Growth of nearly 4% growth in healthcare advertising has been forecast over the coming year.
The latest Zenith Advertising Expenditure Forecast focussed specifically on the healthcare sector has predicted slow but steady growth of 3.6% overall for both 2019 and 2020 amid a pincer movement of increased costs and decreasing prices.
This figure falls significantly below the 4.8% and 4.3% growth rates predicted for the market as a whole through 2019 and 2020 respectively although regional variations are far wider in healthcare, where television still dominates despite a steady bleed of market share to out-of-home and internet advertising.
The latter category is increasingly finding favor among marketers for its effectiveness in raising brand awareness as well as its targeting and personalization potential. Another fast-growing sector is personal health tracking which is enabling brands to offer a personalized service.
Matt James, Zenith’s global brand president remarked: “The future of healthcare services lies in data and bleeding-edge technology, and the same is true for healthcare marketing communication. The increased prevalence of wearable devices that can monitor vital signs not only empowers people to have a greater understanding of their health and activity but also captures data that can be used to create personalised treatment plans. The successful healthcare companies of the future will be the ones that eventually become viewed as lifestyle brands.”
Increased life expectancy and rising incomes are expected to feed through to higher future demand for healthcare products and services, making the present a propitious time to invest in brand awareness for future pay off, prospects which have already enticed Amazon to enter the pharmacy fray.