How Virtual Events Are Driving the Global Healthcare & Pharmaceutical Industry?

11-11-21 -

From America, Europe, and Australia to Africa, Asia, and the Middle East, COVID-19 impacted the entire world. It caused severe damage to almost every industry including the Health & Pharmaceutical industries. The most established businesses in the world took only a few days to experience huge losses. This gave rise to an urgent demand for better strategies and approaches to keep the business running.

Whether we look into Agriculture, Education, and Healthcare or Construction, Telecom, and Tourism, almost every industry faced crucial impacts. As a result, businesses focused on virtual trade shows, exhibitions, and events. It helped them a lot in filling the gap created by social distancing.

According to today’s industry dynamics, Virtual Events tend to garner better results as compared to conventional exhibitions. According to a Market Analysis Report by Grand View Research:

“The U.S. Virtual Events Market showed rapid progress during 2019 to 2021, and expected to grow further at an exponential pace by 2028.”

The report further highlights that the global virtual events market totaled $94 billion in 2020 and it will grow rapidly at a Compound Annual Growth Rate of almost 23.7% by 2028. It indicates that the Virtual Events industry will continue to play a vital role in the future. Along with that, these interesting facts also reflect the rapidly rising demand for online trade fairs and live exhibitions.

Apart from the quantitative aspects, virtual exhibitions and conferences are also identified as the most efficient and effective way to expand the target audience reach or even gain access to people in remote areas. Whether it is about business matchmaking or learning and development, virtual events have proved to be the most impactful and cost-effective way to gather people under one roof and make the most out of it. Moreover, the report identified that:

“The healthcare sector experienced a prominent growth in the demand for online meetings, consultancy, training, education, and webinars during the pandemic.”

From 3D live streaming to seamless connectivity, medical institutions emerged with an urgent demand for Augmented Reality and Virtual Reality. This not only gave rise to the use of ultra-modern technologies for a while but a finite solution to everyone’s need to exchange information, share ideas, transfer knowledge, conduct research, and do business.

Be it healthcare educational institutes and research centers or hospitals, doctors, and pharmaceutical companies, the pitch toughened day by day but virtual events continued to help the industry keep thriving even during COVID-19. Now in an era when some parts of the world are still struggling to recover, the global healthcare and pharmaceutical industry has reached a new horizon.

This not only includes doctors and patients but the entire healthcare community. It includes several stakeholders that include but are not limited to pharmaceutical manufacturers, suppliers, distributors, retailers, transporters, workforce, and students.

If we specifically talk about education, then it is one of the most prominent subsegments that have been dramatically affected by COVID-19 within the healthcare and pharmaceutical industry. All around the world, educational institutions moved on to online learning alternatives where the role of virtual meetings, conferences, webinars, fair shows, exhibitions, and events played an integral role.

An article published by McKinsey & Company highlights that the telehealth market recorded 38X growth compared to pre-COVID-19 market stats.

While taking a closer look at the entire industry, it is evident that telehealth is one of its sub-segments. Keeping this in mind, the overall growth within the sector can be easily determined. This includes several other sub-segments which involve a huge number of people as well as capital all around the world.

Digital communication already started to play a key role in the development of the healthcare and pharmaceutical industry but after COVID-19 it became a driving force. From online appointments and consultations to diagnosis and treatments, a major chunk of the industry has been transformed digitally. From service providers to the end-users, gaining easy and safe access to communication everyone prefers to get everything done online.

This not only brings a huge level of convenience but reduced cost as well. According to several industry survey reports, it has been observed that virtual events and exhibitions have played a significant role in providing easy and cost-effective mediums to exhibitors and guests.

A recently published report by Deloitte concluded that many doctor-patient communications and interactions are now virtual and deliver care in their home.

From telementoring, online consultancy, and web-based portals to online exhibitions, education, industry webinars, and virtual trade fairs, every corner of the industry has gone online. This has given a noticeable boost to creating easy business matchmaking opportunities as well.

Multinational companies are now able to gather like-minded people easily at a single place. On the other hand, they get increased audience density, more attention, and increased business development. Along with that, the research and development sector has gained unimaginable benefits from virtual events.

By hosting online conferences and exhibitions, the participants of the sector were able to maintain the synergy, keep sharing knowledge, and continue serving the world by bringing new possibilities. Therefore, it is quite noticeable that modern technology has become a blessing for mankind during the pandemic.

According to PwC’s Global Top Health Industry Issues 2021 Report, the advancements in technology and consumers’ demand for convenient, safe, and efficient alternatives has given a huge rise to the concept of virtual healthcare.

The report concludes that consumers have shown unimaginable interest in remote healthcare services which also include online pharmacies. As a result, manufacturers and service providers are now required to rethink their business development strategies and adopt virtual events as the best way to expand their target audience reach.

At exhiVits, we have a dedicated team of industry experts and researchers who gather key market insights and updates, validate them, and bring them to the audience. If this helped you to take a brief look at the global healthcare and pharmaceutical industry, then don’t forget to follow our blog. You will get up-to-date market knowledge and insights.