COLORADO SPRINGS, CO--(Marketwired - September 13, 2016) - The home is the new doctor's office of choice for many consumers, as health care continues to shift from the institutional settings to "wherever the patient is."
According to new research released by the Global Market Development Center -- a leading trade association that connects its members to innovation in the marketplace -- home health is being fueled by a number of factors, including a shortage of primary care physicians and increasing costs throughout the entire value stream of today's health care system. Already, eight in 10 consumers prefer using OTC self-treatments before visiting a health care professional in an effort to reduce personal expense and frequent clinics and physician's offices less often.
"For retailers and manufacturers, the market potential in home health is significant, and it's being driven by the consumer taking ownership of their own health and wellness. This is just the tip of the iceberg -- there is downstream innovation on the horizon that will continue to drive market opportunities, and we're working diligently to help our members capitalize," said Patrick Spear, president and CEO of GMDC. "Nearly every household in the U.S. is engaged in self care in one way or another. From smart scales, to ingredient scanners, to brain activity monitors, retail is the primary pathway for the patient-consumer to better manage their own health. The home has become the place to address most chronic -- and some acute -- conditions, and the consumerism of health care is not just a trend, it's the future."
Dave Wendland, vice president of strategic relations for Hamacher Resource Group, Inc., describes a home health model that places patient empowerment at the center.
"Patient empowerment means putting the patients and those who may be helping to care for them in charge with the right tools and knowledge," said Wendland. "In the health care continuum, the patient is surrounded by market trends such as the self care movement as a whole, transitions in care from the hospital to the home and -- perhaps most impactful -- advances in technology."
Digital health care options, including telemedicine consultations and mobile health apps and trackers, allow consumers to become "ePatients." Research predicts the number of consumers using home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million consumers by 2020.
These insights were part of GMDC's latest research paper, "Home Health: Preparing for the Future of Retail Health Care," which was fueled by member companies including Crossmark, Navajo Incorporated, Johnson & Johnson Consumer Inc., AmerisourceBergen, BigTime Products, Energizer, Unilever, Hamacher Resource Group and Nielsen.
Global Market Development Center (GMDC) energizes members and the marketplace by advancing a culture of Connect-Collaborate-Create-Commerce. As the leading GM and HBW trade association, GMDC is dedicated to serving its ecosystem of more than 600 General Merchandise and Health Beauty Wellness retailers, wholesalers, suppliers and service/solution member companies by enabling consumer-facing innovation and retail reimagined. GMDC's combined member volume represents more than 125,000 retail outlets and more than $500 billion in sales. To learn more, visit www.gmdc.org.