How do changing demographics impact the product life cycle for healthcare products and services? For...

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How do changing demographics impact the product life cycle for healthcare products and services? For example: an area experiencing an increase in retirees might need more services for the elderly.

Robert · Accepted Answer

How do changing demographics impact the product life cycle for healthcare 
products and services? For example: an area experiencing an increase in 
retirees might need more services for the elderly. (2-page double spaced) 
Countries across the globe are growing and getting more diverse. Demographic 
information has traditionally and extensively been utilized by marketing researchers 
since long. the changes in this ever-evolving demographic population (population, 
size, race, age) will have profound effects on the health care resources needed, the 
cost of care provided and even the conditions related to population. To meet these 
ever-changing patient’s needs; health care organizations will have to adapt quickly to 
the technological growth to cater to the maximum number of people and benefit 
them. 
A significant increase in the life expectancy of men and women; and per capita 
health care expenditure are seen in the past 50 years. In healthcare, just by 
monitoring the products / services life cycle, the healthcare management can plan 
effectively and efficiently and decide when to introduce a new product/service or 
mould the existing one to give the best to the patient. This will allow for a system that 
delivers effective and transformative healthcare products, that can pace with 
changes and needs of society. 
Let’s look at the product life cycle for the healthcare products and services. The 
product life cycle, in general, is divided into four different stages, namely 
introduction, growth, maturity and in some cases decline. Let’s look at them 
individually in the prospect of health care sector: 
1. Introduction stage: it is the period where a new product is first introduced into 
the market. It usually requires a lot of resources and finances. This stage 
experiences a slow growth as the consumers are not aware of the product, 
sellers are not stream lined, staff requirement not fully met and equipment and 
the supply chain management is also not established.

How do changing demographics impact the product life cycle for healthcare products and services? For example: an area experiencing an increase in retirees might need more services for the elderly.

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