2023 Predictions For The Sports And Health Technology Industry

Regardless of continued macroeconomic uncertainties, the enterprise capital market has proven sturdy early alerts in 2023, and I’ve growing confidence within the outlook for the months forward. As CEO of a number one sports activities and well being tech funding firm, I proceed to trace how tendencies in these industries can create new alternatives for organizations and people trying to enter the market.

Within the sports activities know-how house, I anticipate that fandom and the fan expertise will take middle stage and that 2023 would be the 12 months that separates the pack—who will champion the subsequent period of fan engagement within the digital age of Web3? However, I additionally anticipate far more novelty and disruption within the well being tech house, the place there may be growing consideration on ladies’s well being and testing and monitoring know-how popping out of the labs and into the palms of the patron to usher in a brand new period of affected person engagement and distant care.

Development 1: Girls’s Well being & Wellness Revolution

The curiosity in FemTech has been on the rise and gaining recognition of the significance of girls’s well being. A market that has been traditionally underfunded and understudied is making its method to $103 billion by 2030, in line with Statista. This development potential is partly owing to the truth that ladies are 75% more likely to make use of digital healthcare instruments than males, and working-age ladies spend 29% extra per capita on healthcare in comparison with males, in line with knowledge from Frost and Sullivan’s 2018 FemTech: Digital Revolution in Girls’s Well being Report.

In the previous few years, I’ve seen funding for this space enhance exponentially, with companies like Tia and Elvie elevating significant rounds to take a giant share of this market. This sector has the potential to create some actual tech unicorns however, extra importantly, drive much-needed development and alter for an under-represented phase of the market.

Development 2: Related Healthcare

After weathering a protracted, unsure and scary previous couple of years because of the pandemic, customers now need extra entry, insights and management over the state of their psychological and bodily well being. The healthcare market is present process an enormous transformation, shifting from “reactive” care to a extra proactive mannequin, centered round digitization, preventive and customized particular person wants.

Due to the event of wearable units and synthetic intelligence that may monitor and monitor our well being knowledge, it has turn into potential to establish well being issues earlier than they turn into severe—but a variety of these modern and revolutionary developments aren’t accessible to the typical client.

I am seeing corporations like Whoop and Oura driving a lot of the eye and pleasure round related healthcare with their wearable know-how that tracks a mess of private well being knowledge—from stress, sleep, bodily exercise and extra—that provides individuals extra management and insights into the general state of their well being.

This pattern will solely proceed to develop in 2023. I count on to see extra developments on this house with new corporations and choices that can empower customers with customized options to take extra management of their well being. By offering customers with extra management and insights into their very own well being and wellness, the present reactive mannequin of healthcare will probably be flipped on its head. These new developments will make it simpler for customers to turn into extra knowledgeable in regards to the state of their well being and even establish probably severe issues early on. The developments in superior wearables are serving to to gas the pattern of distant affected person care and can make progress towards this notion of bringing tech out of the labs and into the palms of customers.

Development 3: Diagnostic Biomarkers

In recent times, the evolution of digital biomarkers has helped form the way forward for healthcare and affords the potential to enhance the general high quality and efficacy of care each remotely and in a scientific setting. Beforehand solely accessible by means of hospitals, as we speak, technological developments are enabling customers to raised monitor their well being. Based on Grand View Analysis, the marketplace for biomarkers is anticipated to develop to $147.59 billion by 2028 because of the scale of testing, which has been normalized among the many normal and getting older inhabitants.

The adoption of voice recognition and AI as new channels for affected person care helps to drive this evolution. Vocal biomarkers will probably be studied in 2023 and past and can be utilized to seek out early indicators of a affected person’s probability of ADHD, stress profile and psychological well being points—creating new potentials for distant affected person care, workers monitoring (through dictation) and higher understanding how a caller may be feeling on the opposite finish of the road. Vocal biomarkers may also be utilized in scientific settings to file checks, situation orders and retrieve knowledge after a affected person go to utilizing nothing greater than their speech. The truth is, survey data from Nuance reveals that 94% of clinicians consider speech recognition and digital assistant know-how will enhance the flexibility to doc care. I do see a risk for some limitations, much like how facial recognition knowledge is used, however I predict it to solely advance additional in 2023.

In 2023, these developments within the well being tech trade would be the tendencies to observe–and probably capitalize on—for established gamers and newcomers alike. In my view, there’s by no means been a extra thrilling time to be an investor within the sports activities and well being tech house.

On this trade, fostering relationships with potential companions and co-investors, sustaining deal movement and accelerating startup development all require you to remain on prime of those tendencies—which won’t solely have an effect on the sports activities and well being tech sectors however an unlimited impression on the final inhabitants within the subsequent 5 to 10 years. I stay up for seeing developments throughout the board, and I’m betting on corporations working to revolutionize the way in which we method general healthcare and wellness—particularly within the ladies’s well being, related healthcare and diagnostic biomarkers sectors.

The data supplied right here will not be funding, tax or monetary recommendation. It is best to seek the advice of with a licensed skilled for recommendation regarding your particular state of affairs.