Healthcare Industry Market Research: Insights Made Easy

The healthcare industry market research analyzes competition, trends, and patient needs. That helps businesses make data-driven decisions for innovation and growth.

This guide shows you everything you need to know about market research surveys, healthcare analytics, quantitative market research, and surveys. You will discover some market research methods, and also see some market research report templates and market research report examples.

Furthermore, this guide shows you how to use ChartExpo to represent your healthcare data visualization.

What is Healthcare Industry Market Research?

Definition: Healthcare Industry Market Research involves analyzing trends, competition, consumer behavior, and market dynamics within the healthcare sector.

It helps healthcare providers, business owners, and policymakers make informed decisions regarding services, products, and investments.

Why is it Important to Conduct Healthcare Marketing Research?

• Understanding Patient Needs and Preferences

Healthcare consumers have evolving expectations regarding treatments, services, and digital healthcare solutions. Market research helps organizations identify patient behaviors, demographics, and preferences. This ensures that services align with demand.

• Improving Service Delivery and Patient Experience

Gathering patient feedback and analyzing satisfaction levels helps healthcare organizations refine their services. Research helps in streamlining operations, identifying gaps, and enhancing the overall patient experience.

• Enhancing Competitive Advantage

The healthcare industry is highly competitive, with new market players and advancements emerging rapidly. Conducting marketing research helps business owners analyze market positioning, competitor strategies, and pricing models. This allows them to differentiate their brand offerings.

• Identifying Market Trends and Innovations

Market research helps track regulatory changes, emerging trends, and technological innovations. This ensures that healthcare providers stay ahead of industry shifts.

How Many Types of Healthcare Market Research?

• Primary Market Research

It involves direct data collection from sources like healthcare providers, patients, and industry experts. It includes:

• • Observational Research: Study healthcare environments, like patient interactions with medical staff.
  • Interviews and Focus Groups: Gain in-depth insights from hospital administrators, medical professionals, and patients.
  • Questionnaires and Surveys: Collect feedback on patient satisfaction, healthcare service expectations, and treatment preferences.

• Secondary Market Research

It involves analyzing existing data from government databases, published reports, and industry publications. Sources could be:

• • Regulatory and Compliance Reports: They help organizations stay updated on legal requirements and healthcare policies.
  • Market Reports and Industry Studies: It offers insights into competitive landscapes, emerging innovations, and trends.
  • Competitor Analysis: It helps in reviewing competitor services, pricing, and market positioning.

• Qualitative Research

It focuses on understanding patient and provider motivations, experiences, and opinions through open-ended data collection methods like case studies and interviews.

• Quantitative Research

It involves numerical data analysis using statistical modeling, surveys, and data analytics to track market size, business growth opportunities, and demand trends.

How to Use Healthcare Market Research in Organizations?

• Understand Patient Needs and Behavior

Analyzing patient preferences, demographics, and feedback helps organizations:

• • Improve hospital facilities, digital healthcare solutions, and services based on demand.
  • Develop personalized patient engagement and treatment plan strategies.
  • Boost patient satisfaction by addressing concerns and improving care quality.

• Competitive Analysis and Market Positioning

Good market research helps healthcare businesses:

• • Position their brand by emphasizing unique value propositions.
  • Identify competitor strengths, pricing models, weaknesses, and service offerings.
  • Adapt to evolving industry trends and emerging healthcare technologies.

• Product and Service Development

Healthcare companies use research to:

• • Test product effectiveness through pilot programs and focus groups before full-scale implementation.
  • Develop new pharmaceutical products, innovative healthcare solutions, and medical devices.
  • Optimize existing services to align with the market demand.

• Regulatory Compliance and Risk Mitigation

Healthcare research ascertains that organizations stay updated on:

• Potential risks in patient privacy, data security, and medical policies.
• Industry standards, government regulations, and legal requirements.
• Compliance with FDA, HIPAA, and other regulatory guidelines.

How to Conduct Healthcare Market Analysis in Power BI?

• Stage 1: Log in to Power BI, enter your email, and click the “Submit” button.

• You’ll be directed to a Microsoft account. Enter your password, and click “Sign in.”

• You can opt to stay signed in.

• Stage 2: Create a Data Set and Select the Data Set to Use in the Likert Scale Chart
• Navigate to the left-side menu and click the “Create” option. At this point, select “Paste or manually enter data.”

