Throughout the Covid-19 pandemic, one of the critical concerns for governments across the globe has been the strain on hospitals. The consumer mind-set switched, almost overnight, from using hospitals for regular treatment, to hospitals becoming the last resort. Prevention became the priority, immunity booster supplements, for example, were suddenly ubiquitous. Now, there is a growing acceptance that health begins at home.
In many ways, Covid has been the great accelerator of all things digital, especially when it comes to personal fitness. Sales of smartwatches soared as the pandemic brought into sharp focus the importance of good health and optimal wellbeing. A recent study by Deloitte estimates that 320 million consumer wellness wearable devices will ship globally in 2022. These numbers include smartwatches and medical-grade wearables, typically called “smart patches”. The data they can track could, in theory, have endless possibilities for preventative healthcare.
However, wearable technology is just the tip of the iceberg. Preventative healthcare begins with personalised wellness solutions, and the simplest way to do this is to track the body’s biomarkers. Biomarkers are a measure of everything inside the body that enables it to function, thereby serving as an early warning system of the body’s health. Most biomarkers can be simply tested through blood analysis, enabling a personalised ‘health-picture’ to be painted. This level of data allows fitness and wellness professionals to offer precision solutions designed to meet an individuals’ specific goals. By making these preventative tools accessible and affordable, there is every potential to create a future free of chronic disease.
According to PwC, by 2030, healthcare will be centred on patients empowered to prevent diseases rather than seek treatment. And it’s already happening. Diabetics are proof of healthtech bringing positive change – development of glucose monitors brought an easier-to-use method, enabling constant monitoring and formulation of trends, so that the impact of lifestyle can be tracked against glucose levels. New connected wellbeing apps even allow for early intervention by the diabetic’s medical team should anomalies be detected.
Why now is the right time for healthtech
The opportunity for healthtech is now – the market has seen a surge in consumer tech companies reacting to the demand for holistic wellbeing solutions. Data provider Cb Insights estimates that investments in digital wellness startups nearly doubled in 2021 to $57billion. Unlisted healthcare startups valued at $1bn or more now number 90, four times the figure five years ago. These unicorns are competing with healthcare companies and technology giants to help people feel their best by preventing them from getting ill in the first place. In the process, they are turning patients into consumers.
As a digital wellbeing platform, this is precisely what Valeo seeks to achieve. By providing blood testing, analysis, and personalised guidance, we are able to offer a form of healthcare digitalisation that maintains a level of human connection valued by today’s consumer. A McKinsey report showed that 71 percent of consumers expect companies to deliver personalised interactions and this expectation has shifted to healthcare. Nothing is more personal than health, so it would seem obvious that personalisation should begin here.
The exciting part comes when more healthtech and its data can integrate with consumer wearables. Take infrared-based spectroscopic technology, for example, which shows strong potential for cost-effective blood analysis. This method involves shining infrared light into the blood and using the rebounded light to create what is essentially a fingerprint to track the biomarkers in the blood – whether that be blood sugar levels, the body’s temperature, or nutrient levels. In theory, this data can be anonymised and tracked by governments, so that if a transmissible disease, like Covid, was introduced into a community it could be recognised much quicker.
In a world of ever-evolving trends, it is refreshing to see technology being used to truly benefit society. Preventative healthcare will play a significant role in improving health, and it begins with tracking data. As the saying goes, ‘if you can measure it, you can improve it’.
One thing is certain, catching potential problems before they become real problems will only be achieved by making personalised wellbeing solutions accessible to all.
Sundeep Sahni, Co-founder, Valeo.
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