25+ Lucrative Healthcare Business Ideas In Nigeria Or Africa
The healthcare industry is one with a vast range of business opportunities for investors across the world to venture into. As of 2018, the sector was valued at $8.4 trillion with strong indications that it will rise to over $11 trillion by the end of Q4 2022.
The business of saving lives and administering proper health care spans several fields, including physiological¸ mental and other areas of well-being. These aspects of healthcare bring a lot of opportunities for both trained professional caregivers and others.
In essence, although having detailed knowledge is the foundation of the healthcare industry, there are a lot of business opportunities for people who might not have earned a degree in the health sector. If you want to start and grow a profitable business in healthcare, here are 25+ lucrative business ideas for people in the health industry to start in Nigeria, Africa, or anywhere else around the world.
1). Gym Instructor Or Fitness Coach:
To start with one of the least financially demanding healthcare business ideas, starting a gym or rendering fitness services is an easy business for fit individuals to start. First, you need to be a fitness enthusiast yourself, or at least, be willing to employ the services of trainers.
Depending on available capital, you can start a gym in your vicinity or get a standard place where you can set up gym equipment. With the help of other trainers, you can get people to subscribe to use your equipment. You can also render direct fitness coaching services to interested individuals at other gyms.
2). Home Healthcare Practitioner:
Now, this is a business specifically for trained nurses and other medical practitioners. It involves rendering basic healthcare services, follow-up care, checkups, and much more to individuals in their homes.
Although certain medical situations require the patients to visit the hospital, it is your duty as a home healthcare practitioner to monitor their health and advise them accordingly. The best part about being a home healthcare practitioner is that you can combine this role with any other job and still function efficiently.
3). Medical Equipment & Consumables Supply Business:
The medical equipment supply business is a highly lucrative healthcare business idea in Nigeria, Africa and anywhere around the world. Although the demands might differ across places based on the common health challenges in the locale at any point in time, basic medical equipment and consumables like syringes, stethoscopes, medical gloves, and other primary necessities remain in constant demand.
Medical equipment includes diagnostic equipment (X-ray machines, Ultrasound), treatment equipment (syringes, trays, surgical devices, etc.), lab tools (blood collection tools, urinary analyzers, etc.) and other durable equipment such as eyeglasses, wheelchairs, insulin pumps, and much more. Research which tools are in high demand in your locale and focus on them.
4). Pharmacy Business:
On its own, the global pharmaceuticals industry is a large one. As of 2020, Statista reported that the industry was worth over a trillion dollars and high competition in the industry has contributed to its rapid growth in recent years.
Due to the delicate nature of the job, opening a pharmacy in Nigeria requires a lot of legal permits and licenses, and that’s the same situation in other African countries. Having acquired the right legal permits, ensure to set up your business in a good locale and network with the right distributors for quality and approved drugs only.
5). Private Clinic Business:
In most countries, public health facilities are often not sufficient for the teeming healthcare demand. Hence, private clinics come to the rescue. Private clinics and hospitals might be highly demanding to maintain and sustain in terms of finances, but they are lucrative in Nigeria, Africa and anywhere around the world on the long run.
6). Drug Distribution And Supply Business:
As a medical drugs distributor or supplier, your job is to serve as an intermediary between manufacturers and importers of drugs on one hand, and pharmacies, drug retail shops and medical centres on the other.
To get started, you need to register your distribution agency with the necessary bodies and obtain the required licenses. It is then important to build a great partnership with hospitals, clinics and other personnel in the healthcare industry to give you an edge over your competitors.
7). Drug Store Business:
Popularly known as chemist shops in most parts of Nigeria, drug stores are smaller versions of pharmacies. They are found along most streets and render minor healthcare services such as first aid treatment, and much more.
Starting a chemist shop is less demanding than opening a pharmacy or clinic. It requires less capital and proper registration with authorized medical bodies. More so, you need to be a trained and certified medical practitioner to open a drug store.
