The Rise of Consumer-Centric Healthcare

The healthcare industry has undergone a significant transformation, impacting not only the operational side of business but also consumer perspective and behavior. In 2023, wellness spending in the US surged to over $480 billion, and the health and wellness market nearly reached the $1 trillion mark. This is a clear indication that the sector's evolution is in full swing.

Let’s dive into some more fascinating insights from recent studies to understand the current state of the industry and how consumers are adapting to these changes.

• Consumer priorities shift towards health and wellness
• 58% of surveyed US respondents prioritize their personal health and wellness more highly today, compared to as recently as a year ago. In the Asia-Pacific, about 50% of consumers plan to spend more on healthcare, with around 85% stating interest in health maintenance and lifestyle changes.

 Rapid growth and evolving consumer expectations

• The Asia-Pacific is expected to be the fastest-growing region, constituting over 20% of global healthcare spending by 2030.
• 70% of patients are open to changing providers, if offered meaningful differentiation.
• Roughly 45% of consumers research providers before making a healthcare appointment or choosing an insurance plan – arguably double the number from 2017, when only 20 to 30% of patients performed such research.

 What consumers value

• Reputation – Almost 50% of customers prioritize quality ratings when evaluating a provider, and consumers are twice as likely to book with a clinician who has multiple reviews compared to one who has none.
• Availability – Roughly two-thirds of respondents have sought care elsewhere, when faced with a long wait time, with 27% naming this as a major issue.
• Proximity – Around 50% of consumers value convenient location – even for telehealth. Two-thirds of telehealth appointments are booked within driving distance of home in anticipation of future in-person appointments.
• Cost – 40% of respondents consider out-of-pocket costs when seeking care, and almost 17% count the cost of services as a significant barrier.
• Omnichannel options – Care groups that offer both in-person and telehealth services are booked 35% more than those that offer only in-person visits and 90% more than those that offer telehealth only.

 The shift towards integrated health management

• 91% of consumers want to work through a single health management touchpoint, often relying on insurance advice or apps to select a continuum of linked providers. 
• 65% of patients now use pharmacies as a primary point of care, with that number likely to grow to 73% in the near future, thanks to partnerships between pharmacies and other healthcare providers, including clinics or specialists. 
• 60% of respondents expressed greater satisfaction with their most recent telehealth interaction, compared to an in-person interaction.

Embracing technology

• About 70% of consumers in China, India, and Indonesia trust digital health and tech companies to handle their healthcare needs. 
• 44% of respondents are willing to share personal data with healthcare organizations, with over 50% interested in their data being deployed to help manage chronic conditions or for personalized health and well-being recommendations.
• Over 50% of respondents are comfortable with AI-powered healthcare delivery for preventive and wellness care, as well as for less-severe physical conditions, although 70% still want human providers to manage more severe cases.

Despite a high rate of technological integration, the healthcare sector still has one of the lowest digital consumer adoption rates. However, with 79% of providers planning to invest in digital transformation, there’s a clear path forward.

The healthcare landscape is undeniably changing, with consumers at the helm, steering the industry toward an integrated, accessible, and technologically advanced future. It’s imperative for healthcare providers to leverage these insights, investing in emerging trends and technology solutions to foster a more patient-centric approach to healthcare delivery.

https://hitconsultant.net/2024/06/19/q-a-experian-healths-cpo-talks-patient-access/

https://www.bain.com/insights/asia-pacific-front-line-of-healthcare-2024/

https://www.mckinsey.com/industries/healthcare/our-insights/consumers-rule-driving-healthcare-growth-with-a-consumer-led-strategy