With shifting consumer demands for fast and convenient services, healthcare organizations are embracing digital transformation. In turn, the Big Tech companies are accelerating their pursuit of the healthcare market. They are leveraging their vast resources and data insights to develop innovative solutions that could change the game for both consumers and medical professionals alike. Below, I break down how these tech giants are working to reshape healthcare with new initiatives, products, and investments.
Big tech companies are increasing their investments in healthcare.
In 2021, Apple, Alphabet (Google), Amazon, Microsoft, and Meta collectively invested over $3.1 billion in the healthcare industry, representing a twofold increase from the amount invested in 2016. The year 2020, marred by the pandemic, witnessed a remarkable surge, with FAMGA investing $3.8 billion. Alphabet is particularly active in this respect, having invested $1.7 billion in “future health ideas” during the first six months of 2022 via subsidiaries such as Google Ventures, Gradient Ventures, and others. Since 2020, Alphabet has closed 100 deals in the domains of biology and healthcare.