The Importance of MedTech Solutions
At Koombea, we’re ecstatic about the potential that the MedTech or mHealth market has in terms of its sheer size, and its ability to improve the lives of both healthcare providers and patients.
In a recent article, we provide some powerful statistics about just how large this market is projected to grow to. One of the most notable statistics from that article is that the market for digital medical solutions is expected to show an incredible 44.2% compound annual growth, and will reach more than $110 billion by 2025.
With statistics like this in mind, it’s clear that healthcare providers and medical practices should be prioritizing digital experiences for their customers and patients. In fact, the average person today is shown to expect these experiences.
However, providing value via a medical app can present some interesting challenges.
This article addresses three major challenges that you will inevitably face during the process of building a healthcare app, as well as information on how to overcome them.
3 Common Challenges to MedTech Success
1. Make sure you choose the right concept for your app.
The first major challenge you will encounter with healthcare apps has nothing to do with development at all.
Rather, the process starts with asking yourself or your team the following questions:
“Why do our users need this app? What problem(s) will it solve for them?”
A critical error that’s performed by a surprising amount of companies is that they don’t do enough research and idea validation prior to the launch of their solution.
This first basic step is where many businesses fail. To avoid this same mistake, it’s critical to first analyze the actual need for the app before investing in its development.
2. Build a monetization or value proposition strategy that works for your business idea.
Knowing what value you offer to users should help you decide which monetization path(s) is right for your app.
Defining the value you’re providing will help you understand which features your users are willing to pay for, or how the app will improve your customer service, making it a key differentiator from your competitors.
Take all of this into consideration, and choose the monetization strategy that best fits your needs.
3. Find the right development team for the job.
Chances are, you don’t have a team of developers on your staff, or you might need to partner with an external development partner in order to get your digital product off the ground.
Check out our resources on 3 Development Blunders That Can Ruin Any App, and How to Choose The Right Medical App Development Partner to help you with the search and selection process.
Koombea has partnered with businesses of all sizes in the healthcare industry, from small startups to Fortune 500 companies like Aetna, in order to help them build a successful product with a clear vision that also provides unprecedented value to users.