Marketing Strategy

Data, demographics and the healthcare consumer: health tech market trends

By February 10, 2020February 11th, 2020No Comments

Data, demographics and the healthcare consumer: health tech market trendsIt’s critical to understand the trends in your industry when developing and implementing an effective marketing strategy. 

A survey of recent articles, reports and webinars in the industry points out important trends for every health tech company to explore:

  • the role of data analytics in a mature health IT market,
  • how generational shifts are transforming the technology landscape, and
  • what the rise of the healthcare consumer means for B2B health tech

Data analytics opportunities in a mature health IT market

Thanks in part to the Meaningful Use program, electronic health record (EHR) adoption rates over the past ten years have climbed to the high 80th percentile, and healthcare has more data than it knows what to do with. 

It has only been in the past few years that the market has been focused on putting the data to work in a meaningful way without overwhelming clinicians and other healthcare professionals. 

Analytics platforms that help the industry address the social determinants of health (SDOH), support the transition from a pay-for-service payment model to value-based care, and assist with the evolving regulatory environment are top of mind for payers, large health systems, and IDNs. 

Demographic shifts are changing healthcare

Another important trend companies should be monitoring is the coming generational shift. The U.S. Census Bureau has noted that by 2030 older people will outnumber children for the first time and 1 in 5 Americans will be at or above retirement age.

Known as the Silver Tsunami, the dramatic rise in the number of people who will need healthcare services will significantly impact the industry. The good news is that Boomers have been using smartphones for years and are far more comfortable with technology than their parents.

Telehealth and preventive health technology will help meet the rising demand for healthcare services for this population.

Further, as millennials become middle-aged healthcare consumers, they will drive demand for even more advanced technology that enables them to access healthcare services when and where they want it. 

The rise of the healthcare consumer

Which leads us to the last trend on our minds, the healthcare consumer. It wasn’t that long ago that marketers shied away from referring to patients as consumers. But as insurance deductibles have risen and people have started paying more out-of-pocket for their healthcare, the demand for price transparency and easy-to-use technology that helps them shop around has surged.

Rising healthcare costs have also transformed the dynamics between people and their healthcare plans and providers. If people are going to invest a significant amount of money into their healthcare, they’re going to treat it the way they would any large purchase. Thus the rise of the healthcare consumer. B2B health tech companies should pay close attention to the trickle down impact this will have. 

The new reality is that we’re all patients and we’re all becoming healthcare consumers, including your health tech end-users.

What you should be doing as a health tech company?

In light of these coming trends, here are a few questions every health tech marketer should consider: 

  • Does your product roadmap incorporate new technology?
  • How can you position your product, or future products, to be used outside the traditional hospital setting?
  • What is your marketing strategy to reach the growing tech savvy senior market? 
  • How does your company serve the healthcare consumer?

With the Silver Tsunami only ten years away, the time to start educating your buyers about the challenges and opportunities ahead is now. If your technology is not ready to consume and make sense of the ever growing amount of patient data, your company will be left behind. 

Looking for a partner who knows health tech? 

Are you looking for an agency partner who speaks your language? Our team has extensive experience marketing health technology products and software, helping small-to-medium sized businesses reach clinicians, health systems and other players in the healthcare IT industry. 

Contact us today!

 

Sources: 

https://definitivehc.wistia.com/medias/ieeqtlzx6l

https://electronichealthreporter.com/5-ehr-trends-to-watch-in-2020/

https://www.healthcareitnews.com/news/silver-tsunami-coming-healthcare-time-prepare

https://dashboard.healthit.gov/quickstats/quickstats.php

 

 

Melanie Hilliard

Author Melanie Hilliard

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