Latest GMDC white paper projects bullish self care market

COLORADO SPRINGS, Colo. - According to new research released Tuesday by the Global Market Development Center, self care 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," stated Patrick Spear, president and CEO of GMDC. "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," he said. "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."



"Patient empowerment means putting the patients and those who may be helping to care for them in charge with the right tools and knowledge," added Dave Wendland, VP strategic relations Hamacher Resource Group. "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 white paper, "Home Health: Preparing for the Future of Retail Health Care," which is available to members of GMDC.



Sponsor companies include Crossmark, Navajo Incorporated, Johnson & Johnson Consumer, AmerisourceBergen, BigTime Products, Energizer, Unilever, Hamacher Resource Group and Nielsen.