Most onlookers believe COVID-19’s greatest effect on business is as an accelerant – speeding up already existing trends.

Take a look at E-commerce,. In 2000, E-commerce made up six per percent of retail sales in the US. Since then, digital share of retail has grown around 1% each year. At the start of 2020, 16% of retail was transacted via digital channels.

But, eight weeks after the pandemic struck, that number had leapt to 27%. That is a decade of E-Commerce growth in just eight weeks.

The world’s largest grocer Walmart is a case in point. It had year on year growth of 10% this year,  equal to 3.5 years worth of growth.  Online groceries in the US have seen six years of growth in six months.The trend of working from home has accelerated two decades in two weeks.

The area likely to see the greatest acceleration is healthcare. In the US, healthcare spend as a percentage of GDP is at 17%. (In Australia it is 9%). That’s worth $3.6 trillion.

Who are likley to be the big players in the HealthTech sector? Amazon alsready has Halo, an AI powered wellness app while Walmart are launching clinics.

Soon, the new doctor’s office will be your handheld device. The new doctor? AI.

It’s likely healthcare will have similar adoption rates as E commerce. That’s equal to one trillion dollars of healthcare funds moving online by 2025.

HealthTech going to be bigger than AI, E-commercre and social media rolled into one.

Posted in: Infographic of the day