Strategy
The global health and wellness market (according to McKinsey) is estimated at $1.5 trillion.
Driven by growing prevalence of chronic lifestyle diseases across the globe
5-10% annual growth predicted over next five years
Accelerated shift towards “personal health and wellness” following COVID-19
79% of respondents in six countries claimed that wellness was important. 42% said wellness was a priority (McKinsey)
Functional medicine is a patient-centred approach to medicine which is increasingly being adopted by clinicians worldwide.
The US is currently the leading market for functional medicine lab testing, as a result of increasing demand for personalised medicine from patients.
$5,566m
Estimated global functional medicine lab testing market by 2025
10%
Annual growth between 2020 and 2025
<100,000
clinicians (60% medical doctors) adopt a functional medicine approach
Leading market for functional medicine lab testing
Increasing demand for personalised medicine
Growth projections for APAC and Europe will see these regions soon fall into step with the US and Canada.
Personalised health and wellness | Functional and integrative medicine
Government and private hospitals/clinics
Reference laboratories
Nutritionists
Naturopaths
Functional medicine healthcare practitioners
Our tests are typically used where there are chronic long term inflammatory conditions that are linked to poor gut health or by healthcare consumers wishing to maintain health and wellness
Organic
- Capitalise on increased demand for data-driven testing to better inform personalised health and wellness through developing new channel partnerships
- Maintain thought leadership position through scientific education programme, building awareness with healthcare practitioners
- Continue to Embrace digital technologies to empower our customers to connect to, engage with and manage their patients more easily
- Marketing activities focused on digital technologies/channels and brand awareness
- Roll out FoodPrint® automated assay solution for high throughput lab customers to drive increased test volumess
Geographic
- Ongoing channel optimisation addressing key markets and upskilling of our business partner teams
- Build on core competency of navigating complex international regulatory regimes and building market awareness for our products
- Build knowledge of US market in terms of regulatory approval timeframes, and identify key lab partnerships to develop our presence in this market
- Focus on key EU markets through new lab partnerships and recruitment of market experts
People and Systems
- Strengthening senior leadership team and building knowledge capital and skill base through recruitment, training and development
- Investment in business systems for the future including quality management, HR, CRM and IT infrastructure upgrades
- Extending scope of continuous improvement programme across the whole business which has already led to reductions in overhead costs and increased productivity
