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Closely tied to the healthcare industry, the pharmaceutical industry is also facing challenges, including pressure on drug pricing, regulation, changing healthcare models, and the growth of global drug manufacturing and sales. By 2024 the global pharmaceutical market is anticipated to grow to over US $1.3 trillion, with a CAGR of nearly 7%, and $500 billion in the U.S. alone. Navigating growth in such a turbulent environment requires well-executed, timely, and high-quality insights delivered through pharmaceutical industry market research. Research America regularly provides these insights to companies throughout the pharma industry, building a solid reputation for helping pharma companies succeed and grow.
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Rising health care costs. Changing patient demographics. Evolving consumer expectations. New market entrants. Complex health and technology ecosystems. Increasing outpatient delivery. Consolidation and integration. The global healthcare market is rapidly changing, presenting both opportunities and challenges within this Industry. Healthcare stakeholders need to invest in value-based care, innovative care delivery models, advanced digital technologies, data interoperability, and alternative employment models to prepare for these uncertainties and build a smart health foundation for the future.
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Studies show that data-driven decisions are more likely to result in profitable results than those based on an idea. For this reason, we believe that a deliberate and regular review of the retail market provides the most reliable insight into a successful marketing mix. Competitive advantage within any market depends on the strategic review of market conditions. Within the retail industry, in particular, an appropriate combination of factors (known as the 5 Ps) — product, price, place, promotion, and people — ensures that a company creates products and services that not only meet consumer demand, but that enhance customer satisfaction. Quality market research can help you uncover specific data that better inform your business decisions.
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During 2022-2030, projected global growth is roughly in line with rates achieved during the pre-pandemic era, but is insufficient to return global levels of aggregate demand to those projected prior to the pandemic. An important driver of demand for agricultural products, real GDP growth in a developing country, is expected to continue to outpace developed country growth and average 4.4 percent annually during 2022-30, compared with an average of 2.3 percent for developed countries. This growth will occur while the industry struggles with challenges such as food safety, crop monitoring and the introduction of other new technologies, foreign tariffs, labor constraints, and attracting new people to the industry.
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In today's world, the term utility has taken on an ever-expanding meaning. Gone are the days where utilities were just gas, water, and electric. Today's consumers also include telecommunications and internet connectivity in their list of daily needs. Research America has more experience in the utility sector than in any other sector. Serving as the Reporter of Record for many utility companies to their respective states' Public Utility Commissions as well as satisfying the ever-increasing federal public research requirements.
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The manufacturing industry saw a decline in output in 2019, but that seems to have stabilized in 2020 and will lead to improved growth in the future. Research America conducts manufacturing market research to bring new ideas and insights to manufacturers as they deal with trends such as digital transformation, a challenging global supply environment, a changing workforce, tariffs, and regulatory changes.
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Research America has had significant experience working with state lotteries during the past 35 years. This experience includes player and consumer tracking studies, our proprietary scratch game concept testing, multivariate player segmentation analyses, new draw game concept tests, advertising ROI modeling, and messaging and advertising research. Research America is a marketing research and strategic consulting firm helping state lotteries, entertainment, and retail organizations define their brand and product strategies in a complex world. In addition, Research America leverages experiences across industries to enhance the value of its work in others. For example, we have brought techniques from consumer packaged goods (CPG) to our lottery market research studies, and techniques from healthcare to our B2B industry clients, and more.
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At Research America, we perform domestic and international market research. Our work for marketing and advertising professionals provides detailed and precise consumer insights, allowing their businesses to grow. Contact our experts today and learn how Research America can help you and your business.
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Despite changes in technology and economics presenting unique challenges across segments of the sports, entertainment, and industry, there will be continued growth in market size. Research America specializes in sports market research, tourism market research, and entertainment market research resulting in offering clients significant experience and expertise tailored to their particular niche of this diverse industry. As the internet continues to change consumer access to entertainment, sports, and tourism, market research will provide direction to help businesses thrive.
