What are the key findings?

With survey responses from global business leaders of digital health and wellness companies across industries and sizes, we shed light on the key opportunities and adversities.

  • 72% of the firms surveyed report growth in demand and 99% are planning expansion
  • Only 62% of leaders believe they operate in a moderate to high-risk environment compared to 89% last year
  • Cyber and regulatory risk dominate, cited by 27% and 47% of leaders globally
  • 76% do not have a single insurance policy tailored to the risks they face

Industry growth is rapid and accelerating

Globally, just over 72% of health and wellness businesses we surveyed report increased demand for tech-related services, which is a substantial increase from 2020, when only 58% saw increased demand.

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COVID-19 has transformed the global appetite for digital health and wellness services. This, along with associated shifts in public health policy in almost every country, have made it easier for people to access health services online. Against this backdrop, every aspect of digital health and wellness services, including telehealth, telemedicine, mHealth, HealthTech software platforms and life sciences technology, has grown – fuelled by a solid track record of innovation, a wave of fresh capital, international expansion plans and patient-customer demand.

Jennifer Schoenthal Jennifer Schoenthal
Product Leader – Global Virtual Care, Beazley
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Cyber threats
Viewed by 27% of business leaders as the top industry-wide risk.

campaign

Lack of key coverage
76% do not have a single insurance policy tailored to the risks they face.

policy

Regulatory & compliance exposures
What 25% of business leaders lack clear understanding on.

education

Evolving risk resilience
Insurance providers must better educate clients of the risks they face and the coverage options available to them.

Healthcare illustration

Why is there a lack of focus on the potential for digital health and wellness solutions to cause bodily injury?

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In our experience, the largest cause of loss continues to be allegations of medical negligence or medical malpractice. Mostly these are traditional-type claims, but now a growing number stem from patient use of a medical platform or app...

Keri Marmorek

Keri Marmorek
Claims Focus Group Leader, Miscellaneous Medical & Life Sciences

Methodology: This report is based on a survey of 300 business leaders in the digital health and wellness sector located in the US, Canada, UK, Singapore and Hong Kong (“Asia”). Research was conducted during March and April 2022 by Opinion Matters on behalf of Beazley. The industry subsectors: health and wellness practitioners; software and platform providers; health-technology and life sciences technology companies, mHealth, telehealth and telemedicine providers, and there was an equal split of respondents across company sizes ranging from $250,000 and more than $1 bn.

Beazley Insights

Press Release:
Virtual Care Sept 2022

21 Sept

Digital health and wellness: Beazley’s research reveals as market growth skyrockets three quarters of digital health providers may not have effective insurance protection in place - leaving them highly exposed to risk.

How COVID Changed the Landscape for Telemedicine

8 Sept

The field of telemedicine was already growing at a very steady pace when COVID-19 hit two years ago, but after the virus emerged and the severity became clearer, the telemedicine industry really exploded.

Telemedicine Telehealth and Digital Health Key Coverage Types

8 Sept

Once a reasonably niche industry category, virtual care – which encompasses telemedicine, telehealth, and digital health – has risen both in awareness and utility over the past several years.