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Consumer healthcare market driven by the increase in disposable income

Industry Sector

Healthcare and Medical

Published

21 January 2013

Author

Mike King

Type of News

Market

The consumer health market hit a value of US$203 billion in 2012, having grown by an impressive 11% in constant terms over the five years since 2007.

The consumer healthcare market refers to all private financed products and services connected to health and wellbeing which are not insurance based. The buying initiative or decision for products and services comes directly from the consumer

Certainly the market drivers for the consumer healthcare market differ in each country, but there are some that are important in several regions.

For example an important political driver is the trend to open up the public healthcare system to private providers. PPP (public private partnership) is one of the key words. The new entities are often more customer oriented and offer a broader service portfolio than conventional providers.

From the economic sector two drivers have been identified, which only seem to be in contradiction. It is the growing buying power of the consumers and at the same time cost consciousness.

Especially well educated consumers with often a higher income are not ready to pay insurers for an all inclusive-package which they partly never may use. They prefer a basic level insurance and purchase additional health services which they consider as useful.

The users of consumer health keep expanding as people from low and middle-income countries see their incomes rise and are offered more therapies in the self-care setting, while a widening adult population in developed regions begins to prepare for old age.

Consequently, consumer health firms are introducing and marketing products and therapies to meet future demand that will boost revenue.

The cut-throat environment already prevailing in the industry is becoming even more complex amid a rising number of participants and regulatory challenges.

As such, companies and marketers are developing creative campaigns to reach out to consumers and that go beyond typical approaches. The link between consumers' emotional reactions and lifestyles is stronger than ever.

For more information on the consumer healthcare market, see the latest research: Consumer Healthcare Market

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