In many ways, the opportunity to start a business is easier than ever before – especially in digital health, where new technology solutions are needed to meet growing demand, aging populations, and expanding healthcare systems. In addition to the impact resulting from the global pandemic, markets for digital healthcare and mHealth apps will continue to surge:
Contributing to the rising investment in global healthcare is the acceleration of digital transformation initiatives, with digital health startups accounting for 40% of the $14.1B overall funding raised in Q2 of 2021. Focusing on the future of mHealth apps alone,
Benefits of partnering with dev agency
If you’re launching a healthcare startup company, you’ll find it helpful to collaborate with your technology partner when gathering insights on how users are interacting with existing products that you’ll be competing against. They can also provide critical strategic recommendations and potential solutions so you can make more informed decisions.
Key benefits that your digital health development agency can provide:
A trusted strategic partner
Your health tech dev agency not only implements design, development, and deployment of your product(s), but also helps guide you to help build the most customer-centric solutions. Chances are, if they have a deep client roster, they know the digital health industry inside and out, the benchmarks you’ll need to hit for success, and the potential pitfalls to avoid throughout the entire process.
See how MindSea strategically partnered with BMI (Bariatric Medical Institute) to improve digital experience and increase user accountability.
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It’s a dev agency’s job to be an industry expert. Their knowledge of technologies and trends is a valuable asset. And when research learnings are coupled with past experiences, they can help inform the most reliable, meaningful, and efficient ways to bring your ideas to life.
Time and cost savings
The dev agency structure itself will help your project move faster and more flawlessly than attempting to solve in-house or with a single developer, where there are often hidden administrative, functional, and IT costs (and see additional considerations here). Because your dev partner is made up of project managers, designers, and developers who collaborate closely together, they can help you:
- Establish process and timing goals during onboarding
- Facilitate client/agency communication
- Adapt to changes in direction, scope, and functionality without disrupting timing
- Provide additional tech support services
Exposure to new technologies, ideas, and audiences
A health tech dev agency partnership means you have access to the newest digital technologies and innovations, which often serve as inspiration for the most relevant and creative ideas. The more useful the end-product is, the greater chance it has to reach a wider audience, and in many cases, an entirely new one.
With increased funding comes increased competition
Consulting giant Deloitte reports that annual global health expenditures will reach over 10 trillion by 2022. Narrowing the focus to digital health funding, those investments continue to eclipse all-time highs each quarter, with funding at almost $35 billion. This, of course, was accelerated by the COVID-19 pandemic and new digital initiatives.
So, with an explosion of entrants into an ultra-competitive digital healthcare market, how do you stand out?
If product creators want to bring innovations to healthcare, they have to prove that their products have a medical benefit – not an easy task. While having a medical background may not be necessary to launch a successful digital health product, having a trusted digital dev partner is.
Learn more about how MindSea can help elevate your digital product strategy and develop health and wellness solutions that optimize user outcomes.