As demographic shifts and resourcing issues mean health services are expected to do more with less, many patients are taking their health into their own hands – especially when it comes to preventative treatments. More than eight-in-ten people are actively engaged in ‘disease prevention’ in their lives, according to a new study from Simon-Kucher – and the majority of those individuals are willing to pay upwards of €21 per month to do so.
Preventative healthcare has been at the heart of the National Health Service since its launch – giving patients across the UK the chance to monitor their health conditions, and try to minimise harmful conditions later in life. But following more than a decade of austerity, the institution has fewer resources at a time when an ageing population, and the Covid-19 crisis mean it is under intense pressure. With waiting lists still at historic highs, preventative care has become rarer for UK residents.
According to a new study from Simon-Kucher, this trend – which spans Europe – is presenting private companies with an opportunity to cash in the health concerns of consumers like never before. Conducted in collaboration with the Association of the European Self-Care Industry (AESGP), the research explores the rapidly evolving self-care landscape, and the innovations which are shaping its future.
The firm, which specialises in commercial strategy, innovation, pricing and marketing, engaged with over 60 industry executives and cross-industry experts, and analysed more than 50 reports. At the same time, Simon-Kucher also returned to data it had gathered in previous years from some 900 European consumers.
Pointing to the Simon-Kucher Better Health Report 2023, the firm noted that some 84% of consumers had already said they were increasingly adopting behaviours towards disease prevention. Further to this, the researchers found that the rate at which this area is spending is significant. While 67% already admitted to spending over €21 per month on preventative health aides, 43% added they expected future spending to grow (the same number as those who said spending would at least stay the same).
While ultimately being seen as a more viable route to preventative care by all patients, the news also seems to offer a more responsive service for demographics which have traditionally been poorly served by health providers. Previous research from Oliver Wyman suggests women account for 80% of healthcare buying and purchasing decisions, but they are also 20% more likely than men are to express frustrations with the healthcare system.
Source: Forbes, Simon-Kucher
The routes of this disparity may well be rooted in gender bias – reinforced by where funding is prioritised. For example, one historic study from Harvard Health found that 70% of those affected by chronic pain conditions are women, but that 80% of pain research is conducted on men. This leaves a sizeable gap in the understanding of what we know about the female body.
Private spending on tailored health solutions has allowed some women to feel better catered for, in this context. According to Simon-Kucher, consumers anticipate a growing focus on gender specific health issues, with women’s health seen as an untapped market. Survey respondents said that private solutions could “lead to women feeling more motivated and empowered”, with “self-care solutions like mobile apps” helping to deal with “situations that are gender specific” like “menopause” while there would be “less stigma attached to” those demands.
But many providers haven’t even scratched the surface of this potential, according to the researchers. At present, only 4% of biopharma R&D spending has been directed at women-specific conditions – presenting a huge opportunity for firms in the long-run.