McKinsey Report: Wellness is the next trillion dollar industry
A recently published McKinsey Research Report catalogs the anticipated growth of the consumer health industry and outlines three trends companies need to be aware of:
1. The consumer market is changing: expect developing economies to dominate in growth of consumer health spending – approximately 70% of over-the-counter (OTC) drug sales growth is expected to come from emerging markets, half of that from Brazil, Russia, India, and China.
2. Consumer behavior and attitudes are changing: consumers use the internet to research a broad array of health options – 96% of American adults who use the internet use it to look up health information- and are open to many different health options, including ‘alternative’ medicine – the North American market for alternative medicine is $16.4 billion.
3. The business landscape is changing: Retailers across all industries are expanding into health and wellness. Direct to consumer products and services are particularly ripe for disruption. A broad range of traditional and non-traditional healthcare players are diversifying their offerings in consumer health.
Image from Flickr user leo.prie.to