US Consumer Healthcare Landscape Trends
To understand the major shifts/trends in the US consumer healthcare landscape and how they are influencing how healthcare services are consumed or delivered in the US.
During our preliminary research, we were able to uncover 4 major trends in the US consumer healthcare landscape. Below is an overview of our early findings.
1. THE EMPOWERED CONSUMER
- Consumers are now looking for more transparency and personalized experiences from their healthcare. Because of this, consumers are now making healthcare decisions based on quality and cost.
- Most consumers feel that they do not have the tools necessary to manage their health, and but 4 out of 5 claim it is difficult to compare cost and quality of their care.
- Since consumers are not getting the above help and tools from their healthcare providers, they are looking elsewhere and many are being drawn to digital health innovations such as telemedicine and clinical-grade wearables.
2. WEARABLE TECHNOLOGY
- Global shipments for wearable technology are expected to double by 2021. This means, from 2017, there will be a 5-year compound annual growth rate of 18.2%.
- In 2017, medical device wearables comprised $6.8 billion of the $25 billion wearable technology market, and that number is expected to exceed $10 billion by 2022.
- Consumer interest in "Quantified Self (QS)" is what is driving the growth in the wearable technology market.
- The ‘Quantified Self (QS)' movement promotes "data collection on aspects of daily life", and future devices with sensors that will allow consumers to monitor their behavior and biometric performances, this movement will continue to grow.
- One major player in this space is Fever Scout, an FDA-cleared thermometer patch that continuously monitors the consumer's temperature and syncs with a smartphone app.
- Another key player in this space is the FDA-approved medical device, Ava bracelet, which can monitor female fertility and menstrual cycles.
- The sensors on this device can collect up to 3 million data points.
3. EMOTIONAL WELLNESS
- The idea of "wellness" has been growing due, in part, to people wanting to not only look good, but feel good as well.
- Globally, wellness is an estimated $3.7 trillion market.
- Because of this, people are starting to use science-based approaches to understand the state of their health, and then use that information/data to modify their habits to live a healthier life.
- Technology is starting to emerge that will allow consumers to recognize and manage their negative states.
- For example, Sentio’s Feel wristband uses sensors to monitor your body's signals throughout the day, like heart rate, skin temperature and skin conductance response.
- These physiological signals help to signify the user's emotional state and then the companion app visually graphs these states to help the user recognize emotional patterns and learn what may have triggered those moods.
- The app also gives suggestions for regulating emotions and breathing and meditation exercises.
- Another technology that is expected to grow because of this trend is "sense provoking feedback and contextual relaxation prompts" to help change consumer moods.
- Hyundai has partnered with IDEO to create a car that has sensors that can track things like driver posture, heart rate, and eye movement. This allows the car to sense when/if the driver begins to nod off or become enraged from road rage.
- The car will then make adjustments to the environment in an attempt to calm down, or wake up, the driver.
4. Sleep Technology
- The National Institutes of Health found that between 50 and 70 million Americans suffer from some sleep disorder and the CDC found that more than a third of Americans aren’t getting enough sleep.
- Because of this, the global sleep technology market valued at $49,543 million in 2017, and is estimated to reach $79,851 million by 2022.
- New technology is arising that will help consumers track and measure their sleep, and physiological signals that may be effecting their sleep patterns.
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