Tag: health economic database

supplement market

Growth Factors for the Global Supplement Market

Today, health is not just a goal but a lifestyle choice. This shift in the preferences of the populace is driving the growth of the global supplement market. It is so evident that the sales of vitamins, minerals, nutritional, and herbal supplements have been on the rise in the last decade or so. Today, the global supplement market is worth billions of dollars and is growing about 5-6%, annually. So what is driving the growth of the global supplement market?

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Aging population

One trend that is worrying the world is the rise of aging population and the declining birth rate. In the developing parts of the world, especially Scandinavian countries, the birth rate has been declining higher than expected. This will bring about a shift in spending in the healthcare sector. As a result, drug manufacturers are focusing on dietary supplements whose purchases have been growing annually.

Consumer awareness

The advertisements of dietary supplement market have bombarded the media, be it TV commercials, magazine ads, or posters. The supplement companies have recruited celebrity doctors to endorse their products, making people believe that supplements are necessary to lead a healthy life. In addition to that, many online articles and forums like Livestrong, bodybuilding, Men’s Health, and Shape give diet and lifestyle advice demonstrating the importance of dietary supplements. Such an abundance of available information has been a key driver for consumer purchasing.

Self-care culture

“Ask your doctor to prescribe you x drug”. An advertising line that is popular across the American media has prompted consumers to be self-aware of the drugs. Today, supplement market consumers are no more relying on doctors for diagnosis, they are looking at alternative channels to identify health needs. This is also driven by the fact that insurers encourage customers to take preventive care measures. Also, many supplement market consumers validate the diagnosis of the doctor by cross-referencing the information available on the internet. This behavior has encouraged the manufacturers in the supplement market to educate customers of the product portfolio. This self-care culture is driving the demand in the global dietary supplement market.

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Channel proliferation

The manufacturers in the global supplement market are highly fragmented and serve a diverse set of customers across the world. The leading manufacturer Living Essentials holds less than 10% market share globally. Additionally, there are many private label brands which account for 10% of the sales. The lack of brand awareness amongst the customers is the reason for such market fragmentation. It comes as no wonder that a majority of the sales happen in supermarkets and hypermarkets, followed by online stores and specialty retailers. Such channel proliferation has significantly driven sales in the global supplement market.

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Product research

Market Intelligence Study on Health Economics Helps Bridge the Gap Between Demand-supply of Resources

The recent market intelligence study by Infiniti Research on health economics data helps a leading laboratory diagnostics company derive health economics data with country-specific operational, clinical, and financial data sets.

Health economics, market access, and reimbursement policies

Health economics helps analyze the size of the contribution of the healthcare sector to the overall economy and identifies the several health issues that have a substantial economic element. The theory analyses consumer, producer, and social choice to understand the behavior of public and private organizations, healthcare providers, governments, and individuals in the decision-making process. Health economics and market access have close applications as one method help develop statistical models of disease recognition and treatment areas and the other designs salesforce models to boost the sales of related drugs and therapeutics in the market. Market access and health economics are gaining immense popularity in the market as it helps bridge the gap between demand-supply of limited resources in the healthcare sector. The market intelligence team at Infiniti provides detailed insights in terms of allocating resources to bridge the gap effectively.

The data analysis gained through health economics helps regulatory bodies understand the price valuations and cost-effectiveness of various drugs and therapeutics that are available in the market. These analytics helps the government formulate pricing and reimbursement policies in the global market. The increasing cost of healthcare is one of the primary challenges that is tackled through health economics and market access evaluations.

Resource optimization at a global level

Developing health economic database with country-specific operational, clinical, and financial data sets on COF business areas, ROI calculators, and COF Wiki KPI’s will help companies gain a holistic overview of the healthcare industry. Furthermore, designing country-specific models will help pharmaceutical companies understand the market landscape of the target region and optimize new product launches. The new models offer information on cost-saving opportunities and resource allocation techniques that will fuel the growth of affordable healthcare products in the global market.

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Emergence of personalized medicines

Data analysis through health economics is increasing the availability of personalized medicines in the market. The data collected analyze the genomic information and suggests different methods of drug delivery that will increase patient satisfaction. The application of these data points is valuable in the drug development process and to increase efficiency and effectiveness of health care delivery.

Solutions and recommendations

The market intelligence team at Infiniti Research provide solutions on health economics optimization, helping stakeholders to apprehend product value and its potential in the healthcare sector. Some of the solutions are listed below:

  • Create a database that shows clinical statistics on the incidence rates of disease such as lung cancer, breast cancer, coronary artery disease, prostate cancer, structural heart disease, and stroke
  • Provide insights on the average reimbursement rate for each procedure/diagnostic test through robust insurance practices such as statutory health insurance (outpatient), statutory health insurance (inpatient), and private health insurance
  • Validate the existing demand-supply gap and allocate the resources according to the specific requirements
  • Deliver a reasonable understanding of the demand-supply gap analysis and find measures to curb the gap

Read our comprehensive case study on how we helped a leading laboratory diagnostics company derive health economics data

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