• The following Healthcare Market Analysis Survey data is for this illustration.

• Paste the data table above into the “Power Query” window. After that, select the third “Create a blank report” option.

• To add the Power BI Likert Scale Chart Extension by ChartExpo, you’ll have to use an add-in or Power BI visual from AppSource. Navigate to the right side of the Power BI dashboard and open the Power BI Visualizations panel.
• Click the ellipsis symbol (…) to import the Power BI Likert Scale Chart extension by ChartExpo. In the following menu that opens, select the “Get more visuals” option.

• In the following window that opens, enter “ChartExpo” in the highlighted search box. You’ll see the “Likert Scale Chart for Power BI by ChartExpo” as shown below.

• After that, click on the Likert Scale Chart. You’ll also have to click the highlighted “Add” button.

• Power BI will add the “Likert Scale Chart for Power BI by ChartExpo” icon in the visualization panel.

• To draw a Likert Scale Chart with ChartExpo’s Power BI extension, select the “Likert Scale Chart for Power BI by ChartExpo” icon in the visualization panel. After that, select the fields to use in the Likert Scale Chart. You’ll have to provide the ChartExpo license key or an email address.
• Add the key under the Visual section. At this point, you’ll see the Likert Scale Chart.

• After adding the key, you’ll see the chart. You can scale mapping in the chart under the General section.

• You can add the top header text.

• You can add text to emojis. Here’s the final look at the Likert Scale Chart.

Insights:

The data shows diverse opinions on healthcare services. There are mixed reactions when it comes to access to specialists and cost transparency. Many agree on the issue of healthcare quality and technology adoption.

There’s notable disagreement on professional availability and affordability issues, and staffing concerns persist.

Best Practices for Healthcare Market Research

• Define Clear Objectives

Before conducting research, you have to establish specific goals. These goals could be:

• • Understanding patient preferences and trends
  • Analyzing competition and market trends
  • Evaluating service potential or a new product.

• Use a Combination of Research Methods

A mix of quantitative and qualitative research offers a well-rounded perspective:

• • Competitive Analysis: Study the competitor’s services, pricing, and customer satisfaction.
  • Interviews and Focus Groups: Gain in-depth insights from patients and healthcare professionals.
  • Industry Reports and Data Analytics: Track trends and regulatory changes.
  • Surveys and Questionnaires: Gather industry feedback.

• Ensure Data Accuracy and Compliance

When it comes to data collection, you have to ensure that:

• • Sources are credible. These could be medical journals, government reports, or industry research.
  • Research follows data privacy laws like GDPR and HIPAA to protect patient information.

• Leverage Advanced Analytics and Technology

Using big data, AI, and predictive analytics can improve decision-making by identifying future trends and patterns in healthcare.

• Continuously Monitor and Adapt

The healthcare industry is dynamic. Ongoing research helps organizations improve patient care, adapt strategies, and maintain a competitive edge.

FAQs

How to do market research in the healthcare industry

To conduct healthcare market research, you’ll have to define your objectives, use surveys, interviews, and competitor analysis. You should also leverage industry reports, ensure regulatory compliance, and apply data analytics to identify patient needs, trends, and business opportunities.

What is primary market research in healthcare?

Primary market research in healthcare involves the direct collection of data from patients, healthcare professionals, and stakeholders. It is done through focus groups, observations, interviews, and surveys. This helps in understanding needs, preferences, and industry trends for informed decision-making.

What is quantitative market research in healthcare?

Quantitative market research in healthcare uses numerical data from surveys, industry reports, and statistical analysis. It helps measure trends, market demand, and patient behavior. It also plays a key role in strategic planning and data-driven decision-making.

Wrap Up

The healthcare industry market research analyzes patient needs, trends, and competition. It’s essential for ensuring regulatory compliance, improving services, and identifying market opportunities. It also enhances patient care through data-driven decision-making.

To get the most out of the healthcare market research, you’ll have to define your objectives, use a combination of research methods, and engage key stakeholders.

To properly define your objectives, you’ll have to understand patient preferences and needs, and also analyze competition and market trends. You should also consider evaluating the service potential and a new product.

To get a well-rounded perspective, you’ll have to use a mix of quantitative and qualitative research. These could be surveys and questionnaires, competitor analysis, interviews, and focus groups.

Now you know what healthcare industry market research is, how will you incorporate it in the overall analytic process of your organization?