Brands that are using market research for M&A intel have an edge. How does this look exactly and why should you care? We have some telehealth insight to share that will answer these questions – and more!
And we’ll do that by diving deeper into the following topics:
- Understanding market research
- Telehealth options and the online conversations around them.
- How consumers are pushing the adoption of emerging trends.
Telehealth was already seeing substantial growth year-over-year, and the pandemic has thrust it into overdrive; so, here are a few statistics showing the trend probably isn’t slowing down anytime soon:
- 83% of patients say they intend to continue using virtual doctor’s appointments after the pandemic is over.
- According to a recent survey, two-thirds of respondents are more willing to try virtual care due to the pandemic.
- Due to high demand, telehealth is poised in 2020 to see a 3% growth rate over 2019.
Understanding Market Research Potential
Solid market research leaves no stone unturned in the quest to uncover emerging trends. News and blogs are great for seeing what the world is talking about – but those talking points have to begin somewhere.
That’s why no matter what industry you are involved in, you should be keeping an eye on what companies are doing and the patents they are filing. With a little forward thinking and next generation artificial intelligence (AI), your brand will come away with valuable intel into emerging trends before they hit the news cycle.
Whether your brand is involved in M&A currently, or keeping tabs on others in the industry, monitoring patents is a great way to track emergent technologies. Since tech is ubiquitous right now, we used the patent dataset to analyze virtual reality patents from this year and found that patents for processing methods (37%) and hardware (34%) take up the lion’s share of filings.
Then by moving into the bar chart view, we can see which companies have had the most activity in the virtual reality space this year. Our analysis shows that LG Electronics and Magic Leap Inc. have been very active with patent filings at 35 and 33 respectively.
Exploring Market Research in the Company Dataset
The company dataset is also helpful to spot emerging trends for your M&A market research by looking at investment received by industry. Going with our technology theme, here’s how that looks when we ran an ‘internet of things’ (IoT) analysis.
We can see that software companies in the IoT space have pulled down a healthy $5.3B worth of investments recently, followed by household durables at $2.6B. Additionally, it’s super helpful to see what company clusters are emergent and how they’re performing with respect to investment.
Sorting the IoT clusters on a scatterplot by median founding year vs. investment received gives us a solid look at the nascent sectors that are showing promise. The cyber vulnerabilities, energy consumption and development platform clusters represent collectively young companies in the space that are winning investment traction.
These are just a few examples of how your brand can use the company and patent datasets to inform your M&A strategy. Since all things tech are red hot right now, let’s look at some intel surrounding the booming telehealth industry.
Let’s Talk about Telehealth
We know that technology coupled with the power of the internet has been a lifeline to brands and consumers alike during the pandemic. And that certainly extends to our health as telemedicine is expected to see over a 64% growth over last year. As a matter of fact, the industry is projected to push past $266B by 2026.
Prior to the pandemic, telehealth was a boon for those with mobility issues and people who lived in rural areas.
That hasn’t changed, but it’s gaining widespread adoption thanks to the pandemic. Since two-thirds of people say that they’re willing to give telehealth a try, and 83% of existing patients inclined to continue using virtual care post-pandemic, it’s not being generous to say that there’s a lot of growth left in the industry.
Telemedicine Market Research
After all, there’s quite a few health concerns that can be monitored and treated via telemedicine; and besides a doctor, all of it needs the backing of both hardware and software solutions.
With the virus still making its rounds, it makes sense for the diabetic to stay home when they can use their mobile phone to chart food intake, medications, dosages and blood sugar levels. An app can help make insulin dosage recommendations based on diet and exercise input. And they can use an internet-based patient portal to view test results, make appointments, renew prescriptions or chat with their primary care physician. And that’s just scratching the surface.
Prevention, diagnosis and treatment administered virtually can help relieve strain from overburdened hospitals while delivering personalized care to patients. But all of that infrastructure has to be built, maintained, secured and upgraded as new technologies emerge.
And that is where brands would do well to monitor company and patent developments in the telehealth space for M&A intel. Take a look at the scatterplot below which shows the patient analytics cluster blowing the rest out of the water in terms of investiture. The cluster is representative of 156 companies with a median investment received of $2.5M.
And looking to see who is making the biggest splash in telehealth patents, we can see that Sony Corp. is leading the pack with twenty-three of them that span five different clusters. Interestingly, LG Electronics makes another appearance here with nine.
Staying ahead of market shifts by watching patent and company movement is a super smart way to catch trends before everyone else. And as part of a well-rounded market intelligence strategy, let’s take a look at how consumer sentiment is shaping up in the space.
Consumers Accelerate Online Emerging Trend Adoption
Every emerging trend has been put on fast-forward since the pandemic has taken hold. They either skyrocket to prominence or fizzle out faster than ever. And it makes sense as there’s been a lot of ground to cover since March.
That said, the digital transformation for most consumers is complete and brands need to understand their needs and wants – or get passed by. Telehealth is a prime industry for brands to bring life-changing solutions and get a lot of consumer love in the process.
Sitting at 70% positive net sentiment over the past month, our social listening analysis returned a lot of upbeat emotions including: enjoy, great, vital and amazing new tool. And smart brands have seen the need and met their patients with online solutions.
Negative Sentiment is Telling Too
Of course, not everything is going swimmingly though, and brands should analyze the negative sentiment drivers for a better understanding of problem areas that still need attention. Below you can see that connection issues, restrictions and ineffectiveness stand out as top negative attributes. Other areas of concern from the sound bite panel mention problems with reimbursements, telemedicine scams and struggles doctors are facing in effectively treating their patients through telehealth.
In a nutshell, consumer sentiment in tandem with company and patent exploration will give your brand a leg up on your M&A intel, letting you know exactly what’s hot – and what’s not. Telehealth was already a growing trend and then it blew up with the onset of the coronavirus. Unfortunately, many brands suffered from ill-informed market research and missed the early opportunities.
However, there’s no time like the present to put these strategies into action so your brand can spot the waves before they hit. We help top brands sharpen their market intelligence to make the most of emergent opportunities, and we can do the same for you. Make sure to reach out for a demo and we’ll show you what that looks like for your brand.