IBM report: Info seekers are untapped market for medical devices
The “information seekers” are a largely overlooked health population to whom to provide medical devices according to an IBM report, which provides advice on how to best approach this audience.
The researchers evaluated interviews with medical device makers, consumer electronics companies and more than 1,300 surveys of device users and caregivers to describe how to capture the market. “These consumers are relatively healthy, but could use some help managing a health-related challenge. They are looking for solutions that can provide missing information to help them gain greater control over their conditions and ultimately lead healthier, more independent lives,” authors wrote.
Included in that middle population were nearly 25 million people in the U.S. with obstructive sleep apnea, one billion worldwide smokers, 1.5 billion overweight people globally, six million pregnant women, 600 million who suffer from hypertension and 5.3 million children diagnosed with attention deficit hyperactivity disorder in the U.S.
Their online survey included 1,300 users of home health electronics—80 percent were individuals with a chronic condition and 20 percent were caregivers. Of those surveyed, 93 percent were satisfied with the functionality of their devices, and half were using devices to manage a known health problem.
Ease-of-use, price and range of features were top considerations in selecting one device over another, and privacy and security were also critical. Researchers also found that 79 percent were willing to spend less than $100 out-of-pocket for a medical device, while only 10 percent would spend more than $200.
Researchers laid out four principals to capture that audience:
Report authors suggest targeting the middle market because they predict that that segment will become motivated to better manage its health in coming years, and recent advances in technology allow for “smarter” healthcare systems that may be favorable for that demographic.
The untapped market is being sought by both consumer electronics companies and medical device makers, according to the report, but success will depend on creating products based on collaboration between electronics, healthcare and life sciences industries.
Click here to read the executive summary of the report, titled “The future of connected health devices: Liberating the Information Seeker.”
The researchers evaluated interviews with medical device makers, consumer electronics companies and more than 1,300 surveys of device users and caregivers to describe how to capture the market. “These consumers are relatively healthy, but could use some help managing a health-related challenge. They are looking for solutions that can provide missing information to help them gain greater control over their conditions and ultimately lead healthier, more independent lives,” authors wrote.
Included in that middle population were nearly 25 million people in the U.S. with obstructive sleep apnea, one billion worldwide smokers, 1.5 billion overweight people globally, six million pregnant women, 600 million who suffer from hypertension and 5.3 million children diagnosed with attention deficit hyperactivity disorder in the U.S.
Their online survey included 1,300 users of home health electronics—80 percent were individuals with a chronic condition and 20 percent were caregivers. Of those surveyed, 93 percent were satisfied with the functionality of their devices, and half were using devices to manage a known health problem.
Ease-of-use, price and range of features were top considerations in selecting one device over another, and privacy and security were also critical. Researchers also found that 79 percent were willing to spend less than $100 out-of-pocket for a medical device, while only 10 percent would spend more than $200.
Researchers laid out four principals to capture that audience:
- Make it easy.
- Design the solution with the end result in mind.
- Pick a position and partner well.
- Help set the rules.
Report authors suggest targeting the middle market because they predict that that segment will become motivated to better manage its health in coming years, and recent advances in technology allow for “smarter” healthcare systems that may be favorable for that demographic.
The untapped market is being sought by both consumer electronics companies and medical device makers, according to the report, but success will depend on creating products based on collaboration between electronics, healthcare and life sciences industries.
Click here to read the executive summary of the report, titled “The future of connected health devices: Liberating the Information Seeker.”