Healthcare Digital Marketing Market

Healthcare Digital Marketing Market Distribution by Type of Technology (AR, VR and MR), Type of Product (Hardware and Software), End User (Small and Mid-sized Pharma Companies, and Large Pharma Companies) and Key Geographical Regions (North America, Europe, Asia Pacific and Rest of the World): Industry Trends and Global Forecasts, 2020-2030

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Healthcare Digital Marketing Market Overview

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.

The context of healthcare digital marketing service providers market report, published by Roots Analysis List of healthcare digital marketing service providers from the research report of Roots Analysis Current market landscape of healthcare digital marketing service providers, prepared by Roots Analysis

Key Companies in Healthcare Digital Marketing Market

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.

Scope of the Report

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:

  • A review of the current market landscape of companies offering AR / VR based digital marketing services, featuring type of technology (AR, VR and MR), AR / VR specific services (video / content generation, website development, mobile application development and game development), additional digital marketing services (consulting, content marketing, customer relationship management, data analytics, marketing automation, product branding, quality assurance, SEO, SEM, social media marketing and training), information on the year of establishment, company size and location of headquarters.  
  • An insightful 2X2 representation, highlighting the competitiveness analysis of digital marketing companies, taking into consideration supplier power (based on company size) and service strength (based on strength of service portfolio) of the companies.
  • Elaborate profiles of prominent digital marketing companies, featuring a brief overview of the company, its financial information (if available), recent developments and an informed future outlook.
  • An analysis highlighting the potential strategic partners segregated on the basis of their likelihood of entering into collaboration with digital marketing companies. The analysis takes into consideration multiple relevant parameters, such as number of trials, therapeutic area, geographical footprint and company size.
  • An analysis of various AR / VR based digital marketing initiatives of big pharma players (shortlisted based on extent of activity in this domain), based on multiple parameters, such as the year of initiative, type of initiative, type of application area and type of solution. In addition, leading players and leading partners have been highlighted based on the number of initiatives.
  • A case study on recent use cases, wherein various digital marketing strategies have been adopted by pharmaceutical / healthcare players, highlighting different business needs of such players and key takeaways of the solutions provided by the digital marketing companies.
This image highlights the geographical distribution of healthcare digital marketing service providers Competitive analysis of healthcare digital marketing service providers, from Roots Analysis report This image presents the initiatives undertaken by big pharma players in healthcare digital marketing service providers market

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):

  • Dhananjay Arora (Founder and CEO, Kwebmaker) 
  • Pritam Sahu (Director, Unanimity Information & Technology) 

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.

Frequently Asked Questions

Question 1: What are the applications of virtual reality in healthcare?

Answer: Virtual reality in healthcare applications for digital marketing allow patients to have 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.

Question 2: How big is the healthcare digital marketing market?

Answer: The healthcare digital marketing market size is estimated to be worth $305 million in 2020.

Question 3: What is the projected market growth of the healthcare digital marketing market?

Answer: The healthcare digital marketing market is expected to grow at compounded annual growth rate (CAGR) of 26% during the forecast period 2020 – 2030.

Question 4: Who are the leading service providers in the healthcare digital marketing market?

Answer: 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.

Question 5: How many companies are currently engaged in the healthcare digital marketing market?

Answer: Over 120 companies are currently engaged in the healthcare digital marketing market, offering AR, VR and MR based digital marketing services to the healthcare industry.

Question 6: How many big pharma players have already adopted virtual reality in healthcare solutions?

Answer: Nine of the big pharma players have already adopted virtual reality in healthcare solutions, primarily in digital marketing strategies.

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