8). Personal Wellness Coach Services:
A personal wellness coach is a professional in charge of an individual’s overall well-being. They help people take measures to stay healthy and avoid sicknesses. Most personal wellness coaches are versatile in different fields including nutrition, physical healthcare and mental wellness.
Most people prefer individuals with a lot of experience in the medical line as their personal wellness coach. To position yourself favourably for this role, you need to make yourself known to individuals in the right circle.
9). Medical Blogging Or Vlogging:
You can make money as a medical practitioner by starting a medical blog or vlog. Gone are the days when medical experts were conceived as social recluses with no other skills than prescribing drugs and giving good healthcare.
With the help of social media, you can combine your profession with blogging and make a lot of money from it. Create engaging content around questions that bother people about their health and you’ll build massive followership and engagements if promoted right.
10). Healthcare Podcasts:
If you’re a great orator, you can opt for health podcasts instead of blogging. Podcasts are great options because they enjoy a wide reach. Whether at work or in transit, people can always plug into your podcasts channel to listen to your health talks while going about their businesses.
Podcasts work just like blogs and vlogs. The success lies in the rate of engagement you get. The more your engagements the greater the opportunities you stand to explore. The best part is you don’t have to leave your regular job to start this side business.
11). Massage And Physiotherapy Business:
Physiotherapy is essential in healthcare because it helps to reduce stress, tension and brings mental relief. Hence, starting a massage business or opening a massage store in Nigeria, Africa and anywhere around the world is a great healthcare business idea. People are willing to book massage sessions as personal treatment during weekends or private vacations.
You can equally choose to render home massage services for people who prefer their private spaces and get paid handsomely. With great networking, you can build your physiotherapy business into a great business in a few years.
12). Veterinary Business:
The healthcare business incorporates animal well-being too. Pet keepers, animal lovers and livestock farmers will always need your services to keep their animals in good shape and to conduct regular checkup services.
All over the world, the veterinary business is a lucrative one. To open a veterinary clinic, you need to be professionally trained. You also need to get your business registered and acquire the necessary permits.
13). Dentistry Services:
The dentistry business is a highly lucrative profession. It is a good way to get self-employed in the healthcare industry. Besides rendering treatment to individuals with dental problems, you could as well sell dental care materials such as teeth braces, teeth floss tools, and much more.
To get started in this business, you need to have been professionally trained as a dentist. Afterwards, get a suitable business site and get the basic human and material resources needed. You also need a legal permit and proper licenses.
14). Eye Care or Optical Services:
If you’re a trained optician, you could start a private eye clinic where you get to render optical services like conducting eye tests, recommending and administering treatment services, and much more. You can also sell corrective eyeglasses to clients with one eye defect or the other.
The opportunities in this field of healthcare are endless. You can as well visit large corporations, ministries and other institution where aged people can be found. Conduct tests and recommend solutions. That way, you get to build a strong clientele.
15). Midwifery Business:
The midwifery profession is a technical healthcare service. Midwives are often associated with hospitals and approved clinics. However, you can set up a private midwifery centre. This requires government approval but it can be a fulfilling and lucrative service in the long run.
In the same way, you can also train others to be professional midwives and generate revenue from them too.
16). Mental Health Therapy Services:
Contrary to popular belief, every individual needs mental therapy at least at one point in time as they undergo different developmental stages of life. Making key life decisions could be sometimes tiring and demanding. Hence, mental therapy becomes a key service.
Like most other vital healthcare services, you need to be professionally trained to be a therapist. You also need the right licenses and permits to practice. Advertise your services on social media and other relevant platforms to raise awareness. You can also work with schools to render professional help to students.
17). Child Care Centre:
The childcare business focuses solely on children and infants. You can work with hospitals on a contractual basis or establish a children clinic of your own. Similarly, you can render home services where the situation doesn’t require the patients to remain in the hospital.
18). Medical Waste Disposal Business:
Another unique way of making money from the healthcare industry is to start a medical waste disposal business. This is an underrated but lucrative healthcare business idea in Nigeria and other parts of the world for anyone to venture into.
Unlike most other healthcare businesses, you don’t need to be a professional to start this business. However, it helps to get an understanding of the nature of the waste and how best to handle them to avoid infections.
