like you, looking for career opportunities, these things might mean well to you but you still might have just a vague concept on how much potential the industry can provide for your career. It might be best to look at a concrete example.
Say you started working for Privia Health, a new company founded only in 2007. In a new company, you’d expect that there’s more potential for career growth because the foundations of the company are still being set. Opportunities are present for you to take and help the company grow. So because of this potential of this startup company to grow, your opportunities also bear this chance to grow, whether it’s financially or through higher positions.
Privia Health recently raised $400 million dollars worth of funding in 2014, the biggest amount raised during the year. If you worked for Privia Health during that time, you would’ve surely reaped some benefits in one way or another. The company’s expansion can only mean better opportunities for you as an employee.
By working for companies starting up in an industry that’s also only started to grow, there’s no where to go but up for you, the company, and the industry.
The Digital Health industry is young and growing. There’s demand for it, from both the market, and the investors. It presents great career opportunities for people searching out there because of the superlative increase in funding as well as the increasing number of companies in the industry. It has potential and is just waiting for people to catch on and take the jump to jumpstart their career.
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When not writing and reading, he can be found outdoors in all weathers training for triathlons.