ZURICH--(BUSINESS WIRE)--According to findings from an online survey of 1,200 people living in New York City, Munich and New Delhi, most would readily trade premium medical care for access to healthier living options, such as more nutritious food, health education, exercise and innovative healthcare technologies, and say that they are willing to pay for improved health and well-being—underpinning an important shift in mindset away from health ‘care’ and toward ‘prevention’ that is hastening demand for salutary products and services and creating significant business opportunities around the world—this according to Bain & Company, a knowledge partner of the World Economic Forum and part of its Healthy Living initiative. Key findings from the survey and research are captured in a report entitled, “Growing Business Opportunities for Healthy Living.”
According to the survey, nine out of 10 respondents, rich and poor alike, said they are willing to spend and invest more in products that support healthy living – even as much as five percent or more of household income. Eight out of 10 reported significant impediments created by everyday life that interfere with a healthy living regimen, such as stress, lack of time and poor habits.
More than half readily admit they are not meeting the World Health Organization’s recommended minimum physical activity levels. And more than 70 percent want health insurers to focus more on keeping people healthy, educating patients and rewarding them for healthy behavior.
“A healthy lifestyle is no longer just a story in the style section or something only fitness fanatics value—for a growing number of people around the world, health and well-being are becoming the new status symbol,” said Norbert Hültenschmidt, a Bain partner in Zurich who heads the firm’s Healthcare Practice in Europe, the Middle East and Africa and leader of Bain’s ‘healthy living’ global initiative. “Consumers understand what they need to do, but they need a lot more help doing it and enabling them to move from good intentions to healthy behaviors. The ‘new producers’ of healthy living, those that personalize their products and offerings creatively, or develop the market for a product yet to be invented, will create enormous value—for shareholders and the world.”
The survey findings carry broad implications for businesses, with the greatest opportunities seemingly in healthcare payers, providers, insurance, pharmaceuticals, medical and consumer technology and consumer goods. Though survey results are mostly consistent across regions, they do present regional variations based on culture, geography and demographics, and these distinctions will likely shape how firms customize their approach to opportunities in different parts of the world.
All groups aspire to better health, all face challenges and all are clamoring for services, products, programs and policies to overcome the barriers to living healthier. New Yorkers report having the best understanding of what it takes to maintain a healthy living lifestyle (85%). Germans had an understanding nearly on par with New Yorkers, but had the least interest of the three groups in wanting to follow a healthier lifestyle, or saying that healthy living was among their top three personal priorities. Indians, for whom the survey sample skewed toward the more highly educated, were also the most eager for healthier options of all types and were the most willing to spend on online health services; though responses in New Delhi revealed contradictions, such as reporting to be the most well-read on healthy living topics without demonstrating greater knowledge through their responses, and though Indians reported being the most engaged in physical activity, they were the group most preoccupied with chronic disease, with more than half of those under the age of 40 citing a fear of contracting one within the decade.
Among the survey’s additional findings:
- Consumer goods companies – food producers and retailers, sporting goods and exercise equipment makers and similar – have significant potential upside from rising demand for healthier options, even at greater cost. But firms need to recalibrate their offerings to make them more personalized, convenient and accessible
- Tech and telecommunications firms that can provide digital tools and other facilitating products and services will be in demand particularly in India, where demand for online health services is most pronounced
- High stress levels present the biggest impediment to healthier living for residents in New York and in New Delhi. Munich residents named poor habits the biggest hurdle. New Delhi residents appeared the most constrained, citing factors such as time and expense.
- Consumers place limited trust in pharmaceutical companies; these companies need to go beyond their products to find more innovative, salutary approaches to support patients
- New York and Munich residents were more inclined than Delhiites to oppose government regulation and intervention for healthier living, e.g., limiting calories, transfats, and salts, and imposing higher insurance premiums for high risk factors such as obesity
- New York and Munich respondents don’t trust food and beverage, and companies for reliable health information. Delhiites are more trusting across the board, especially for pharmaceutical firms; hence business barriers in India are potentially reduced
- While Munich residents were less likely overall to spend on healthy habits compared to New Yorkers and Delhiites, the one significant exception was for healthier food: More than half of Munich respondents said they would spend more for it
“Healthy living was a major topic on the agenda at this year’s World Economic Forum,” said Tamara Olsen, a Bain healthcare partner who co-authored the report and a member of the influential World Economic Forum Young Global Leaders. “It’s time now to pivot from dialogue to action and help bring healthy living options to willing consumers around the world.”
To receive a copy of Bain’s “Growing Business Opportunities for Healthy Living” report or to schedule an interview with Norbert Hültenschmidt or Tamara Olsen to learn more, please contact Cheryl Krauss at email: cheryl.krauss@bain.com or +1 646-562-7863, or Frank Pinto at email: frank.pinto@bain.com or +1 917-309-1065.
About Bain & Company, Inc.
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