Healthcare is expected to reach nearly 20% of the US gross domestic product by 2019 and is bursting with new products and services. PwC surveyed US consumers and found they would be willing to spend more than $13 billion a year of their own money on those new services. It’s the promise of those new products and services that is enticing more and more businesses to turn to the US health system as an opportunity for innovation, differentiation, and profits.
With 76% of the Fortune 50 now in the health industry or with a health division it is apparent that opportunity abounds. However, to attain success, businesses will need to find and exploit the right niches by building innovative healthcare business models. The keys lie in determining where to invest time and resources, how to provide value for consumers, and, most important, how to avoid fool’s gold.
PwC’s Health Research Institute surveyed consumers and found they would be willing to spend approximately $13.6 billion a year of their own money on healthcare services. The chart below shows how this breaks out.
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PwC’s Health Research Institute consumer survey found more variability by age for consumers willingness to pay for health apps and health related video games than resources that rate hospitals/physicians. By scrolling over each circle, you can also see the breakout by male and female consumers.