Estimated Industry Size Today: $36.7 billion
Estimated Industry size in the Future:
Why it’s ripe for disruption:
With recent changes in healthcare and the future of the consumer health industry seemingly up in the air, the need for self-service health information is continually on the rise. The introduction of Obamacare forced many individuals to seek treatment from providers they’d never seen before and with some resistance.
What’s more, people are beginning to be more proactive, and progressive, in their own health and nutrition needs. In the past, only basic health and wellness conditions were attended to. Patching a problem rather than preventing it was the norm.
Information is becoming readily available making it possible for patients, caregivers and the general public to have access to quality health information. Armed with knowledge, the consumer is beginning to drive market trends and the creation of products and services which fall in line with heightened consumer expectations. Fear-based decision making on the part of the consumer has been eradicated and replaced with the notion that creating our lifestyles around our body’s primal needs will thwart future ailments.
Holistic health practices focusing on emotional wellness are increasing of interest in the consumer health and nutrition market. Technology aimed at self-awareness and self-help practices are on the radar for entrepreneurs looking to make waves in the health and wellness industry.
While technology in the field has been geared toward physicians, the interest in reaching the consumer directly is gaining momentum. For instance, making electronic health records available to patients can be used to tailor personal health decisions. Other systems previously used strictly by physicians are slowly making their way to formats digestible by the consumer themselves.
Top Trends to Watch:
- The need to cut healthcare costs will drive the creation of medical informatics practices to the hands of the consumer.
- Public health and national healthcare policies will soon be driven by the public.
- Information from wearables such as Smartwatches and activity trackers will become a viable metric in healthcare planning.
- Wellness and fitness apps will become more sophisticated with greater abilities to inform health and nutrition decisions at the consumer level.