The consumerisation of medical technology has been with us for a while now, but the trend is about to shift into hyperdrive, according to Cambridge Consultants. The technology design and development firm has published a report, The Business of Health and Wellness: Engaging Consumers and Making Money, that foresees industry disruption as medical technology moves into the consumer space.
"Disruption will come from medical firms moving from 10-year product lifecycles and confronting the 18-month lifecycles of the consumer world," says Cambridge Consultants' Head of Product Development, Duncan Smith, in a press release issued today by the firm. The advent of algorithm-driven companies in the medical space will be a big part of the shifting landscape, and the winners will be those companies that are able to ride the wave of increasingly personalised healthcare and transition from a treatment mindset to lifestyle management, the report notes. How do you get there? By turning the vast amount of data that is out there into meaningful information. That will be the "key to winning in this new space," says Smith.
The report was developed on the basis of a workshop hosted by the company in Cambridge, MA, USA, attended by delegates from companies such as Adidas, Colgate Palmolive and Qualcomm. Cambridge Consultants will distribute the full report at the Consumer Electronics Show in Las Vegas, NV, USA, on Jan. 10–13. It can also be requested by sending your name, company name and postal address to firstname.lastname@example.org.