Health & Wellness Tourism Substitution Analysis
Medical tourism is all about substitution
For every medical tourism business, the suppliers ask consumers or self-insured unions and employee benefits buyers to substitute a known local supplier with an unknown brand or a known center of excellence. The only case where this is not always true is in the middle of a "healthcare desert" where there are no sources of local or regional care or access challenges. A substitution analysis is the litmus test of medical, dental and rehabilitation tourism.
If you don't think you can sway the market to substitute your offer in place of a known supplier, you should probably rethink your product strategy and market penetration strategy. You may be setting up a novel idea or product for which there are no customers or for a scenario where the market is insufficient to sustain business profitability and operations.
While not every point may be pertinent to your specific project, you can use our 2-page sample outline that describes how we have approached substitution analysis for health and wellness tourism for our clients over the past 35 years. You can use the 2-page outline for a Do-It-Yourself analysis. If later on, you decide that you need a little help, you are most welcome to contact us for assistance on some or all of your project.