A dynamic consumer health (CH) industry is focused on promoting well-being and extending healthy lifespans. CH companies use genetic, healthcare and behavioural data to develop personalised, science-based products and services. AI-enabled diagnostics, digital tools, wearables, FemTech and AgeTech tools empower self-care. Companies can generate a feedback loop using health data and real-time consumer feedback to enable outcome tracking and continuous innovation. Sustainable practices and evidence on commitment to ESG principles help differentiate companies and improve trust.
There are several cross-cutting constraints that could affect the prediction (not having the right skills and talent, funding models, approach to regulation, and data governance in place). The prediction can be realised by turning the constraints into enablers by:
Personalised nutrition: ZOE is a health science company that combines nutrition science, digital technologies and AI to predict the responses of individuals to food, according to individuals’ genetics, metabolic determinants and other individual characteristics, and meal context and composition.
Anti-ageing and longevity market: The global complementary and alternative medicine for anti-ageing and longevity market is expected to grow at a CAGR of 21.5% from 2024 to 2030 driven by an ageing population and increasing awareness of holistic well-being.
Deloitte’s latest predictions perspective puts forward a thought-provoking view into the expanding role of the consumer health market – bridging the divide between personal health goals and health care support and intervention.
In a world where AI knits together seemingly disparate strands of information with blinding efficiency, it is little wonder that the same technology can empower individuals to better understand and explore their own health.
From an Australian policy perspective, adoption of these technologies is aligned with an ongoing and interesting shift in the locus of knowledge and control of information from the healthcare provider to the individual. Australia has a tight regulatory control around the advertisement and influence of consumers with respect to healthcare interventions (for example, advertisement of pharmaceuticals or the clinical capability of clinicians as judged by consumers).
The Australian market for such companies is steadily expanding including those which utilise AI. For example, the recently piloted fem-tech product ‘Ovum’ which is marketed as a holistic health assistant to support women and overcome the barriers women face in accessing care through traditional health system avenues.
Indeed, consumer health products have the capacity to bridge access barriers which some vulnerable populations face in accessing care through mainstream services. Equally, access barriers to such products (digital literacy, access to internet, health literacy) can serve to further deepen the divide.
As is the case globally, the capacity for this market to drive positive health outcomes will be dependent on the data security and governance and quality/regulatory frameworks which must contemporaneously expand to meet this change.
Our predictions series for the life sciences and healthcare Industry looks ahead to the year 2030 to help you to see what’s coming and to keep your organisation moving forward.
If you would like to discuss any of the points raised in our predictions, please do contact one of our specialists listed below.
Read other predictions in the Series