Anti-ageing tech, ‘happiness medicines’ to shape healthcare demand: Report | News

Indian consumers’ view on health and wellness has changed after the pandemic and their interest in anti-aging products and personalised ‘happiness medicine’ is growing, an investment management company’s report has said, citing 40 areas of preference.

Consumers’ focus is on understanding mental wellbeing and how physical health is shaped by stress, violence, chronic diseases and work culture, said Kapil Khandelwal, managing partner at El-Toro Finserve LLP. They are concerned about climate change and its impact on food production and healthy living, too.

Khandelwal said that according to a global study by Global Wellness Index (GWI) a 10 per cent increase in spend in wellness (Rs 4000 per capita) leads to 0.5 per cent increase in happiness; 0.27 years of additional life expectancy; a decrease of 0.72 infant deaths per 1,000 births and 0.26 per cent lower risk of premature death from four non-communicable diseases (cardiovascular diseases, cancer, diabetes, and chronic respiratory diseases) for those aged between 30 and 70.

Younger Indians are dissatisfied with healthcare providers as experts like doctors, diagnosticians and dieticians do not have time and empathy for their issues, said Khandelwal, citing the report.

“Moreover, wellness is already sparking crucial conversations around health, therapy, sex and death with the younger and older cohorts alike after the pandemic. They want to engage into multi-sensory wellness and health solutions leveraging the new age tech that is personalised to their moods and taste and experience good health both physically, mentally, emotionally, spiritually and digitally,” he said.

El-Toro Finserve has identified 40 areas that may shape future consumer preferences and outlook towards health and wellness.

Anti-aging products and technology are going to be a key focus area. The young and the old would like to reverse ageing or age slowly. Areas like ageing technology for independent living; wearables, health data after death, anti-ageing hormone therapy, and menopause and related lifestyle solutions are among areas that would see more focus from investors, product and technology companies.

On the product front, longevity biotech, wearable exo-suits to manage disabilities, and new materials for developing bone and joint support products/implants will see more innovation.

Co-living condos for different generations is another emerging area, said El-Toro Finserve’s report. “With loneliness being felt across all generations, there is a realisation to co-live with a community of like minded matched cross-generation of inhabitants. These residents participate in common activities and take care of others pushing their health and wellness. The days of senior living could be numbered,” said Khadelwal.

 “Our youth will go to any lengths to feel happy and remove the depression, anxiety, pain and other negative emotions around the world they live in and its future. Developments and convergence in personalised medicine and mental health has led to a series of personalized solutions for every individual for happiness medically.” Personalised “happiness medicines” will see demand, too.

For younger generations, the emerging business models could be in areas like happiness gaming, mood-enhancing beverages and apps that track emotions. In technology, Khandelwal said emotional artificial intelligence, brain computer interface, brain implants (Elon Musk’s Neuralink is an example), neuro technology, mood drinks and controlled psychedelics would see traction.

Personalised health insurance is also likely to emerge as a new trend – where consumers ensure that they are adequately covered for their health risks and rewarded for their behaviors based on wearables that track their lifestyle and health parameters.

Hormones that boost lifestyle – mental, sexual well being, hair growth, musculoskeletal, metabolic and other body systems – will be a focus area for consumers, said the report.

First Published: Apr 10 2024 | 3:03 PM IST