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A recent study by McKinsey & Company estimates that the global healthcare market is worth more than $ 1.5 trillion, up 5 to 10 percent year-on-year.
For executives, entrepreneurs who are in other fields, who are thinking about moving to a career, here are four reasons why entering the healthcare industry can be a smart move.
Related: 5 lessons I learned from starting a startup during an epidemic
1. Market size և growth
With retail sales of natural products reaching $ 189 billion by the end of 2020, the Nutrition Business Journal predicts that by 2024, the US market value will reach $ 66.24 billion, an increase of $ 10 billion compared to 2020.
As the general health և health sector continues to fill with brands, from home companies to multinational corporate giants dipping their feet, the need for highly skilled industry leaders has probably never been greater.
While the stock of talent in the health և health market is strong, the movers and vibrators who have done their business in the trenches of other markets can often bring fresh perspectives, և possibly austerity և discipline that comes from these other areas.
Related: How Jennifer Maanavi, Co-Founder and CEO of Physique 57, Succeeded
2. Consumer demand
The consumer of the 21st century continues to evolve by evolving, evolving with attitudes that are not always easy to predict.
As consumer behavior continues to evolve, the only thing that characterizes them has always remained the same: values.
For decades, consumers of natural products have demanded that manufacturers և brand marketers produce products ություններ services that are consistent with their values, which include, but are not limited to, stability and diversity. Transparency և Responsibility.
Related: Profit is not the only thing. Value-driven businesses succeed in the long run
A new business owner needs to understand that health can be defined in several ways. My advice is to focus on one of these five areas and find a way to disrupt the market.
This includes medical devices, supplements, telemedicine services և personal health tracks. It’s here that data analytics has seen a significant leap forward in the industry. People are interested in easy ways to monitor and evaluate their own progress.
This area was undoubtedly reinterpreted during the Covid period. The ability of people to be fit at home while receiving customized supplements delivered directly to their door has created a niche. It allows the brand to communicate with the consumer in the privacy of their own home.
Again, healthy eating has always been a priority for health-conscious consumers, but the market is slowly embracing the concept of supplements in traditional beverages. In addition, offers such as food delivery services, detox cleansing և diet plans are all on the rise.
Better sleep ացում wake up
The epidemic has renewed the potential for a positive sleep pattern. Both expansion products are in high demand.
This area includes consumers who regularly purchase skin care products և programs that promote overall health. Also, here’s your sportswear category.
3. Ability to engage strongly with the committed community
Who would not want to be one of the executives in charge of և being empowered by loyal, value-focused consumers? One of the advantages of social media is that it allows consumers and brands to tell personal stories that lead to market disruption.
People make a record number of purchases online, it will only continue, but the desire for cooperation և connection remains at the core of human existence.
Entrepreneurs who will embrace the ability to build a community will be the ones to win now and in the future.
Health և Health is the perfect industry to use social media և applications that allow you to connect more closely with the consumer.
4. Maximum time to use emerging trends
I have referred to some of these trends, but it is possible that emerging’s future health leaders will realize the following:
- Natural և pure labeling product They are “kings” in a number of areas, such as supplements, food services, sleep enhancers, and more recently, cosmetics, skin care. Reassess your development roadmap to see if you have more opportunities to import natural or health-based products or to purchase a natural / clean product line.
- Personalization – This preference is now more widespread than at any time in history. Consumers are more willing to give up some privacy for more personalization. Find these ethical ways to make sure your guardrails are safe for your business and that your customers’ data stays safe. This preference is now more prevalent than at any time in history. Consumers are more willing to give up some privacy for more personalization. Find these ethical ways to make sure you have the right protective handrails to benefit your business while protecting your customer data.
- Digital is here to stay Create uninterrupted digital offerings to make sure you meet your customers where they are, not where you think they should be. In addition to building a TV channel partnership, consider supply chain, package size, marketing, or the like for e-commerce. For service offerings such as gyms, use a complete online strategy to create app-enabled features that keep consumers engaged across the ecosystem.
- Influencers: – Use powerful devices to win over consumers or push them to the finish line. I recommend working with an agency to identify people who will naturally match your brand: who will really impact your target customer base.
To win in a crowded, growing, competitive healthcare industry, you need to have a digital understanding and pay close attention to analysis. This will allow you to make informed, data-driven decisions about your business.
You need to build an ecosystem, a community of loyal followers, you need to have a fast-paced business model that will allow you to outperform larger but slower companies. Innovation and market speed are two of the keys to success in today’s healthcare market.
Wellness will stay here as consumers around the world plan to increase their spending on personal health, appearance, fitness and more. If the epidemic has taught us anything, it is that physical and mental health will long be a priority for millions of people around the world.