Are you a budding entrepreneur but you lack ideas on what medical business to start? If YES, here are 100+ best business ideas in the healthcare industry.
The health care industry is an ever growing billion dollar industry, mainly because the need for sound healthcare increases with age. The healthcare industry covers medicine (medical practices), pharmacy (drug manufacturing et al), medical equipment manufacturing and research institutes, amongst others.
In essence, any entrepreneur who is interested in this industry can comfortably settle for any of the options listed earlier. One of the good things about this industry is the point that one smiles to the bank whilst saving lives as it were. The health care is a broad industry comprising of several sub sectors such as:
- Primary healthcare
- Secondary healthcare
- Tertiary healthcare
However, it is important you know that the healthcare is the most strictly regulated industry. This is because it is directly involved with human lives. So you would need to be licensed before you can operate any business in this industry and to obtain a license, you will need certification aside other requirements that need to be fulfilled.
100+ Best Small Business ideas in the Healthcare Industry
1. Assisted Living Facility – There are business opportunities all around us that can guarantee us steady flow of income. For instance, if you love the elderly and you enjoy working with them, you can consider opening your own assisted living facility. An assisted living facility is different from a hospital or healthcare facility; it can be likened to an old people’s home.
2. Blood Bank – According to statistics, more than 44,000 pints of blood are needed every day and it is expected that the everyday needs are adequately being catered to by the national blood supply. According to IBISWorld, the blood and organ banks in the United States generate revenue of $11 billion annually. Globally, the market for blood banks as well as its products is expected by 2022 to have reached nearly $46 billion because of rising diseases, increase in demand for plasma derivatives and immunoglobulins.
3. Cryobank & Sperm Bank – Sperm bank business falls under the Fertility Clinics industry and this industry comprises of medical facilities that aid individuals in conceiving children. The Fertility Clinics industry that sperm bank business is a part of is indeed a very massive industry in the United States. Statistics has it that the industry is worth $2 billion, with an estimated growth rate of 4.2 percent within the next five years.
4. Fitness & Gym House – Fitness is booming and with the ever increasing number of corporate wellness programs and health insurance incentives, opening a gym appears to be full of opportunity. However, with all of the different options (trends, facility type, commercial gym equipment, programming, etc.); taking that first step in opening up a gym can be quite daunting.
- Corporate Wellness Program – Starting a corporate wellness program requires being innovative and inventive as it doesn’t have to involve having on-site gyms or in-house personal trainers. More and more companies are slowly becoming aware of the fact that having healthy employees meant higher productivity as these employees tend to show up at work more and visit the doctors less.
- Personal Training Business – Most personal training businesses are usually within the setting of a fitness club, with the personal trainers regarded as independent contractors. Starting a personal training business involves steps that must not be taken for granted if you intend to make it to become a success.
- Yoga Studio Business – The yoga studio industry is one where there is no company with a dominant market share. On the average, the company generates $10 billion and has seen an annual growth of 9.2 percent between the periods of 2011 and 2016. The reason why there is so many of such studios in the United States of America is due to the fact that individuals who have become more conscious of their health are turning to yoga.
5. Healthcare Staffing Agency – The healthcare staffing agency requires low startup capital and it is indeed a highly profitable venture. As a matter of fact, nurses are the most recruited health workers because they are in high demand.
6. Home Healthcare for Seniors – In 2006, about 22% of Americans took care of someone over fifty and as the aged population continues to rise, the home health care industry will continue to experience an increase in market share.
More growth is expected as more than 85% of seniors express a desire to stay in their homes rather than be put in a hospital or nursing home. Home care providers have been cited as one of the fastest growing sectors in the health care industry.
7. Hospital & Clinic – There is indeed a very large market for hospital (healthcare service) providers in the United States and of course in most parts of the world.
It is on record that in 2011, healthcare costs paid to hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies, medical device manufacturers and other players in the health care system business value chain consumed an estimated value of 17.9 percent of the Gross Domestic Product (GDP) of the United States; this is indeed the largest of any country in the world.
