THE WELLNESS INNOVATION & TECHNOLOGY INITIATIVE

The Wellness Innovation and Technology initiative is aimed at new wellness sector entrants and companies looking at diversification programmes. The initiative aims to enable them to assess the potential of the global wellness innovation and technology market and support these companies through the innovation and commercialisation stages.

Studies have indicated that Scotland is well placed to enter this market and Innovation Centres Scotland Ltd (ICS) supported by Scottish Enterprise and market leaders will collaborate with SME's and universities to develop a world class supply chain.

ICS Ltd is therefore keen to identify small, medium enterprises that have products and/or services aimed at the following target markets:

Individual lifestyle management. Includes preventative non-invasive products and services that promote healthy lifestyle management to avoid crisis. Consumer and prosumer products such as heart and blood pressure monitors; next generation weight management devices and programmes; innovative wearable technology (e.g. vital sign monitoring) or innovation aimed at enhancing the expectations of the worried well!

Independent Living. Next generation, non invasive assistive, technologies that can be integrated into an individual's day-to-day living to promote health and safety. Innovative products or services designed to increase the quality of life for the elderly, vulnerable and infirmed who rely on care in the home (including areas such as remote post operative care at home).

Why is this market predicted to be worth $200bn?

Demographic changes are impacting traditional healthcare models, increasing the need for individuals to manage their own health and fitness to reduce long term chronic illness. Market reports are indicating that demand for products in these sectors will continue to grow over the next 10/20 years as the ‘baby boomer' generation retires and the internet provides greater access to information about the options that exist for ‘preventative and therapeutic treatments'. It is believed that this trend will remain as the ‘internet generation' matures and integrated online solutions become the norm.

The convergence of industries and technologies is enabling the production of next generation products and services which are both accessible and affordable and countries outside of the UK are already experiencing significant growth from technology based solutions.

ICS WELLNESS INNOVATION & TECHNOLOGY SERVICES

These services will provide new wellness market entrants access to a range of products and services, covering range of commercialisation routes and will ultimately enable companies to understand and plan for the different phases and standards required to deliver a market-ready product or service.

Wellness Innovation and Technology Services

ARE YOU IN A POTENTIAL SECTOR WHO CAN CONTRIBUTE TO THE WELLNESS INITATIVE? If so, contact wellness@innovationcentre.org or call Eve Hatton on 0141 585 6477