$12B Projected in 2024 for Local Healthcare Advertising

RADIO ONLINE | Thursday, December 7, 2023

BIA Advisory Services

A healthcare survey by BIA Advisory Services and SalesFuel reveals that healthcare marketers will spend more than $12 billion in local advertising in 2024. Hospitals and offices of physicians, dentists and chiropractors are top spenders with direct mail, PC/Laptop and TV OTA the media channels getting the most spend. In the survey, more than 60% of respondents said they have either explored or intend to explore generative artificial intelligence for marketing assistance.

The survey, hosted by local advertising analysts at BIA and sales intelligence expert SalesFuel, engaged healthcare professionals from hospitals, physician groups, medical clinics, dental and vision care organizations, mental health care providers, assisted living facilities, sports medicine, medical suppliers and other healthcare facilities. The goal was to delve into the strategies and current thinking of healthcare marketers to get insights into their marketing and advertising preferences for media and services.

They also sought to identify how healthcare marketers plan to allocate their budgets now and soon to fulfill their goals and objectives. The survey was conducted in the summer of 2023 and included more than three hundred respondents with senior marketing titles.

"The healthcare advertising landscape continues to be rapidly evolving, and this survey provides essential insights for marketers to stay ahead of the game," said SalesFuel Founder and CEO C. Lee Smith. "Working with BIA, we were able to combine our healthcare audience insights with their industry advertising forecasts to develop a survey that got to the core of healthcare marketers. Our findings reveal valuable opportunities for healthcare marketers or anyone who wants to work with them."

The survey findings shed light on the landscape of healthcare marketing, revealing how marketers plan to spend their advertising dollars across various platforms. The results reveal that healthcare marketers are extending their budgets beyond paid advertising, engaging in various marketing activities to effectively reach their target audiences. Notable highlights include the increasing significance of Connected TV (CTV) and Over-The-Top (OTT) advertising in healthcare marketing strategies.

The survey found that marketers at hospitals were more likely to place CTV/OTT ads through local television and radio representatives than doctors' offices (47.2% vs 20.0%.)

"Marketing within the healthcare sector requires a multi-faceted approach, and our survey shows that healthcare marketers are embracing this mindset," commented BIA VP Forecasting, Nicole Ovadia. "The survey highlights the increasing adoption of CTV/OTT advertising that spans multiple platforms and genres. This reflects the diversity of marketing approaches within the healthcare sector to reach consumers."