Leading Local Insights: For Healthcare, Traditional Media Still Leads Local Ad Spend
In the latest episode of BIA’s podcast, Leading Local Insights, Ad Spend Estimates and Trends for the Healthcare Vertical, BIA industry analyst Suzanne Ackley examines the ad spend and media selections of businesses in the Healthcare vertical.
For 2021, BIA estimates that total local ad spending for Healthcare (excluding Veterinary Services) will grow to nearly $9.6 billion this year, which is up 8.7 percent, or $766.6 million, from 2020. Even though this estimate shows growth from last year, it is down from pre-pandemic levels of $10.2 billion in 2019. However, looking forward, this is a strong vertical with increased spending expected over the next four years.
In this podcast, Suzanne defines the types of businesses that are included in this vertical and dives into the split between traditional and digital advertising to offer insights into where businesses in this vertical are trending in terms of media choices.
Suzanne discussed where businesses in the Healthcare vertical will be spending their ad budgets this year. As it has for the past few years, the majority of ad dollars will go to Direct Mail, over-the-air TV, and Online (that’s search, display and video). However, the biggest increases in dollars in local ad spending will be in over-the-air TV, Mobile and Direct Mail. This is important for media sellers – because successful sellers will be able to work with buyers to match their strategies to consumer journeys across TV, Mobile and Direct Mail. It’s a real opportunity to put together competitive cross-platform campaign activations for clients.
Looking beyond 2021, Healthcare local ad spend will grow to almost $12 Billion in the next four years. And in the next four years, although their digital spend is growing, we continue to forecast them spending the most on traditional channels – with Direct Mail and over-the-air TV getting the largest amount for traditional.
Listen to the episode, Ad Spend Estimates and Trends for the Healthcare Vertical. Questions or want to see how BIA can help you? Email us at email@example.com.
If you are interested in more information on the Healthcare vertical and local sales strategies, we have a report for sale in our shop called Insights into Local Advertising 2021: Healthcare Vertical.
BIA’s Advantage clients can look at their local Healthcare spend in their specific markets in our Advantage platform plus download the whole advertising report and the supplemental local selling report for healthcare.
About the Leading Local Insights Podcast
Get on-point analysis of the local media marketplace with BIA’s Leading Local Insights Podcast. Each Tuesday, BIA shares its current insights on major topics including OTT, digital, broadcast, print, media ad platforms, advertising revenue estimates, financial valuations and more.
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