New entrants from outside the traditional business of healthcare are redefining the US$9.59 trillion global healthcare market for consumers, providers, payers, and investors in both developed and developing nations. These savvy, entrepreneurial players are bringing consumer acumen, innovative business models, more affordable and convenient care options, wellness and fitness and more to address longstanding challenges.
How new entrants could impact healthcare systems globally | Duration 2:49
Virtual care is replacing traditional notions that a medical diagnosis can only be produced in a person-to-person visit. In both developed and emerging nations, new entrants are pioneering pathways that erase healthcare boundaries and enable care anywhere.
And consumers are receptive, particularly those in emerging markets where access to quality care is a prevailing concern. For example, a recent study, which surveyed over 24,000 consumers in 29 territories, found that emerging countries are more inclined than developed markets in owning or using wearable devices, which can be used by consumers to manage their health and wellness.
Where urgent needs prevail, health solutions offered by new entrants can root more quickly especially in less regulated environments like those in emerging countries.
Consumers today want a healthcare experience that mirrors the convenience and transparency of their banking, retail, transportation and other purchasing experiences. In a recent study, consumers indicated they were open to services delivered by non-traditional health providers, particularly if they were less complicated or invasive.
Filling gaps between consumer expectations and the current medical infrastructure provides many opportunities for new entrants to move into global healthcare with fresh ideas and skills.
The growing global wellness and fitness market – the money people spend on non-medical products and services to get and stay healthy – offers perhaps the most flexible entry for businesses considering ways to shake up the health industry without conflicting with government or traditional providers. In a recent survey, consumers conveyed their growing appetite for wellness and fitness benefits through the use of wearables, indicating the vast potential for exploiting this market.
Few regulations exist on helping consumers take care of themselves. New entrants are successfully offering services and products such as fitness, reducing weight, monitoring sleeping and eating habits, etc. to become better situated to enter the key healthcare market of health providers and payers.
While retail footprints are poised to shrink, the opportunity to provide healthcare services may give a shot of adrenaline to the physical store.