Insight partner Steve McPhilliamy tapped for Medical Design Technology Magazine cover story!
In today’s booming medical device wearables space, developing new technologies is no doubt a leading directive among medical device manufacturers. Driven by the personalization of health care, the opportunity is significant. While published reports vary, today’s wearable medical device sales volume hovers in the neighborhood of $2.8 billion annually, and is expected to triple within the next five years.
Though tremendous opportunity exists in the space, for many wearable devices success has been short lived. Evidenced by high abandon rates among users within six months following initial product adoption, accelerated speed to market for many companies has unfortunately come at the cost of a substantial imbalance between user needs, the technology, and a solid business case.
Today’s market dynamic begs for a more strategic approach to innovation. Companies that make needs characterization the launching point for their development efforts will quickly discover this approach can inform better development decisions, drive user adoption, and reduce the abandon rate of wearable products — ultimately leading to more meaningful innovation with the best chance for commercial success.