Q: What’s in store for the medical device sector in the coming year? What news, technologies, regulations, or companies will capture the spotlight in 2016?
The most prominent trend we’re seeing stand out in the medical device sector: the rise of consumers eager to take control of their health. This holds especially true for the aging consumer population. No longer the stereotypical “granny,” today’s aging consumer is tech savvy, open to digitally-enabled tools, and demands style, i.e., medical devices that don’t look the part. In an October 2015 national survey conducted by Harris Poll on behalf of Nottingham Spirk of over 2,000 U.S. consumers, over 75% of respondents reported they would purchase medical products for home use. Chronic health conditions – including diabetes, arthritis and hypertension – are among the top drivers of the consumer medical market’s rapid growth. More than four out of ten respondents to the Harris Poll say they would purchase these products to manage a chronic condition at home, and more than half would buy them to have more control over their own health. In addition, healthcare costs are a big factor, as more than 40 percent of consumers would purchase these products to save money (i.e., by not having to go to the doctor, etc.).
