Healthcare market analysis is necessary to provide best patient care, which is crucial in an industry lauded for its focus on people, particularly in a pandemic-ravaged globe.
Without market analysis, healthcare sector experts would not have an in-depth grasp of their patients’ requirements and habits.
In addition, it enables practice providers to grow their patient network and boost their patient retention rates by enabling them to supply patients with goods and services that are specifically tailored to their requirements.
This article instructs healthcare market analysisers on how to do market analysis in the healthcare industry.
Defining Healthcare Market Analysis
Utilizing both primary and secondary sources, market analysis investigates the potential of a new product or service. Primary sources use methodologies such as in-depth interviews, focus groups, and ethnographic analysis to learn how goods are used, how they may be improved, and how they can be simplified.
Statistics papers, scientific journal articles, and market analysis pieces are all examples of secondary sources.
The notion of market analysis is applied to the healthcare sector in healthcare market analysis. Instead of measuring product use, healthcare sector experts do market analysis to see how their services might benefit patients more (and how they can reach and retain more patients).
Analysis of the healthcare market entails doing analysis and evaluating data to assess the financial stability and development potential of the sector. This is accomplished by identifying income sources and competitors.
Healthcare market analysis is also known as healthcare environment analysis. Customers, competitor businesses, and resource providers compose a company’s business environment.
For a healthcare-related firm to generate a profit, consumers must pay a price for goods or services that exceeds the cost of supplying them. The amount a corporation may charge is limited by competition, but suppliers can reduce their own profits by increasing their own pricing.
Therefore, market analysis in the healthcare industry demands excellent analysis. A quality study helps an investor or entrepreneur assess potential profit based on the industry’s economic characteristics and degree of competition.
In healthcare market analysis, quantitative and qualitative analysis methods are used. Quantitative analysis calculates ratios or percentages that characterize the financial health of the healthcare industry using statistical data.
Qualitative analysis relies on an individual’s interpretation of facts, news articles, statistics, and industry expertise.
Typically, this kind of market study is used to generate hypotheses about future development or profit potential. Relevant data for quantitative and qualitative analysis may be available in published reports from healthcare sector trade periodicals, financial analysts, and industry firms.
Free information is also easily accessible over the Internet; nevertheless, the source should be assessed based on its currency, reputation, and authority in the healthcare business.
Once data is collected, healthcare market analysis necessitates an evaluation of the industry based on market size, demand, competition, the bargaining power of suppliers, and entry obstacles. The size of a market is calculated by analyzing the sales numbers of the leading companies or organizations within a market segment.
Smaller marketplaces result in less demand and less earnings for businesses. For instance, a healthcare market study may conclude that the business is vast and will continue to expand as a result of rising life expectancies and medical and technological advances.
The examination of market competition in the healthcare business depends on the company’s industrial sector. A few corporations may monopolize the healthcare equipment industry, for instance.
However, hospitals may compete with insurance firms that provide managed care plans for patients and contracts.
How difficult it is for a new business to join the healthcare market is determined by entry barriers. An review of the healthcare market may suggest that beginning costs for healthcare providers are expensive, hence limiting the number of new enterprises that may join the industry.
In addition, government rules intended to safeguard the quality of goods and services may limit competition and increase costs owing to licensing and compliance requirements.
The Importance of Conducting Healthcare Market Analysis
Although the healthcare business depends on services and goods to keep people healthy, this industry-specific market analysis is seldom undertaken.
Healthcare market analysis must be emphasized since it paves the way for improved care, which is what the healthcare sector is all about. Utilizing market analysis techniques to have a thorough grasp of this target market is the most effective approach for healthcare providers to achieve success in the sector.
Having access to the appropriate analysis may be a doorway to establishing a solid reputation, gaining more patients, receiving positive reviews, and being a trusted resource in the community.
As you get a deeper understanding of your patients’ desires and requirements, the quality of your treatment will improve, and you will win their confidence.
