San Francisco, CA — 04/27/2018 — Consumerism has been percolating into the healthcare industry for a long time now, with patients increasingly being offered numerous choices in their healthcare options, trying to make the best decisions for quality and cost just as they do with any other consumable. This trend has been expedited several regulations and acts undertaken by administrative authorities, leaving patients with substantial deductibles that puts more stress on them, compelling them to find the most cost-effective healthcare options for the money coming out of their own pockets.
Until recent times, patients who needed information about a hospital or specialized doctor, were able to find only basic data. This left them to base their hospital treatment decisions on factors such as their insurance coverage and the availability of the care they required. However, patient are now able to access much more data such as the physician's experience with a particular procedure or a hospital's complication and readmission rates.
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Patients are finding, however, that there are limits to how much they can play the savvy consumer. Despite growing access to quality metrics and hospital rankings, there still are holes in that data that can make it difficult to discern meaningful differences among providers; and even if patients have adequate information, they may be unable to choose freely because of health plan restrictions and other limitations.
However, the trend toward consumerism has advanced far beyond where it was just a few years ago, and the healthcare industry is responding with outreach and initiatives intended to help patients in their quest for value.
Consumerism in Healthcare Market: Overview
The healthcare industry has started witnessing a massive transformation in the manner in which healthcare services are delivered and paid for. In the recent years, the number of knowledgeable, tech-savvy consumers with advanced mobile computing devices has massively increased. This massive population of consumers is increasingly wanting to be the active respondent or decision-maker when it comes to purchasing or consuming the services of their choice, taking up the responsibility of managing their own health.
This may seem an easy transition with the significant rise in the number of mobile apps being made for the healthcare industry. However, the lack of necessary information related to costs, benefits, and features of medical services and the vast array of confusing choices may make it complex for companies involved in making this concept a reality. Nevertheless, in the next few years, the market for healthcare consumerism is expected to witness a massive rise in the number of solutions, services, and companies developing healthcare consumerism solutions. The rising number of knowledgeable consumers wanting to be key respondent about their medical necessities will be the major driver leading to this change.
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Consumerism in Healthcare Market: Trends and Opportunities
This report presents a detailed overview of the recent developments observed in the global consumerism in healthcare market in terms of new products, services, solutions, and solution and service providers. The market is expected to expand at a massive pace in the near future, with the rising population of people with smartphones forming the crux of most new developments as well as future growth opportunities. Rising healthcare costs, the intense level of competition in the healthcare industry, and the increased demand from consumers to be a part of all cost-related decisions will increase the usage of healthcare apps in the next few years. These factors will also lead to the development of new and more improved interventions enabling the direct participation of consumers in their healthcare-related decisions in the near future, thus driving the global consumerism in healthcare market.
Consumerism in Healthcare Market: Regional Analysis
The global consumerism in healthcare market has promising growth opportunities across all key regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The markets in North America and Europe are among the first adopters of technologically advanced interventions in any industry and are also the leaders when it comes to consumerism in healthcare. The well-established healthcare infrastructure, the highly proactive medical insurance industry, and the high number of healthcare providers that have adopted digital interventions to make their offerings more consumer-centered in the recent years will all support the healthy expansion of the consumerism in healthcare market in these regions over the report's forecast period.
While these regions will remain at the forefront when it comes to the development of the market as well as the adoption of consumerism in healthcare solutions, the markets in regions such as Asia Pacific and Latin America will be the most promising destinations in terms of new growth opportunities. The improved level of digitization of the healthcare industry in these regions, a vast rise in the number of consumers with digitally advanced interventions such as smartphones and tablets, and an increasingly aware consumer-base will lead to the establishment of promising grounds for the expansion of healthcare consumerism principles in these regions.
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Consumerism in Healthcare Market: Competitive Dynamics
Because the market is in its early stages of development, it features a handful of companies at present. However, with rising demand and an improved pool of growth opportunities, the market is expected to soon become crowded and more competitive.
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