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The healthcare digital marketing market is estimated to be worth $305 million in 2020 and is expected to grow at CAGR of 26% during the forecast period.
Advent of smartphones coupled to the easy accessibility of information on the internet, has rendered it crucial for companies to establish a digital presence. As opposed to traditional strategies, digital marketing is not only cost effective but offers several ancillary benefits, such as targeted outreach and data driven output. In fact, a recent study stated that digital advertising is expected to account for around 50% of the overall global advertisement spend by 2021. However, the adoption of digital marketing solutions in the pharmaceutical industry has been stymied owing to various regulatory restrictions; presently, the healthcare industry accounts for only 2% of the US digital ad spend. Despite this, it is encouraging to note that over 85% of the patients in the US have access to digital and online resources to assist them in making informed healthcare decisions.
Further, most of the individuals claim to use healthcare apps to track their diagnosed condition; therefore, large amount of data is available for studying the trends associated with a particular indication. In addition, a recent study concluded that physicians are actively using different digital and social media platforms in order to make healthcare related decisions, such as prescription of a particular drug. The aforementioned factors indicate that there is a growing need for pharma companies to increase their digital presence, through activity on social media and participation in online forums, in order to widen their reach to target the relevant customer segments.
Augmented reality (AR) and virtual reality (VR) technologies offer several advantages; examples include allowing patients to have a deeper understanding of their condition, ensuring effective communication by providing immersive experiences, assisting sales representatives to give quick and appealing product illustrations, and enabling individuals to assess the impact of various treatment options, through product demonstrations or use of virtual clinics. Estimates suggest that more than 60% of the consumers feel more engaged with a brand that offers them a VR experience; likewise, a similar percentage of US based physicians are reported to be inclined to use such solutions for education and training purposes. The growing applications of AR / VR in the healthcare marketing sector have compelled various big pharma players to invest in such novel solutions and innovative strategies. We believe that stakeholders in the pharma industry that choose to adopt such technologies, in order to form engaging relationships with their consumers and ensure brand loyalty, are likely to be able to distinguish themselves from other industry stakeholders. Owing to this, the healthcare digital marketing market likely to witness substantial market growth during the forecast period.
Examples of key companies engaged in healthcare digital marketing market (which have also been profiled in this market report; the complete list of companies is available in the full report) include ARworks, CG Life, CubeZoo, Impact XM, INVIVO Communications, Mindgrub, Mirum, PIXACORE, Quast Media, Random42, Tipping Point Media and vStream. This market report includes an easily searchable excel database of all the companies providing virtual reality, augmented reality and mixed reality based digital marketing services for healthcare industry, worldwide.
The ‘Healthcare Digital Marketing Market, 2020-2030’ market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the healthcare digital marketing market. Amongst other elements, the market research report features:
The key objective of healthcare digital marketing market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, makret outlook, statistics and future opportunity for healthcare digital marketing market during the forecast period. Based on several parameters, such as digital marketing spend within the pharma industry, extent of adoption of AR / VR technologies and expected annual growth rate, we have provided an informed estimate of the likely evolution of the market, in the mid to long term, for the period 2020-2030. The chapter features the likely distribution of the future opportunity across [A] type of technology (AR, VR and MR), [B] type of product (Hardware and Software), [C] end-user (Small and Mid-sized Pharma Companies, and Large Pharma Companies) and [D] key geographical regions (North America, Europe, Asia-Pacific and rest of the world).
In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution. The opinions and insights presented in this market report were influenced by discussions conducted with multiple stakeholders in healthcare digital marketing market. In addition, the market research report features detailed transcripts of interviews held with the following individuals (in alphabetical order of company names):
All actual figures have been sourced and analyzed from publicly available information forums. Financial figures mentioned in this market report are in USD, unless otherwise specified.