The Healthcare industry is comprised of organizations that offer products and services to people in need of any kind of preventive, rehabilitative, or curative treatments. With global health spending projected to exceed $8.7 trillion by 2020, and one of the largest workforces in the world, the healthcare industry is a significant part of every nation’s economy.
- The Pharmaceutical, Biotechnology, and Medical Device industries have similar missions to develop treatments, technologies and tools. Common priorities include improved patient care, wellness, efficient and effective healthcare administration and advancement of life saving treatments.
- Specifically, the Pharmaceutical industry is comprised of all those organizations involved in the development, production, distribution and marketing of drugs and medications. The industry is one of the most regulated ones all around the world, specifically with regard to the testing of drugs and safety of users.
- Another fast changing industry is the Biotechnology industry. New technologies are emerging such as Gene Therapy and Genetic Engineering, which makes use of living organisms to create other useful treatments and medicines.
Technology and Innovation in Healthcare
Technology, already a major part of people;s everyday lives, continues to advance and proliferate at a rapid pace. Technological advancements have helped the Healthcare industry to provide more efficient services to their customers in an optimized manner, while also enabling consumers to become more empowered by providing them easier access to information about their health. This makes the consumer more aware of their needs and has led to patients increasingly requiring as much information about a product as possible. Having a strong web presence and optimizing the patient journey are opportunities for Healthcare marketers.
Another major trend is the rise of awareness programs that are being conducted by many organizations in the healthcare industry. Patients are increasingly making decisions online, and there are many “influencers” who can impact purchasing and decision making. This has led to an increased emphasis on providing customers with information about their health and safety, as well as disease prevention.
Another major development in the industry is transparency in pricing structure. The large amounts of information in various databases have made it possible for customers to get a breakdown of their healthcare costs conveniently and easily.
In these rapidly changing times, the healthcare industry is facing some major challenges. The rising cost of healthcare is one of the major issues impacting the industry. The cost of healthcare for patients has gone up substantially in the past years, leading people to embrace Over-the-Counter (OTC) drugs rather than choosing expensive name brand prescription drugs.
Another major challenge today is compliance. Laws and regulations ensure the safety and efficacy of treatments, dosage, prescriptions and processes. Additionally, licenses and patents continue to be important sources of competitive advantage and protection for intellectual property.
Going global is also one of the biggest challenges facing the industry. While technology tends to drive down costs in general, healthcare costs are rising. Consequently, the price of many products has become more unstable, especially in developing countries.
Despite all these challenges, the healthcare industry is one of the most vital sectors of the global economy and will continue to grow due to increasing demand of healthcare facilities and services by people all over the world.
Medical Device Market Research Solutions
SIS International Research has provided Healthcare Market Research for over 35 years. We add value with our patient & practitioner databases, global coverage and best practices project management. We conduct:
- Focus Groups
- Key Opinion Leader Research
- Patient Research and Interviews
- Online Communities
- Patient Journey Research
- Usability Testing
- Market Opportunity, Sizing and Entry Analysis
- Competitive Analysis