The future of self-care is bright
As we celebrate International Self-Care Day, it's clear that the future of self-care is looking brighter than ever. The self-care sector is experiencing unprecedented growth, driven by market-shaping trends that emphasize consumer empowerment, advanced technologies, and sustainability.
This article offers a sneak peek into our recent study in collaboration with the Association of the European Self-Care Industry (AESGP) on the sector’s evolving trends.
Interested in the complete insights and detailed findings? Don't miss out! Join our waiting list to be notified immediately when the full study results are released.
Self-care sector trends
Advanced technologies for consumers
Growing consumer access to data
Wearable devices, genetic testing, and electronic health records (EHR) provide consumers with extensive health data, enabling more personalized and informed health management.
Read our article: Monetizing wearables to unlock opportunity in a competitive market
From searching for information to seeking advice
AI is transforming how consumers seek health advice online, offering highly personalized guidance based on their specific situations and needs.
Exponential impact of AI
AI's rapid adoption in self-care suggests its potential to revolutionize the industry by offering highly personalized and actionable insights.
Read our article: Chat GPT and AI in healthcare. Just what the doctor ordered?
AI for pharmacists and HCPs
HCP shortages amid rising demand
With a shortage of HCPs and an aging population increasing healthcare demand, AI offers a solution by enhancing efficiency and care quality.
Achieving efficiencies through AI
AI can manage routine tasks, conduct preliminary screenings, analyze patient records, and assist in clinical decision-making, freeing HCPs to focus on patient care.
Better decision-making for pharmacists
AI enables pharmacies to offer more personalized and improved advice to their patients, enhancing service delivery. We expect this trend to impact both stationary and online pharmacies, but online pharmacies will be at the forefront of this trend.
Increasing consumer engagement in disease prevention
Disease prevention behaviors
Consumers are prioritizing healthy eating, restorative sleep, regular exercise, social activities, work-life balance, and meditation as part of their self-care routines.
Financial commitment to prevention aids
Many consumers invest in disease prevention aids such as nutritional supplements, fitness equipment, and wellness apps, indicating a commitment to proactive health management.
Learn more about how consumers engage in disease prevention. Download our Better Health Report 2023!
Growing focus on mental health, aging, and gender-specific health segments
According to our survey, a majority of respondents expect significant growth in the relevance of these self-care categories:
- Mental health: The demand for mental health products, including stress management tools and supplements, is expected to grow significantly.
- Age-related health: With an aging population, there is a rising need for products addressing age-specific health concerns. Additionally, there is a growing trend of individuals investing in products and services aimed at increasing their health span and longevity.
- Gender-specific health: The market for gender-specific health products, particularly women’s health, is expanding, presenting new opportunities for innovation and growth.
Consumers are increasingly demanding specialized products and services that cater to these needs. This shift presents a lucrative opportunity for manufacturers to expand their offerings and tap into these growing markets.
Leveraging sustainability to build brand value
The challenge: Limited willingness to pay for sustainability
While some consumers are willing to pay a premium for sustainable products, the majority are not, posing a challenge for companies investing in sustainability.
The opportunity: Sustainability as a competitive edge
Brands that can produce sustainable products at a similar cost to conventional ones can differentiate themselves in the market.
Advantages of sustainable self-care brands
Sustainable practices enhance brand reputation, attract eco-conscious consumers and investors, promote innovation, and improve operational efficiency and employee retention.
Pre-order our sustainability book:
Simon-Kucher: Leading the way in self-care trends
Simon-Kucher experts are at the forefront of the latest self-care trends, offering valuable insights and strategies for companies aiming to succeed in this dynamic market. Join our waiting list to access the full study results and navigate the future of self-care effectively.
Thanks to contributions from Alberto Salas!