Primary Healthcare Market Analysis
Secondary market analysis is the collection of already released data. By obtaining high-quality market analysis papers, this process may be expedited. They give in-depth data, statistics, and findings that identify regions and themes for which primary analysis is necessary.
Here are some secondary sources for healthcare market analysis:
- Published market analysis studies are an invaluable source of data. marketanalysis.com’s healthcare market analysis area is an excellent starting point.
- Consumer studies and industry data are the ideal beginning point for investigating target markets and trends. Visit Statista for trustworthy healthcare-related reports.
- The websites of healthcare providers, i.e. your rivals, are often a natural place to begin market analysis. You may locate relevant annual reports, investor presentations, and other material that reveals where you are in your sector and what areas you need to concentrate on for your main market analysis.
- The NCBI is replete with secondary analysis data relevant to patient care.
- UpToDate is a medical resource that has been shown to enhance patient care by offering clinical decision support.
- BMC Health Services analysis is a collection of journal articles on issues associated with healthcare practices, such as policy, the health workforce, health services analysis methodology, and procedure.
- Census data may also be used to investigate demographic statistics.
Tips for Healthcare Market Analysis Surveys
Without replies, market analysis surveys in healthcare are useless. Follow the following guidelines to increase your response rates:
- Target Your Demographic: Select a population appropriate to the objectives of your survey. If this audience is difficult to contact, you may want to use software to locate survey respondents who fulfill your requirements.
- Prioritize Request Specificity: Keep your queries straightforward, with as few steps as possible. The more replies you get, the simpler your survey should be.
- Be Mindful of Survey Length: As a professional in the healthcare field, you are well aware of the value of time. Ensure that your survey is not too lengthy, so that responders can easily fit it into their schedules.
- 5 to 15 minutes of shooting time is recommended. You may make it more manageable by allowing responders to answer just the items that are most relevant to them using skip logic.
- Offer Incentives: You may increase your survey response rate by providing survey incentives such as discounts, coupons, gift cards, or even cash prizes.
Healthcare Market Analysis Use Cases
The aforementioned strategies are only useful if you know how to implement them; thus, let’s examine some use examples. Here are a few methods to utilize healthcare market analysis to broaden your reach and enhance the entire patient experience:
Evaluate healthcare access: You may study the advantages and obstacles to healthcare for populations with limited access while evaluating healthcare access (for example, low-income and senior citizens). Best outcomes may be achieved by targeting rural and urban people.
Improve business operations: This metric evaluates the efficacy of your business’s activities. It enables you to determine where further assistance is required and where systems may be modified.
Healthcare feedback questionnaire: This poll helps you determine whether your patients are content with the treatment they received, if they were attended to promptly, and if their requirements were addressed.
Women’s health analysis: Women’s health analysis enables the monitoring of the treatment provided to female patients, including their perspectives, worries, and anxieties. This is particularly crucial for gynecologists and others who offer women-specific health care.
Healthy lifestyle programs: This reveals if patients are interested in secondary health programs such as health and wellness workshops, smoking addiction treatment, stress reduction, weight management, mental health assistance, etc.
Teen health survey: This survey provides a safe space for kids to contribute information about their health habits, tobacco, drug, and alcohol usage, bullying, and family concerns. You may utilize this information to develop individualized programs for your adolescent patients.
Upgrade your Patient Care with Healthcare Market Analysis
Healthcare market analysis may assist you comprehend your patients’ needs in order for them to be healthy and satisfied with their treatment. Staying on top of your healthcare business is not restricted to day-to-day operations; you must also monitor patient satisfaction to maintain a positive internet reputation. In this situation, surveys may be beneficial.
Market analysis in the healthcare industry is essential, but it should not take time away from patient care. In order to support your healthcare market analysis operations, you need a comprehensive online survey platform. Using an online survey platform, you may get the data necessary to enhance your practice.
In addition, internet surveys are one of the few types of primary market analysis where no in-person interviews are required (making them pandemic-proof). They are the finest approach to learn about your patients’ requirements and adapt your practice appropriately.
