Healthcare businesses are bucking the trend of media spend shifting to digital. Healthcare businesses are sticking with traditional media through 2024. Spend on digital is growing, but at a slower rate than other verticals. “The Healthcare vertical invests and trusts heavily in traditional media to reach and engage their marketplace. And they don’t shift their media mix decisions very much year to year,” writes BIA’s Rick Ducey in a new report on the Healthcare Vertical.
Not including veterinary services, which we will examine in a separate report, the Healthcare vertical is forecast to spend $10.6 billion on advertising and promotion in 2020, growing to $12.3 billion in 2024. Despite increased spend on digital and mobile, over-the-air TV and Cable TV hold their own and manage to maintain share from 2020 to 2024. OTA TV will take 14% of Healthcare spend in 2020 and 2024, while Cable TV will take 4%. Radio drops just one percent in share, but will earn more money overall given the overall growth in spend between 2020 and 2024.
When it comes to healthcare marketers, selling strategies should lead with traditional media platforms and show how digital can amplify those media investments to better achieve marketing goals helps position media sellers as strong partners.
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