The healthcare market is one of the world’s largest and fastest-growing industries. It offers treatments, pharmaceuticals and services to people who need preventive, rehabilitative or curative treatment. The Pharmaceutical industry, Biotechnology industry, Medical Device industry and several other life sciences industries in health care sector form the healthcare industry.
Changes in Healthcare
As the world is increasingly global, opportunities and challenges face health industries globally. Ageing demographics in the Developed World and some major emerging markets such as China may have profound impact on the evolution of healthcare systems, technology, industries and regulatory affairs. Likewise, growing societies in young emerging markets can mean further complexity in these industries. Other complexities such as the regulatory landscape in major markets such as the United States can have profound impact on global healthcare markets.
Decision Makers in Healthcare
Healthcare providers and professionals include hospital workers, clinical workers, doctors, payors, nurses and volunteer health workers. The healthcare industry employs the largest amount of people in the world.
The Pharmaceutical Industry
The pharmaceutical industry consists of development, production, distribution and marketing of drugs and medications and has a major share in the medical industry. It is one of the most regulated industries all around the world regarding the testing of drugs and safety of users.
Moreover, the biotechnology industry, sometimes also known as genetic engineering that makes use of living organisms to create products that can be used to produce medicines. Since the industry is not strictly restricted to the health care industry, its developments in the pharmaceutical sector play a vital role.
Digital Innovation in Healthcare
Technology has increasingly played a key role in people’s life, with the rising application of technology helping the healthcare industry to provide more efficient services and information to customers in an optimized manner. The emergence of information enables them to be increasingly aware of their needs.
Patient-Centricity in Healthcare
Another trend in the healthcare industry is a series of programs on how to raise awareness about health. They are being conducted by a large number of organizations in the industry. Furthermore, there is also an increased emphasis on providing customers information about their health, safety and disease prevention.
Another development in the industry is the transparency that is offered in the price structure. Due to the large amounts of information, it is possible for customers to get a breakdown of their healthcare costs conveniently, with the increasing cost of healthcare as one of the major issues impacting the industry. The cost of healthcare has substantially gone up in the past years and people are switching to OTC drugs rather than going for prescription drugs.
Other major challenges nowadays are strict laws and regulations that need to be abided by the industry to ensure safety and efficacy of medication and processes. Licenses and patents are an increasing important competitive advantages. HIPAA and Cybersecurity remain significant challenges. Some Healthcare leaders are looking to Artificial Intelligence to keep abreast of changes in Regulation and Compliance.
How Market Research Helps
Market Research provides data, insights and strategies to optimize treatments and improve lives. Research uncovers patient journeys, attitudes, opinions and behavioral insights. It also tests products, treatments, advertisements, websites and apps.
We provide the following solutions:
- Patient Journey Mapping
- Patient Ethnography
- Caretaker Research
- Physician Interviews & Insights
- Focus Groups & Patient Interviews
- Hospital Administrator Research
- Medical Device Research
- Pharmaceutical Ad testing