Finding Gold in Japan’s Silver-Haired Market
One in four people in Japan is aged 65 years or older, and Japan’s dependent population is growing rapidly. This creates immense strain on its economy and healthcare infrastructure, yet at the same time presents the largest ‘silver-haired’ market opportunity in the world. Sitting at the top of its population pyramid, Japan’s influential and asset-rich elderly population is the segment that holds the highest purchasing power in the country.
By redesigning their products and collaterals, identifying new purchasing drivers and stakeholders to communicate to, and expanding the breadth of service provision, some companies have embraced this Social Innovation opportunity to successfully launch new automated facilities, luxury care centers, mobility assistance devices, or personal care products.
Headquartered in the United Kingdom, GE Healthcare (GEHC) is a $17 billion unit of General Electric Company and a leading global provider of medical imaging and information technologies, medical diagnostics, patient monitoring systems, performance improvement, drug discovery, and biopharmaceutical manufacturing technologies. Its strategy in integrated by its “healthymagination” vision to reduce costs, increase access and improve quality and efficiency. To this end, GEHC approached Eden Strategy Institute to explore how it may provide broader healthcare access to Japan’s ageing population.
Eden analysed key demand and supply factors in the elderly care market, including an overview of key opportunities in the elder care landscape, possible business and distribution models, customer insight on desired product features, pricing, and competitive positioning, market segments to target, key success factors to ensure market readiness, and possible long-term product extensions.This formed the basis for GEHC’s decisions on new capabilities to invest in, new market segments to penetrate, and the resulting Go-To-Market Strategy supported the successful launch of a groundbreaking new product in Japan for GE.
“As part of GE Healthcare’s healthymagination strategy to improve healthcare cost, access, and quality, we selected Eden Strategy Institute to support us in our approach for Japan’s ageing market. Through an analysis of demand-side factors as well as the supply landscape for nursing and home care, Eden helped us identify feasible business models, measure the addressable market potential in key customer segments, and refine the market readiness of our healthcare value proposition for launch in a comprehensive strategic blueprint. We found the quality of Eden’s work to be thorough and insightful and enjoyed the collaboration with Eden’s consultants. As a result of our work with Eden, GE Healthcare is now able to bring a breakthrough social innovation to market that meaningfully addresses the changing needs of Japan’s elderly population. We have since continued our collaboration with Eden, and strongly recommend them to other organisations seeking to develop a truly sustainable advantage.”
— Gabriel Sim, Business Analysis Manager, Asia Pacific, GE Healthcare Asia-Pacific