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Marketing research is crucial for automotive companies to make informed decisions about their future. Our latest market research found that 13% of U.S. consumers report that they plan to purchase an electric automobile within the next year. Faced with trends such as the advent of automotive subscription models, new sales models enabled by the internet, and consumer and regulators’ demand for improved sustainability, efficiency, and alternative energy sources like hydrogen fuel cells or electric motors. The automotive industry needs accurate and timely market research to make informed decisions.
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The financial services and legal services industries are both in transition. Facing the introduction of new online competitors, and changing consumer demand for and usage of financial and legal services, both industries are challenged to continue to grow. Research America’s expertise in financial market research and in legal market research helps these businesses take advantage of their strengths and improve on their weaknesses to ensure success and profitability.
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As experts in the fields of health and health-related concerns, we can deliver insights into how people think and feel. Our core expertise has been developed over decades of research into consumers as healthcare ‘patients.’ We use this knowledge and experience in areas such as Nutrition, Food, Beverages, and general health & wellness. We have particular expertise with the Millennial Generation as well as Baby Boomers, overall covering at least 90% of the market with specialized methods and research results that can be actioned right away.
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Tourism market research provides insight into market and consumer demand. For the tourism industry, in particular, the pandemic effect seemingly looms large. Tourism market research offers insight into the tourism industry, enabling companies to better anticipate when travelers will get back on the roads and into the skies. Conducting tourism market research provides a company with exposure, heightening its visibility with the very consumers it hopes to attract and satisfy with relevant, reliable offerings. Below is an example of how we helped an airline uncover optimization opportunities to drive advertising effectiveness.
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The global apparel and footwear market is projected to grow in value to about 1.5 trillion dollars in 2020 as demand for clothing and shoes is increasing across the world. This growth comes as a result of hard work by industry players as they face a rapidly changing environment. Consumers are becoming increasingly aware of environmental sustainability issues resulting from fashion consumptions, with 60% of consumers worried about climate change, and 64% trying to have a positive impact on the environment through everyday actions. Additionally, with the increase in online shopping presenting a myriad of product choices, consumers are demanding personalized products, experiences, and communications from brands and retailers.
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The Home Center and Hardware Store industries have grown steadily recently, fueled by growth in residential construction as well as higher spending by individuals on home improvement. Even faced with aggressive online competition (including from Amazon), the industry projects strong growth through 2025. Targeting both contractors and DIY homeowners, the industry will be trying new retail formats (e.g., smaller stores) and focusing on before-sale and after-sale service to enhance the customer experience.
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The health and beauty product industry has been facing tremendous regulatory and public opinion challenges in recent years. Despite those challenges, the industry as a whole has exhibited very strong growth. Covering products as diverse as cosmetics, health insurance, and pharmaceuticals, market research for the health and beauty products industries reflects that diversity. Since our beginning, Research America has been active in market research for beauty products and market research for health products.
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With the constant change in technology markets, there are just as many opportunities as there are threats to your business. That is why you need Research America, a responsive market research company, we will help you stay ahead of your competition. A global provider of integrated technology products and services wanted to understand how their services were perceived by end-users to further focus new product development initiatives, thereby exposing new revenue channels. Through the In Touch Now™ program, benchmark measurements were established in several key product and service areas for future tracking. Equipped with this ongoing direct feedback from users, the company has been able to target new markets, enhance products for current clients, and increase sales opportunities through direct testimonials thanks to their technology market research initiatives.
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A new entrant in the national renewable energy arena wanted to gain insight from homeowners on their awareness, attitudes and willingness to adopt renewable energy systems by conducting renewable energy market research. Using GreenTrak™ Omnibus, insight was gained regarding alternative energy as a viable source, willingness to invest in alternate energy technologies, and the dynamics accelerating adoption of renewable energy attitudes. Using this strategic insight, marketing materials, including targeted print ads, an interactive web-site and supporting PR initiatives, were deployed to advance, educate and inform, laying the foundation for prospecting and sales.
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