disruption and innovation in the top-three digital health markets
TRANSCRIPT
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Harry Wang, Senior Director of Research
July 28, 2016
Digital Health Webcast:Disruption and Innovation in the Top-three Digital Health Markets
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This was a live Parks Associates presentation on July 28.
To download the entire presentation, including the audio recording, visit:
http://www.parksassociates.com/health-2016-ss
Download Full Presentation
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About Parks Associates
Expert Analysis and Forecasts
Business Models
Competition
New
Prod
ucts
Value Chain
Consumers
New
Serv
ices
The company's expertise includes• Internet of Things (IoT) • Digital Media & Platforms• Entertainment Services • Streaming Media Devices • Augmented Reality/Virtual Reality• Home Networks• OTT & Pay TV services• Cloud Services• Privacy and Security • Big Data• Digital Health & Wellness• Mobile Applications and Services• Tech Support Services• Consumer Apps• Consumer Electronics • Home Control Systems and Security• Smart Home and Energy Management
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›Connected Health Summit: Engaging Consumers spotlights health technologies as part of the Internet of Things (IoT) phenomenon and the transformational impact of these connected solutions on the U.S. healthcare system.
›This focus provides strategic insights into consumer engagement, care accountability, service innovations, and platform design to determine successful approaches in the deployment of connected healthcare products and services.
›ConnectedHealthSummit.com
›Sample Confirmed Speakers From…
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Parks Associates Digital Health Research Service
Customized Research: Full Assortment of Market
Research Services
Quantitative SurveysFocus GroupsForecast ModelingMarket AssessmentsEntry Strategy
EvaluationsIndustry InterviewsStrategy WorkshopsWhite PapersWebinars
Connected Health Tracker Service
Consumerism of Healthcare:• Effective Engagement through Segmentation
& Personalization (Q1)• Trends, Technology Impact, and Case Studies
(Q3)Digital Disruptions in Healthcare Service
Delivery:• Innovator Leaderboard and Winning
Strategies (Q2)• Innovators Redrawing Healthcare Landscape
(Q4)Consumer Analytics (Quarterly Deliverables)
• “360 View: Empowering Healthcare Consumers”
• Three “360 View Updates”
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Background: Venture Funding
IPOed
Acquired
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Innovations and Disruptions
Doing new thingsVertical progress
Horizontal Progress
Copying things that work
510(K) cleared devices
Healthcare
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The Disruption Formula
Find a broken industry
fraught with …
Leverage technology to
create a solution with better…
Scale Up
Squeeze Incumbents and become
dominant
Look for the next growth
opportunities
Success Stories In other industries
Strivers in healthcare Industry
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What We Learned
Innovations may not be disruptions
Innovations may as well fail
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Evaluate Innovators for Potential Sustainable Disruption
Innovator Leaderboard—Sustainable Disruption Matrix
Disruptiveness of Innovation
Gro
wth
Sus
tain
abili
ty
HighLow
Hig
hLo
w
Disruptive Front-Runners
Visionary Mavericks
Growth Masters
Differentiation Executors
Innovations don’t equal to disruptions
Technology breakthroughs can lead to disruptions only if the underlying business model is financially sustainable
Sustainability of revenue models should be considered along with innovation merits
Key Takeaways:
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Three Leading Innovation Frontiers
Digital Health Solutions Definition Buyer Profiles
Consumer Fitness & Wellness
Digital products, software, and services that help consumers achieve fitness goals and improve overall wellbeing.
Health Optimizers & Savvy Engagers
Virtual Care SolutionsTechnology, solutions, and services that help care providers deliver care without requiring patients to meet in-person
Hospitals, health systems, and some payers
Patient Communications and Education Solutions
Technology and solutions helping care providers improve in-bound/out-bound communications with patients & their families and engage them for education purpose
Hospitals, health systems, particularly those with a high percentage of business tied to shared risk contracts or fully capitated contract
Consumer Fitness & Wellness
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Demand Drivers:
Quantified-self benefits
Lowered product price
Growing integration of fitness/wellness tracking devices into wellness management solutions
Consumer Fitness & Wellness
Industry Trends:
Growing integration of other wellness tracking functions: e.g., sleep, stress, posture
Growing use of video to aid fitness training:
Wellness coaching as a premium service:
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Consumer Fitness & Wellness: Market Landscape
Device App or Service only
Multi-Function
Single Function
Integrate with other sensors
Expand into other smart device categories
Adding software & digital coaching service
Add device support and social features
To Differentiate…
Device + Service
Integrated wellness experience
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Fitness & Wellness Solution Adopters & Targets
49% 54%Current Heavy Users Next Good Targets
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This was a live Parks Associates presentation on July 28.
To download the entire presentation, including the audio recording, visit:
http://www.parksassociates.com/health-2016-ss
Download Full Presentation