21 Oct, 2020, 08:00 ET
NORTHBROOK, Ill., Oct. 21, 2020 /PRNewswire/ -- UL Ventures, the exploration and investment arm of UL, and Mid-America Healthcare Investors Network (MHIN), a nonprofit organization comprising of healthcare investment firms, today announced the release of a health and wellness research report, the Health and Wellness Economy: What's Ahead? The findings depict a major evolution in the approaches, delivery methods and overall healthcare ecosystem.
The report, which resulted from UL Ventures' in-depth interviews with MHIN members, provides insights into both the challenges and the opportunities facing companies in today's health and wellness space, as well as those areas where new investments hold the greatest potential for the future including:
- Consumers are taking an active role in defining the future of the health and wellness landscape – In addition to COVID-19 restrictions accelerating the adoption rate for telemedicine and home healthcare options, the rise of high deductible health plans means that consumers have become more educated about and engaged with the healthcare system.
- A traditional approach will no longer suffice – Healthcare providers are understanding the connection between health and wellness, and are embracing a more holistic, proactive approach regarding the scope of their services by expanding their offerings to better address patient needs.
- Meeting consumers where they are – Increased accessibility to health and wellness services is resulting in a massive shift away from mega-hospitals and healthcare complexes in favor of sites and methods where patients can more easily access the services they need, such as community centers and options for telemedicine and remote monitoring solutions.
- Effective technology drives consumer engagement – Expanded use of customizable technologies has begun to help foster and sustain overall consumer engagement, utilizing cloud-based platforms and smartphone apps built to meet each individual's unique requirements, including the ability to access and control personal health and wellness data.
"As we conducted these in-depth interviews, it became clear that COVID-19 has illustrated the inconsistencies to our current healthcare approaches and continues to accelerate interest in and engagement with new technologies. Our findings highlight focus areas that are attracting investors who will fuel how innovative companies respond and shift to answer new challenges and put the consumer at the center of the experience," said Simin Zhou, managing director of UL Ventures.
The report also reveals insights into solutions shaping the future of the health and wellness economy. These include technologies that directly support more informed clinical evaluations and decisions, including focus on underserved conditions such as anxiety and sleep disorders, as well as virtual and augmented reality platforms that address physical and psychological rehabilitation efforts. Additional growth areas considered by investors include improved medical records integration leading to better patient outcomes, technologies incorporating human-centered design helping bridge human barriers for effective technology use and treatments, and data aggregators – foundational for other innovative technology success.
"We are very excited to collaborate with UL Ventures to uncover insight from the healthcare venture capital community," said Dennis Depenbusch, president and board member of MHIN. "The interviews with health and wellness investors offer strong evidence of how innovative technologies continue to bring new and effective health and wellness solutions to market that reduce healthcare costs and to improve access for millions of people around the world."
The Health and Wellness Economy: What's Ahead? report is available on ul.com.
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