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The Quantified Self Consumer Behavior and Innovative Business Models Create Future Growth Potential
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This research service examines the future of healthcare consumerism in the United States in terms of changing patient demographics and demands, technological advancements, digital health, shift in consumer behavior to non-traditional healthcare settings, and innovative healthcare business models.Healthcare consumerism is on the rise as individuals become more engaged in making health-related decisions and assert control over their medical and wellness care. This trend is likely to accelerate post-COVID-19 as consumers increasingly focus on their health. The future of the healthcare ecosystem lies in consumer-centric capabilities and services, including home and self-care, social care, daily life activities, and financing support.The COVID-19 pandemic accelerated the shift in consumer behavior to non-traditional care delivery models, leading to innovation in healthcare business models such as on-demand, point-of-care, and home health services. This shift results in strong inroads for non-traditional participants in healthcare. The four big technology companies—Alphabet, Inc., Apple, Inc., Microsoft Corporation, and Amazon.com, Inc.—are expected to continue disrupting the healthcare industry with their focus on digital health and consumer-facing platforms.Consumer expectations for quick, convenient, transparent, connected, and responsive healthcare services are redefining how consumers engage with their healthcare providers at each stage of the consumer journey. Younger consumers, no longer satisfied with the healthcare status quo, are likely to choose healthcare providers that offer digital capabilities, such as electronic prescription refills and access to online test results through mobile applications. Many consumers across different age groups are also more willing to try non-traditional services.The pandemic has increased the adoption of telehealth, digital/mobile applications, and direct-to-consumer digital platforms. Healthcare consumers, empowered by digital technology, now take charge of their health more and expect on-demand anytime, anywhere services. Healthcare consumerism forces traditional healthcare participants to develop new care models to compete successfully in the consumer-to-business healthcare marketplace. Healthcare participants are expected to prioritize investments in alternative sites of care for health systems to retain their customers. In addition, chronic illnesses such as heart disease, diabetes, and mental health conditions have increased because of pandemic-related care deferment. The chronic illness management market can potentially unlock new growth opportunities for technology, retail, and telecommunications companies because these diseases require long-term management.Author: Dr. Rishi Pathak
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