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6 min

What is healthcare market research and why do you need it

An introduction to healthcare market research and why companies need to conduct it

GrapeData
Sep 24, 2022
Healthcare
B2B market research
B2C market research

Introduction to healthcare market research

Healthcare market research is a process that collects and analyses information about consumer behaviour in the healthcare industry. Healthcare market research can help you stay ahead of your competition by providing insight into consumer needs and preferences. In fact, this is essential for any business looking to survive in today's turbulent economic climate. 

This kind of market research is also useful to test new medications or gather sentiment from healthcare workers or patients. For instance, a recent article published by EY explores whether digital twins can help provide more personalised care for patients. The idea of using digital twins (i.e. technology such as sensors, and wearables to produce a detailed picture of the health statistics of a person) has been gaining popularity. However, the question remains: do we have accurate and complete health data to reach actionable insights? Read the article by EY Health to learn more. 

For a recent case study on healthcare market research in the realm of digital twins, read our blog post linked herewith. 

Uses of market research in the healthcare industry

Market research is a process of gathering and analysing data to answer a question. It's used to find out if there is a problem in the current market. Additionally, it also finds out what that problem might be, and how it can be solved. This information helps businesses make better decisions about their products or services based on their target audience's needs.

The healthcare industry uses market research for many different purposes:

  • New product development: The first step for any business looking to launch something new is determining whether people will want it enough to buy it. If they do, then there's probably enough demand for this new product or service among consumers who are currently not being served; if not, then you may need some more time developing your idea before trying again. When it comes to health, analysis of patent problems to develop the right kind of medication also comes into play. 
  • Product improvement: Marketers spend years studying consumer trends so they can provide consumers with exactly what they want at just the right time—but even after all that work goes into creating something perfect just as soon as customers start buying it again! Additionally, new product development in healthcare is time-consuming. Medications take years to develop and often involve a lot of investment. Healthcare market research helps companies make the right improvements to these drugs. 

Why do you need healthcare market research?

If you’re looking into healthcare market research, or if you want to increase your knowledge of the market, then this section will help you understand what’s out there. Through research, you can also understand what can help your company.

Here is one example of why healthcare market research is so important:

Understanding customers/patients better — This means understanding their needs and desires as well as predicting their future behaviour. For example: If someone has recently been diagnosed with cancer, they might be looking for information about treatments such as chemotherapy. You can find out how people search for this information by conducting a survey of current users who have already gone through this process (e.g., patients). This will help inform decision-making around which types of content should be created that would lead them back into your company!

Who is it for?

When it comes to healthcare market research, there are different groups that can benefit from the insights provided. These groups include healthcare providers, suppliers, insurance companies, and government agencies. Patients may also reap benefits from this type of research if it is conducted properly and disseminated appropriately.

How to conduct healthcare market research?

There are a variety of ways to conduct market research, including surveys, focus groups, and interviews. The most effective way is to combine all three methods in order to get feedback from customers and providers in different ways.

The best way to understand how your customers feel about your product or service is through a survey tool. Surveys allow you to have a wide range of questions that can be answered by anyone who wishes to participate in the study. 

Focus groups offer an opportunity for those who have tried out your product or service before they were introduced into the market (such as beta testers) as well as end users who are currently using it on a regular basis. This gives you an opportunity for feedback from both sides—those interested in participating voluntarily versus those who were required by their employers or healthcare organisations where there may be some bias based on past experiences with similar products/services offered by competitors. 

Thus, focus groups may also offer certain advantages for your healthcare organisation. For more ways of conducting market research, check out this article by Investopedia

Conclusion

If you are in the healthcare industry and want to get a better understanding of how your customers think, feel and behave, then it is highly recommended that you conduct some market research. Healthcare is a sector that is constantly evolving with new disruptive technologies. For the latest possible health-tech disruption, read this article by the FT that discusses how Amazon could change the landscape. 

This will help you efficiently allocate resources for new product development and know the industry more. 

If you are interested in running global B2B surveys in healthcare, you’ve come to the right place. GrapeData offers customised survey solutions for healthcare companies globally. With our geolocation-based survey tools, you can be sure to find survey respondents that fit your project. With hyper-personalised targeting, we provide actionable insights from respondents anywhere in the world. If you'd like to know more, please email us at sales@grape-data.com. Our sales team would be happy to guide you through your project.