3 Steps that may help you with your Need for Market Analysis.
1. If you are planning to conduct analysis on this market, start by addressing the following basic questions.
What are your objectives?
- Do you want to investigate the whole market or just a portion of it?
- Do you want to collect feedback from customers (patients) and/or suppliers of goods and/or services to them?
- Are you anxious about the reception of a new product or service?
- Do you wish to know what your competitors’ future plans are?
What is the overall landscape of your market(s)?
- How large is it? Key portions? Trends?
- Who are the leading rivals?
- Where do you find them?
- What is the distribution and supply chain structure?
Who precisely are your target customers, and what are the characteristics of respondents you wish to hear from?
- Are end-users both the decision-makers and the purchasers? Or do others (such as physicians, spouses, or parents) have a part in the buying decision?
- What kind of acquisitions are impacted by others? (e.g. prescription or non-prescription medications, nutritional supplements, vitamins)
- Are there any patient demographics that are of particular relevance (children, the elderly, gender, certain disorders or medications)?
- Exists a list of possible analysis participants, or must you recruit a representative sample?
2. Next, you can move into addressing other key questions, such as
- What is the perception, reputation, and/or image of your company and/or brand?
- Which products or services are comparable to yours?
- What inspires consumer purchasing?
- What is the probability and frequency of future purchases?
- How successful are your communications and messages?
- Where are your communications seen or heard, and how often?(such as at a doctor’s office, on PCs, cellphones, cable TV, or periodicals)
3. Finally, you should decide whether to use qualitative, quantitative, or both types of analysis to ask questions and collect data.
- Personal interviews (either in-person or over the phone) and focus groups, as well as diary studies and surveys, often address very sensitive health concerns. It may be simpler to do in-person or telephone interviews with physicians, and focus group or internet surveys with patients. Frequently, a mix of approaches and responder groups will provide the ideal data to address your issues.
- Choosing the technique and understand the method of analysis.
- When developing questions, you may desire to assess how respondents respond to the relative relevance of certain product features or their sentiments around pricing points. The acceptability and likelihood of purchase may be predicted depending on which of numerous choices is given using the method of conjoint analysis.
- Or, you may like to determine how your brand compares to that of your rivals and which elements have the most impact on these views. Utilize brand equity analysis, in which each aspect of a brand may be scored or rated to determine what factors most heavily towards its overall preference.
- Another strategy incorporates the actual consumption of a product by a person, followed by their opinions and emotions. In certain studies of attitudes and use, responses to “pre” vs “post” questions may reveal any changes in perception.
- When picking a third party to assist you, you should seek for analysis businesses with staffs who are trained and experienced in asking sensitive and frequently challenging questions. Additionally, check their capacity to recruit suitable people and achieve adequate participation rates. Lastly, acquire the ability to evaluate, interpret, and present data to aid in decision making.
6 ways to conduct healthcare marketing analysis without sacrificing patient security
Like a healthcare provider, you must undertake marketing analysis to explore methods to better serve your consumers — just as you would for any other company — in order to establish the marketing techniques that will help you attract new clients.
However, unlike other companies, healthcare providers are required to adhere to the Health Insurance Portability and Accountability Act (HIPAA). Use HIPAA-compliant systems and get patients’ consent before remarketing advertisements or sharing information that you believe is acceptable for public viewing.
HIPAA infractions may result in expensive penalties, thus it is vital to prioritize patient privacy in your healthcare marketing analysis. Here are six methods for collecting marketing insights that are maximum helpful and less intrusive.
1. Conduct a competitive analysis
A comparative study compares your healthcare company’s goods, sales, and marketing methods with those of its competitors. You may then adjust your marketing plan to emphasize your competitive edge.
Suppose you are the only obstetrician-gynecologist in Atlanta, Georgia who provides water deliveries. This is an indication that you should concentrate your marketing efforts on pregnant parents who are interested in alternate types of labor.
SEO firms like as SpyFu and SEMrush provide insight about the performance of other OBGYNs’ marketing campaigns. Their search engine optimization (SEO) examines the quality of your rivals’ content and the visibility of their websites.
