Fewer than half of firms overall expect their business to grow in 2024, though there are significant regional differences.
Growth is Slowing
Growth is the goal, but many businesses, particularly in North America, are struggling to meet performance targets set by private equity (PE) and venture capital (VC) backers. Servicing debt repayments against the drag of high interest rates and inflation is further stressing growth ambitions.
Digital health leaders in Canada, Spain and Singapore are particularly gloomy, with those in the UK and Italy feeling more optimistic.
Globally, a concerning proportion report headwinds in terms of:
Fewer than half of firms overall expect their business to grow in 2024, though there are significant regional differences.
By contrast, in 2022, only 17% and 16% respectively identified supply chain and recruitment as their top issues impacting growth.
A combination of weather catastrophes, power outages, trade wars, tariffs, localised government sanctions, economic volatility, geopolitical strife and cyber attacks, are generating unplanned logistics and transport disruptions.
Likewise, labour shortages are a top concern for digital health executives. Post-Covid burnout remains an issue at the top end, while at the entry level there are fewer staff joining as many struggle to fund their training or ignore careers in a sector frequently portrayed as greedy or immoral by courts and broadcasters alike.
Evan Smith
Product Leader, Global Healthcare, Specialty Risks
Keri Marmorek
Claims Team Leader, Healthcare Claims