8. Marijuana Dispensary Business – Medical marijuana is gradually gaining acceptance providing business investors and operators with unprecedented business opportunities. According to research, the market is likely to enjoy a 99% growth in the next five years just in existing markets, with twenty potential new markets opening.
Recreational Marijuana Stores industry has experienced an exponential growth of 34.2% for the years between 2010 and 2015. The industry has revenue of $4 billion, with 5,169 businesses employing 74,222 people.
9. Medical Billing Business – According to IBISWorld, the medical billing industry is worth $3 billion annually with an 8.8 percent growth between a five year period (2011 to 2016). The industry is valued that high due to the rising demand for medical billing services, which has then led to more operators entering into the industry.
Demand in this industry has risen mainly due to the growing population of the baby boomers who especially in the year 2016, required medical billing services after growing visits to the doctors.
10. Non Emergency Medical Transportation Business – Statistics has it that about 3.6 million Americans miss or delay medical care services simply because they lack appropriate means of transportation to catch up with their medical appointments.
So also, the average low – income earners in the United States Americans lack the disposable income necessary to have access to a working automobile, and as a result of that may lack transportation options to get to and from medical appointments which is why
11. Nursing Home Business – Internationally, demand for nursing homes and assisted living services are growing along with the number of elderly people. While the number of nursing facilities varies by region, a growing number of countries — particularly those with some form of national health insurance — are experiencing an increase in demand for long-term care options for their aging and infirm citizens.
12. Physical Therapy – The physical therapy rehabilitation industry generated an annual revenue of $30 billion with a growth rate of more than 2 percent between the periods of 2011 to 2016. The industry is one that is recession proof as the last recession did not have any negative effect on the industry because the industry relies majorly on reimbursements from Medicare.
13. Private Duty Nursing Business – Since the demand for private nursing service is increasing in places with aging population, more private duty nursing businesses are opening up to meet this demand. So, if you know you are a nurse or you have interest in the health care industry and you live in a community where the elderly requires special care, then you should consider starting your own private duty nursing service.
14. Weight Loss Clinic – The Weight Loss Clinic Services industry is indeed a very massive industry in the United States of America, Canada, United Kingdom, Germany and Belgium et al. Statistics has it that the weight loss clinic services industry in the United States of America is worth $2bn.
15. Wholesale & Retail Pharmacy Business – The global pharmaceutical industry is responsible for the development, production and marketing of medications. Reports have stated that the total pharmaceutical revenue worldwide surpassed one trillion U.S. dollars in 2016, with North America responsible for the largest portion of these revenues, because of the leading role of the U.S. pharmaceutical industry.
16. Medical Supply Business – Businesses in the medical supplies industry manufacture and supply instruments and supplies, store these items at distribution centres, and deliver the products and some other services to professionals in the medical field.
17. Medical Courier Business – Medical courier business involves the transportation of delicate organs, lab specimens, medical equipment and machines make up the variety of items a medical courier can transport. The industry is a very large one, with hundreds of billions of dollars being generated both as revenue and as profit every year.
More Business ideas & Opportunities in the Healthcare and Medical Industry
a. Mental Health Related Business ideas – Report has it that one in four adults “suffer from a diagnosable mental disorder in a given year,” and this figure doesn’t include troubled children and adolescents. With this sort of business opportunity, you can add your skills to those of other mental health practitioners in your community by starting a business devoted to salvaging lives and you will discover that the phrase “one person can make a difference” is more than just words.
b. Business ideas for Nurses – With a sound background as a practicing and professional nurse, you can become an entrepreneur in your field. The most important benefits of having a business as a nurse include being your own boss, choosing your patients and coworkers, and determining your work goals, such as fulfilling certain needs with your nursing expertise or making money the way you decide. You can perform the work you love on your own flexible schedule.
c. Stem Cell Business ideas – In 2010, this field attracted about $200 million in venture capital and in 2016, that figure had quadrupled. Stem cell technology attracts the vast majority of investment; $700 million of the $800 million dedicated to regenerative medicine in 2016 went to stem cell projects. This shows that the stem cell industry, though budding, has a huge potential for profits because it is concerned with life, health and wellness.