In the graphics below, for example, we compare the SEO of three Atlanta, GA OBGYN offices. Through SEMrush’s Keyword Gap, you can compare the keyword profiles of up to five rivals side-by-side.
In this instance, we compare Gyn-Care, Prestige Healthcare, and Obstetrics and Gynecology of Atlanta based on their root domains, which are URLs that include all of a website’s content.
On the left, you will see the top chances for keyword volume and keyword overlap, followed by a chart including all the keyword information for the three practices. Right, the Venn diagram reveals that Obstetrics and Gynecology of Atlanta (in orange) leads the keyword search.
Using SEO tools enables you to determine which other healthcare providers in your sector rank well and how you compare to them in general. These statistics will guarantee that you undertake a comprehensive examination of the competition.
2. Analyze your advertising efforts
Analyze the data of your current advertisements to see which advertisements and platforms are generating traffic and interaction. For instance, are you seeing greater success with a Facebook campaign than with newspaper banner ads? Utilize this data to plan future marketing initiatives.
While you may utilize vital analytics tools to determine how individuals engage with your advertisements, you should avoid remarketing to safeguard patients’ Protected Health Information (PHI).
Retargeting, also known as remarketing, allows cookies to provide customized advertisements throughout the web to website users.
Suppose Jimmy has just been diagnosed with lung cancer, and he then searches online for cancer treatment facilities. If his spouse uses the same computer and sees an advertisement for your firm that reads “#1 Lung Cancer Center,” there has been a breach of PHI due to retargeting.
To comply with HIPAA, acquire only non-PII information (Personal Identifiable Information). In healthcare marketing analysis, it is acceptable to utilize variables such as a first name, a city of residence, or even something as particular as a blood sugar level (without the entire name, of course).
For instance, you may determine that Sarah, age 50, from Omaha, Nebraska, clicked on your ad. But anything that includes her complete name, home address, or email address is deemed PII, breaching HIPAA and jeopardizing patient privacy.
The advertisement below for HealthCare.gov on Facebook is captivating and HIPAA-compliant. HealthCare.gov has a clear, concise explanation that expresses urgency, proactive imagery, a catchy title, and a link to their URL for further information. All the nice things, without the use of PII.
3. Look at incoming patients engaging on your website
Integrating CallRail’s HIPAA-compliant Form Tracking into your healthcare marketing study will enhance its efficacy.
When patients complete forms and interact with your website, you will be able to track their origin. In addition, it has encryptions, firewalls, and secure user access, so your patients may be certain that their protected health information (PHI) is secure.
Form Tracking functions similarly to Call Tracking in that it indicates which marketing activities prompt your best leads to call. However, instead of monitoring phone conversations, form tracking reveals the origin of those who submit forms.
Utilize the data to grow your leads, optimize your landing pages, and enhance your campaigns for higher-converting forms. Consider releasing a blog article that may act as a resource regarding a certain process, for instance, if people are using your internal search bar to hunt up information about a particular surgery.
When you activate form tracking on your whole website, you can be certain that you are gathering the most accurate and complete data possible without compromising user privacy.
4. Create surveys and questionnaires to get direct feedback
Surveys are an efficient method for communicating directly with your audience about their desires and experiences, and adjusting your marketing strategy appropriately.
However, healthcare providers must ensure that the survey data they acquire (and the manner in which they obtain it) is consistent with HIPAA. Form Tracking generates effective questionnaires and surveys.
It is essential to tailor the structure of your survey to your intended audience. With Form Tracking’s Form Builder, you can create your survey and configure automatic answers or alerts based on the results you get.
Allowing respondents to reply to surveys in the manner that is most convenient for them will provide more responses and more accurate data.
- Younger individuals may likely be more open to responding to online or email surveys. Since young and middle-aged folks are used to using smartphones, send them a text message to keep an eye out for your survey.
- Virtual surveys are more practical and boost the response rate. The questions in the health insurance survey on the left are simple and succinct, allowing consumers to reply and submit their replies quickly.
