Finpro insight on health and Wellbeing

Health and Wellbeing sector trends, opportunities and potential markets for Finnish companies

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The global Healthcare market is expected to grow at an annual rate of 6%. This means that it will be worth USD 20.2 trillion by 2030.* Drivers of market growth are common world-wide: developments in information technology, ageing societies and people’s increasing interest in their own wellbeing.

Several trends are impacting the global health and wellbeing industry. Three of them, Finpro has identified potential markets in which the impact will be the most significant, offering Finnish companies who operate in the Health and Wellbeing sector great opportunities:

introduction

trend 2

increased health aWareness

People now take an active interest in their own health on a daily basis. All over the world, they are searching for better healthcare, wellbeing and long lives – and not only with the help of medicine.

trend 3

integrated Managed care

Humans are made to be on the move throughout our lives. No elderly person want to be institutionalized. When you are in need of care, it should be delivered at home.

trend 1

data revolution and coMMitted patient People want to invest in their own wellbeing more than ever before. There is global demand for technical solutions which have been designed for the Health and Wellbeing sector and enable even better services with higher quality.

Learn more about Finpro Insight on the Health and Wellbeing industry on the following pages!

* Source: : Roland Berger Study„ Weltweite Gesundheitswirtschaft“ 2011

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New information technology allows existing care processes to be re-engineered and care roles to be redefined. Patients will become more active in both their treatment and care management. The use of social media in healthcare is part of this trend. In this new situation, there will be just-in-time access to health information even when we are far from home, and we will also have user-friendly, affordable data management tools.

data revolution:

• Electronicpatientfiles• Real-timedata• Electronicguidelines• Portalsforphysicians-> All these will result in better healthcare services and

improved standards of care

coMMitted patient

• Patientparticipation• Patientconnectivity• MobileHealthapplications• PersonalHealthrecords-> Patients will become partners in their treatment

data revolution and coMMitted patienttrend 1

drivers

• Increasinghealthcarecosts• Skilledresourcesinshortsupplyandunequallydistributed• Technicalprogress(notonlyininformationtechnology)willbe

a primary factor in generating new opportunities to redesign care processes

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Markets

Geographical distribution: opportunities in many regions, with Asia,EuropeandtheUSbeingthemostimportant.

opportunities

Finland started developing solutions for data sharing and the efficient management of care resources for both professionals andpatientsbeforeothernations.eHealthandMobileHealthsolutions, for example, have already been used in Finland for many years. New technological solutions can be used with patients suffering from chronic or lifestyle diseases such as Type II diabetes. Illnesses of this type require long-term intervention and patients must be motivated to become active partners in their treatment. As keeping patients motivated depends on continuing communication and contact, opportunities will arise for digital technologies such as video conferencing services.

interesting exaMples• HealthcareITmarketisexpectedtoreach

USD 162 billion by 2015. Source: http://www.emrthoughts.com

• TheUK’sNationalHealthService(NHS)treatsmore than three million people each week in all settings. Spending over GBP 4.6 billion on consumables alone, it is a major customer for healthproductsandservicesinEurope.Source:NHS

data revolution and coMMitted patienttrend 1

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People are now better informed about health issues and accept their own responsibilities. In one way or another, they no longer accept potentially unhealthy lifestyles and are open to new types of tools, services and forms of nutrition that will help them stay fit and healthy.

• Peoplealsoseek“wellness”outsidetraditionalmedicalsettings, for example through travel, by taking spa treatments and physiotherapy

• Levelsofphysicalactivityandrecreationaltrainingareincreasing

• Consumptionoffunctionalfoodsandhealthytypesoffoodisincreasing

• Healthportalsandhealthapplicationsarewidelyavailableandused

-> This means that consumers are acting as their own health managers

drivers

• Accesstomoreinformation,servicesandtoolsincreasespeople’s awareness of their current health status

• Strivingforwellbeingandhealthcarewithandwithoutmedicine

increased health aWareness trend 2

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increased health aWareness trend 2

opportunities

Illness prevention has a long history in Finland and Finns have developed many solutions in this field. This has resulted in, among other things, the development of research-based devices for measuring and monitoring human physiology, functional foods, and even new forms of exercise such as Nordic walking. We are therefore pioneers in this field, and this knowledge can now be localized for new cultures and new markets.

Markets

Specific opportunities for Finnish companies can be found in Europe,theUS,ChinaandSouth-EastAsia

Source: Paul Zane Pilzer; The Next Trillion Dollar Industry

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IntegratedManagedCareisaseamlesscombintionofinpatientand outpatient care. Patients do not want to stay in a care facility any longer than absolutely necessary, and hospitalization has turned out to be quite costly for society. The point of care will therefore be moved closer to each person’s home. For example, seniors prefer solutions, services and equipment that help them continue to live at home as long as possible. This benefits all stakeholders.

drivers

• Ageingsocietiesworld-wide• Whenrelativelywealthy“Babyboomers”reachpensionage,

they are interested in downshifting and will invest more to achieve it.

• Lifestyle-relateddiseasesandchronicdiseasemanagement: -Cardiovasculardisease,diabetes,cancer,dementia -Chronicdiseasesaccountformorethan60%ofall

healthcare spending globally

integrated Managed caretrend 3

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Markets

OpportunitiesintheIntegratedManagedCaresectorareglobal.

opportunities

Advanced rehabilitation devices and special services for different age groups are enabling people to recover from life-changing health events and remain independent. Technical aids which compensate for disfunctionalities and even items of specially-designed furniture for homes have good potential. Security and communications tools and equipment designed for seniors, as well as home-based concepts that utilize artificial intelligence, are in demand.

Source: Frost & Sullivan, Future of Healthcare

interesting exaMples• Thesheersizeofthesilvermarketin

Asia supports a positive outlook for business. The number is set to grow to the remarkable figure of 1.2 billion by 2050 – an increase of 400%. Asia will then account for over 63% of the world’s total senior; population. Source: http://www.simtech.a-star.edu.sg/TechnicalReports/STR_V9_N4_CD_Version/STR_V9_N4_11_PID.pdf

integrated Managed caretrend 3

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