19). Skin Care Business:
Skincare is a subsidiary of the beauty and cosmetics industry but it is also an essential part of the healthcare industry as well. As an expert in the medical industry, you can produce organic skincare products and make them available on the market for distribution and use.
Oils, soaps, lotions, and so on, are some of the products that are highly demanded in the skincare industry. Once you get your products approved by the necessary organisations, you can make a lot of money anywhere in the country or continent at large.
20). Medical Lab Business:
Medical laboratories are medical centres dedicated to conducting tests. Such tests range from the common pregnancy tests to advanced tests such as DNA tests.
Opening a private medical laboratory could be cost-intensive in terms of equipment and human resources. Notwithstanding, it is a highly lucrative business that enjoys regular patronage all year round.
21). Herbal Remedy Business:
The herbal remedy business is a lucrative healthcare business idea in Nigeria and Africa as a whole. Contrary to popular belief, herbal remedies are excellent solutions to a lot of health challenges. There is sufficient scientific backup for the efficacy of most herbal drugs. However, there is a need for detailed checks on each herbal drug to ensure safety for all categories of users.
In Nigeria and most parts of Africa, many people prefer traditional herbal solutions to orthodox medicine. This creates a large market for the herbal remedy business. But first, you need to get your business registered and get NAFDAC or FDA approval for your products.
22). Nursing Home Business:
Nursing homes are special facilities designed to house elderly people who need close monitoring and continuous care. Rather than employ the services of home caregivers, most people prefer nursing homes because of their social dimension to them. People in nursing homes get to interact with one another under the guidance of the nurses.
Starting this healthcare business idea requires the permission of the relevant government bodies. You equally need to invest in healthcare equipment as well as human resources.
23). Medical Consultation Services:
Consultation is an essential stage in healthcare. After noticing certain symptoms, people usually consult professional doctors and health workers for advice on what steps to take. Similarly, while undergoing treatment, they also seek tips on what and what not to do.
As a professional medical practitioner with enough experience, you could start a consultancy business to help people make the best healthcare decisions for themselves. You can open a consultancy business in affiliation with a recognized hospital or through telemedicine. It is one of the easiest healthcare business ideas to start anywhere in Nigeria, Africa and anywhere around the world as long as you’re licenced.
24). Drug Testing Business:
Drug testing is a highly professional healthcare business idea that describes the process involved in testing people for use of various drugs. Athletes, employees, and other categories of people sometimes use performance-enhancing drugs, contrary to the company regulations or the rule of the competition, as the case may be. When there are suspicions, such organizations require the services of professional drug testers.
On certain occasions, drug testing is a prerequisite for participation in competitions. This creates a large market for the drug testing industry. However, drug testing requires a lot of machinery for adequate results.
25). Health Insurance Business:
Starting a health insurance business is a capital-intensive venture that can generate high returns on the long run. It covers the capital medical expenses of the insured as well as their regular health maintenance expenses.
Insured members pay a monthly or yearly premium after enrolling at a certain fixed price, depending on the selected insurance plan. Insurance is regulated by the government. And so, you’ll need to register with the appropriate bodies for legal permits and licenses.
26). Blood And Sperm Bank Business:
Since blood and sperm cannot be produced or replaced with other materials, the industry operates on donations. The donated fluids are then transfused to patients in the case of blood or used for artificial insemination in the case of sperm.
The blood and sperm bank business is a sensitive business that requires a lot of professionalism and discreetness. Hence, it is important to invest in both human resources and standard facilities for collecting and storing blood and sperm.
To Sum It Up
Health is wealth, and that is true even from the business perspective. The healthcare industry is rich with a lot of opportunities for investors all across the globe. Contrary to popular belief, there are opportunities in the healthcare sector open to non-medical practitioners as well. However, the majority of businesses in the industry require a professional certification and some level of experience in the field. If you’re looking for a healthcare business opportunity to venture into, you can choose from any of the lucrative 25+ healthcare business ideas discussed in this article and generate a lot of revenue over time.
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