- On the other hand, elderly individuals may prefer receiving surveys or questionnaires at their home address or completing them on their next visit to your office.
5. Interview your patients
Direct communication is the most effective method for getting to know a patient. In-depth dialogues may be conducted via one-on-one interviews or larger focus groups. Discussions enable you to go further into issues or themes than is possible with a survey, offering extra essential information that can be used to create more successful marketing plans.
During interviews and focus groups, ask patients open-ended questions that allow them to direct the discussion and share their concerns. To get the most valuable feedback, enroll a broad group of patients and provide an atmosphere in which they feel comfortable being honest.
- Here are five ideas for open-ended inquiries to ask.
- How did you hear about our company?
- What are three aspects of our practice that you appreciate?
- What were your prior experiences in healthcare before joining our team?
- What steps might we take to enhance the patient experience?
- Are you OK with us publishing your replies from this interview?
To conduct interviews and focus groups in compliance with HIPAA, you must have the patients’ specific consent. (This often involves getting them to sign a paper.) If you perform virtual interviews, CallRail assures that all data is protected and secured with Conversation Intelligence.
Conversation Intelligence transcribes and analyzes your phone conversations using artificial intelligence (AI). The system then presents actionable information from these conversations through Call Highlights.
With Discussion Intelligence, you may define terms inside a conversation that match your predetermined criteria.
Conversation Intelligence further includes Automation Rules. Here, you provide the key phrases you want to find, and AI determines where these terms were used throughout the conversation.
Conversation Intelligence’s insights can assist you in better understanding your audience and making educated choices about how to enhance the services your healthcare institution offers?s and surveys.
6. Leverage what your audience is saying online
You may learn about what matters most to patients by reading their online comments. Consider using social listening platforms like as Brandwatch, NetBase Quid, and Synthesio to facilitate the process. Each may aid in gaining insights from social encounters.
Focus on social media channels such as Twitter and Facebook, as well as review sites such as Google Reviews, Trustpilot, and Extole. Your present and potential patients rely on social media and review sites for many types of information, including healthcare recommendations.
Keeping an eye on these channels allows you to determine which components of your profession are successful.
You may mine favorable user evaluations for marketing purposes in addition to utilizing them to get information about your patients. For instance, put a screenshot or statement from a delighted patient on your website, where future patients may see it.
Remember that it is important to get the patients’ consent prior to highlighting the information they offer.
Add connectors to your internal communication channels to offer feedback as it arrives if you want a more automatic method of monitoring and sourcing evaluations.
You may set up a tool or channel on the platform to gather all of your reviews from platforms that exchange reviews so that you can see them in real-time.
ReviewBot, for instance, is a review automation platform that can be linked with Slack and monitors reviews posted on Yelp, Google My Business, and anywhere else your company is referenced.
Prepare the path to patient-centric marketing analysis
Market analysis that complies with HIPAA will secure your healthcare practice. Then, enhancing its marketing methods will contribute greatly to its expansion.
A strong visual presence is the foundation of a successful marketing campaign. To attract new patients, your website, social media platforms, and advertisements (all HIPAA-compliant, of course) must be clear and engaging.
To establish strong first impressions, you must know exactly which prospective patients you want to attract. Using CallRail’s platform offers you with the data necessary to patient-focus your advertisements, content, and website as a whole. Doing so will demonstrate that you always put their needs first.
Why Conduct Market analysis In The Healthcare Industry?
Market analysis is often utilized for consumer packaged goods, new technological products (particularly apps right now), and evaluating the performance of service-based businesses.
Using approaches such as in-depth interviews, focus groups, and ethnographic studies (including online, mobile, and in-person), market analysisers are able to comprehend how consumers use goods, provide ideas for product improvement, and address service and delivery gaps.
The healthcare business delivers both services and goods, but market analysis is not always a top focus for healthcare providers and firms that produce healthcare-related products and technologies.
