Innovation Centres Scotland Ltd appointed to assess the wellness innovation and technology market for Scotland

The Wellness Innovation and Technology industry is worth $200bn globally.

Scotland currently plays a very low key role in this market which was highlighted by Innovation Centres Scotland Ltd in an initial feasibility study, carried out in association with Scottish Enterprise Renfrewshire in the early part of 2007, to assess the companies working in this sector in Scotland. The results of the feasibility study concluded that there was an opportunity to develop a Scottish-wide project to support the development of wellness related companies and technologies.

Innovation Centres Scotland Ltd has received support from Scottish Enterprise Renfrewshire to undertake the initial project with the aim to support companies who are designing innovation and technology solutions to promote 'a healthy state' through creating preventative healthcare products and services which help to avoid crises and increase an individuals' ability to live independently'. The aim of the project is to grow a Scottish supply chain which is recognised as a leader in the global wellness market.

Scotland is well known for its innovation, particularly in the technology sector, so there is huge potential for companies in this sector. Innovation Centres Scotland Ltd has extensive experience in defining new market sectors through the Wireless Innovation initiative, which they have been managing since 2003. The wireless and mobile marketplace started with 30 companies when the Wireless Innovation initiative kicked-off and there are now over 170 companies working in this sector in Scotland.

Tom Ogilvie, CEO of Innovation Centres Scotland Ltd said, “We are delighted to be working on this project as we have worked with a growing number of companies planning innovative technologies and solutions for this sector over the last few years. Scotland definitely has the entrepreneurs and forward thinking companies who can develop innovative ideas and technologies to reach this sector and Innovation Centres Scotland has the reach to be able to help these companies through their extensive experience in supporting new market entrants through all stages of product and business development”.

David Cross from Scottish Enterprise Renfrewshire said, “We can see significant economic impact potential in developing ‘wellness’ as a focused market push for Scotland. The initial feasibility study identified individual lifestyle management and independent living as two key areas where a pipeline of companies can be developed to benefit from the growth of this global market sector”.