Healthcare Industry Sector Analysis Paper

Anne Bernadette Aidoo-Forson

Industry sector analysis assignment

The healthcare industry is now considered the world's biggest industry (Das, 2015). In order to improve the healthcare system, three goals must be achieved and potentially serve as opportunities for innovation. These goals are improving the health of people, reducing the costs of health and transforming the care experience (Das, 2015). The healthcare industry is evolving from a reactive industry to a proactive industry. Consumers are more interested in healthy eating and daily exercise instead of waiting for diseases to pile up. Additionally, organizations are promoting healthy lifestyles among employees through reimbursements for gym membership and formation of fitness clubs

As a result of the change in consumer behaviour, many opportunities have arisen. Some of these opportunities include IT support services for health providers, in home nursing, equipment repair, organic restaurants, elder day care and modern fitness businesses (Franchisehelp, 2015). Additionally, some trends in the industry are that patients are more interested in self care products and services which implies lower health care costs at greater convenience (PwC Health Research Institute, 2014) .Also, technology has become a major player in health. There are mobile applications that help to track diets and exercise schedules. The use of technology in healthcare provides endless possibilities for the consumer. There is also an increase in health-conscious consumers who are altering their diets to suit their new lifestyles (Brennan, 2014). Customers are now opting for healthier food options. For instance, consumers are choosing almond and soy milk over cow's milk (Brennan, 2014). An evidence of this lifestyle change in Ghana is the sudden increase in yoghurt shops and brands in the country such as Ci Gusta, Nominom, Yomi yoghurt, Gogurt yoghurt among others. Yoghurt is considered a healthier option as compared to ice-cream. Consumers not only want healthy food options but convenience as well. This is because people are working for longer hours and have

Such a product is only affordable to the wealthy and may unattractive to fresh graduates who want to live healthy. Additionally, Fitbit products could be possibly rejected culturally as they are worn on the wrists for long periods of time. Another player in the health industry is Vital Connect's Health patch which is able to retrieve health information from wearing a patch on the chest (VitalConnect, 2015). However, this product would only be affordable to wealthy customers. In the Ghanaian context, Pulse Fitness Ghana is a wellness and fitness centre that targets corporate workers. They focus on changing the lifestyle choices of workers to promote productivity among workers (Pulse Fitness Ghana , 2015). This centre has two locations which implies that it may not reach as many people as desired. Individuals who have to travel a long way to the centre may be put off. Also, it only targets corporate workers. Such workers may have to attend to their children and may not patronize the facility. A new entrant in the healthy food sector is FreshBites which provides healthy food options for the corporate worker. This company currently has one location. Though it offers delivery services, consumers may consider going to the actual location to avoid additional costs. Another player is Koko King that provides