Fundamentally, the healthcare sector is about serving people and delivering care. People are the core of final services, and qualitative market analysis approaches are the most reliable and effective way to understand them.
Many hospitals and healthcare technology businesses conduct surveys, but surveys alone are insufficient to uncover the fundamentals of how people search for healthcare providers, what they feel when getting treatment, and how healthcare goods and technology are used and function.
In the healthcare industry, we apply the following methodologies to perform people-to-people market analysis.
In-depth interviews in healthcare settings
In the healthcare industry, in-depth interviews are one of the most often employed market analysis methods. Instead of interviewing individuals in a group environment, as we do in focus groups, in-depth interviews are conducted one-on-one, either in-person or by phone.
They may range in length from 20 minutes to over an hour and enable the analysiser to engage in a more in-depth conversation with a single subject while maintaining the individual’s anonymity.
Due to the delicate nature of health matters, in-depth interviews are an ideal method for speaking with individuals in confidence and obtaining their thoughts on healthcare topics, such as how they use services and their health problems. In a normal analysis, we will conduct interviews with 10 to 50 people.
Ethnographic analysis in healthcare settings
In the sphere of healthcare, ethnographic analysis is another prevalent strategy. It is possible to do ethnographic analysis in person, through mobile devices, or online.
Adapted from anthropology and sociology, ethnographies are “field” studies that depend on observation and interviews to reveal how people use items, engage with technology, and seek out and utilize services.
Due to the nature of observation, the field analysiser is able to capture participant behaviors and feedback. It is a more dependable approach than recollection, since people’s memories of previous occurrences are often inaccurate.
For certain studies, we may combine customer journey mapping, in which we examine how people use a healthcare provider’s website, for instance, with how individuals seek out services from providers through other channels, such as phone referrals or asking friends and family about healthcare issues.
Focus groups in healthcare settings
Focus groups are the third market analysis tool used in healthcare settings. Focus groups are very effective during the new product development phase.
For instance, if a healthcare technology or product company is looking for ideas from consumers (either B2B or B2C) about what to include in a product or service, the group-brainstorming format of focus groups generates ideas and feedback that we could not otherwise glean from individual interviews alone.
Frequently, we do a hybrid analysis combining focus groups and ethnographic studies, enabling us to watch individuals in their natural environments before bringing a group together to generate more product and service development concepts.
In “people-centered” industries, market analysis is a must
As the healthcare business grows more specialized, simplified, and consolidated, organizations are increasingly searching for methods to enhance service and provide customized solutions.
Market analysis – qualitative market analysis – depends on person-to-person interview and observation methods, making it the most effective method for comprehending how people use and consume goods and services.
Frequently asked questions
What is healthcare market analysis?
Healthcare market analysis is study that aids healthcare sector professionals in comprehending the wants of their patients, expanding their patient networks, and boosting patient retention rates.
Why should you conduct healthcare market analysis?
Utilizing healthcare market analysis to guide your practice enhances patient care, boosts your practice’s reputation, draws patients, elicits positive evaluations, and positions your practice as a recognized entity in your community.
What are some primary healthcare market analysis methods?
Utilize online surveys, focus groups, telephone interviews, and ethnographic (field) analysis for primary healthcare analysis.
What are some secondary healthcare market analysis resources?
For secondary analysis on the healthcare market, consult resources such as published market analysis reports, consumer reports, and industry reports, healthcare provider websites (such as those of your competitors), the NCBI for patient care analysis, UpToDate for clinical decision support, BMC Health Services analysis for healthcare best practices, and census data for exploring your demographic information.
What are some tips for healthcare market analysis surveys?
Target your group precisely, emphasize question clarity, reduce survey length to a minimum, and give incentives to increase survey participation for the finest healthcare market analysis surveys.
In healthcare, market analysis is the first step in creating a successful business model or creating new healthcare products and services. This article shows you how to do a market analysis. You’ll learn the importance of understanding your market before you start developing your product or service.
A good market analysis is based on information gathered from industry experts, current trends, market research, and the opinions of your customers and users.
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