Medical device manufacturers underestimate the direct to consumer market at their peril. This is a new era in medical products. For example, analysts at IHS have predicted that the global market for consumer medical devices will exceed $10 billion by 2017. A new national online survey conducted in October by Harris Poll on behalf of business innovation firm Nottingham Spirk reveals the consumer needs that are helping to drive this growth market, with over 75 percent of U.S. adults reporting they would purchase medical products for home use. The survey of over 2,000 United States consumers shows chronic health conditions (e.g., diabetes, arthritis, and hypertension) as one of the top drivers of consumers’ purchasing decisions. Indeed, more than four out of ten (44 percent) adults say the ability to manage a chronic condition at home would influence them to buy these products, and more than half say having more control over their own health would be a factor.
In response to the rapid growth of this market, Nottingham Spirk, which has generated over $50 billion in new revenue and over one thousand patents for industry leaders all over the world, recently announced the expansion of its medical innovation practice. Now named InnovateMD, the practice is designed to help large medical product companies, pharmaceutical manufacturers, and others penetrate the growing direct-to-consumer channel. On December 8, 2015, the firm will present a webinar to answer top-of-mind questions regarding the direct to consumer healthcare products market: How can today’s senior executives successfully penetrate this potentially lucrative market segment? What are the key factors for a “hit” product? What are the common pitfalls to avoid?
The December 8 webinar will help executives:
- Move beyond their current hospital-centric model and identify opportunities to develop transformational products that meet consumer needs.
- Address critical considerations in blending consumer and healthcare innovation, with cost being central to market-entry success.
- Develop the right processes, infrastructure, and channel partnerships to speed products toward commercialization, and into consumers’ hands.