Healthcare industry is far beyond simple diagnosis and pharmaceutical treatment. Increasing demand for the fluid healthcare services that enhances the effects of the drugs and therapeutic procedures is anticipated to drive the growth of the beyond the pill market.
The beyond the pill market is expanding at a CAGR of 11.3% from 2023 to 2030 (forecast period).
Beyond-the-pill services are a comprehensive package of integrated goods and services that cover all aspects of patient care while incorporating patients, caretakers, and service providers in addition to pharmaceutical firms. These services are add-ons to pharmaceutical or therapeutic products that are used for patient care and are also viewed as a source of competitive advantages among the major pharmaceutical and therapeutical global players. Physicians, regulators, and payers—the three parties with a stake in the customer experience—actively affect the market’s expansion and demand for services.
Beyond The Pill Market to Recover Amid COVID-19 Pandemic
Several Beyond the Pill problems have been brought into the present by the epidemic. The demand for digital health solutions has increased as a result of national lockdowns and social isolation policies. Access disparities are currently front and center in the media due to remote healthcare delivery and the pandemic’s broader economic effects. The importance of PSPs in ensuring patient access requirements are fulfilled has been highlighted, in addition to their value.
Big Pharma is now compelled to consider whether delivering drugs or enhancing health is its primary goal. If the latter is the case, pharmaceutical companies must place more emphasis on the effect of patient access than on the speed of market entry. Thus, Beyond the Pill Services must be valued for reasons other than their convenience.
Increasing Prevalence of Chronic Diseases, Digital Pharma And Personalized Medicine Demand To Boost Beyond The Pill Market
Rising rates of chronic diseases like cancer, neural diseases, cardiovascular diseases, etc. are having an impact on the healthcare industry, with 75% of healthcare costs in the US going toward the detection and treatment of chronic diseases. The future development of the beyond-the-pill market is being influenced by cutting-edge tools and technologies like remote monitoring devices, smart phone apps, and location-based healthcare services.
Digitalization is transforming the healthcare industry, from drug-development, commercialization, to information & education. Value added services such as monitoring devices, monitoring services, pharmaceutical management services, maintenance, education and information provision are influencing the growth of the global beyond the pill market in the next five years. These services act as a means to improve health outcomes, and competition among global players is expected to increase.
The beyond the pill market will expand over the next five years as a result of rising consumer demand and patient adherence to personalized medicine. Because of increasing competition among market players and the evolution of personalized therapeutics for patient care, biopharmaceutical companies must adopt strategic approaches to personalized medicine and therapeutics. The additional benefits of personalized medicine, such as its ability to identify and classify genetic variations and diagnose and detect diseases in patient-specific ways, further improve the market’s development prospects.
North America to Spearhead the Beyond the Pill Market
North America is the fastest-growing segment in the beyond the pill market due to several factors, including:
- Enhanced technological improvement in healthcare industry: The beyond-the-pill market in North America is expanding significantly as a result of the region’s healthcare sector’s increased use of technology.
- Increasing Investment in Healthcare: Governments and private organizations in North America are investing heavily in healthcare infrastructure and research and development. This investment is driving innovation and the development of beyond the pill market.
- Rising government and other agency investments: The government and other agencies in North America are carrying out various investments which are contributing to the growth of beyond the pill market in this region.
Competitive Insights
Companies operating in the beyond the pill market have adopted several growth strategies to expand their market share and increase their revenue. Some of the key players in beyond the pill market are F. Hoffmann-La Roche AG (Flatiron Health), Otsuka Pharmaceuticals Co., Ltd., Amgen, Inc., AstraZeneca Plc., Novartis AG, Sanofi S.A., Novo Nordisk A/S, Eli Lilly and Company, Johnson & Johnson, Teva Pharmaceutical Industries Ltd.
- Partnerships and Collaborations: Companies are forming partnerships and collaborations to share expertise and resources to accelerate the growth of beyond the pill market. For instance, Eli Lilly and Company established significant international alliances with DexCom, Inc., Glooko, Inc., myDiabby Healthcare, and Roche in May 2021 to advance connected solutions and speed up diabetes care in foreign markets. To assist people with diabetes and medical professionals, these businesses offer diabetes management tools compatible with Lilly’s Tempo PenTM (approved in several international markets) and Tempo Smart ButtonTM (currently in late-stage development).
- Geographical Expansion: Businesses are extending their reach by starting operations in markets with strong growth prospects and new markets. As a result, businesses can reach out to new clientele and boost sales.
- Acquisitions and Mergers: Businesses buy or merge with other businesses to access their product pipelines, knowledge, and new technologies. Companies can increase their skills, product offerings, and market share through these mergers and acquisitions.
- Marketing and Promotional Activities: Businesses are investing in marketing and promotional initiatives to raise public knowledge of the advantages of beyond the pill and to inform patients and healthcare professionals about such perks. This allows businesses to boost sales.
Overall, these growth strategies enable companies to expand their market presence, develop new products, and increase their revenue in the beyond the pill market.
