Personal care and health industries up technological influence, new report says
Frost & Sullivan has explored players, challenges and key drivers in emerging markets, particularly India, mainland China, and Taiwan.
With an emphasis on disruptive technologies, the business consulting firm has undertaken a recent analysis on healthcare innovations in emerging economies.
Emerging APAC markets
Personal care and wellbeing is a high priority throughout APAC, particularly with the growth of Ayurvedic solutions in India, herbal medicines in China and the overlap between medicine and beauty in the region.
Looking at medical technology and health, Frost & Sullivan revealed that these markets are highly competitive and are typically dominated by large multinational companies (MNCs).
To achieve sustainable growth and successful performance, these MNCs will need to access these emerging markets and navigate the challenges associated with their strict regulatory environments.
"Medtech giants with footprints in emerging markets can address the market leadership issue by decentralising R&D programmes,” revealed Arjunvasan Ambigapathy, Research Analyst, TechVision.
Sharing insights on how leaders in the medical field can maximise brands' ability to enter these markets, Ambigapathy added: "Setting up regional innovation centre is critical to understanding the needs and behaviours of local customers during various stages of the product development cycle and to ensure new product development (NPD) projects consider the product lifecycle rather than focus only on product commercialisation."
Customised treatment plans are already in use by the medical market. The miniaturisation of sensors and electronics through wearable digital health monitoring systems are also in use to collect physiological data.
Wearable technologies that gather personal health data, along with Big Data analytics, cloud computing and Internet of Things (IoT) are gathering momentum and are expected to “accelerate the shift toward more precise and personalised delivery models”, Frost & Sullivan reported.
Current initiatives in APAC revolve around increasing knowledge surrounding consumer attitudes and requirements to enable improved product development timescales and design controls from the early stages of the cycle.
Online retail platforms, sales forces that are “five to 10 times the size of the direct sales force of MNCs” and considerable venture capital presence are supporting the enhancement of health and personal care in these emerging areas.
"While they enjoy a favourable investment and R&D climate, local players tend to source locally, and this often compromises the quality of their solutions," added Ambigapathy.
"They can eliminate this challenge to a great extent by adhering to a single supplier and collaborating periodically to improve the quality of materials sourced."