CLEVELAND, Nov. 9, 2015 /PRNewswire/ -- Nottingham Spirk, which has generated over $50B in new revenue and over one thousand patents for industry leaders all over the world, today announced the expansion of its medical innovation practice. Now named InnovateMD™, the practice is designed to help healthcare organizations develop new revenue streams and transform their businesses by creating products that reach consumers directly. A new national online survey conducted in October by Harris Poll on behalf of Nottingham Spirk reveals the consumer needs that are helping to drive this growth market, with over 75% of U.S. adults reporting they would purchase medical products for home use.
"Our blend of experience in the consumer, business and medical sectors makes us uniquely positioned to help any healthcare-related organization - even those not currently offering products - benefit from the rapid expansion of the consumer self-care product market. This is a new era in medical products - for example, analysts at IHS have predicted that the global market for consumer medical devices will exceed $10 billion by 2017," said John Nottingham, Co-President, Nottingham Spirk.
As part of the practice expansion, Nottingham Spirk is offering companies with revenues of $500 million and above a complimentary analysis. With over 44 years of experience, Nottingham Spirk associates can quickly identify consumer opportunity categories that align with a company's business strategy, strengths, and brand equity against their competitive set.
The survey of over 2,000 U.S. consumers shows chronic health conditions - such as diabetes, arthritis, and hypertension - as one of the top drivers of consumers' purchasing decisions. Indeed, more than four out of ten (44%) adults say the ability to manage a chronic condition at home would influence them to buy these products, and more than half say having more control over their own health would be a factor. "Consumers are excited to be able to monitor and modify their own health behaviors. Providing them with the tools they need for use at home gives them the means to own their health destinies," said Vikki Nowak, Vice President of Nottingham Spirk.
In addition, healthcare costs are a big driver, as more than 40 percent of consumers would purchase these products to save money (e.g. fewer doctor visits). This is particularly true for U.S. adults who are 18-34 (54% compared to 41% of those aged 35 and older), and parents who have children under 18 (52% compared to 42 % of those without children under 18).
"Increasingly, success in medical product innovation depends on having a deep understanding of the consumer perspective, and more than ever, healthcare costs for consumers are top of mind," said John Spirk, Co-President, Nottingham Spirk. "We pride ourselves on our ability to engineer the cost out of products. Consumers reward the companies that create reliable yet affordable solutions."
Well-known for bringing hundreds of revolutionary consumer products to market, including easy-pouring paint cans, affordable electric toothbrushes and the first palm-sized pocket aerosol dispenser , Nottingham Spirk's medical innovations include the HealthSpot® Station, the first true integration of primary patient care and telemedicine, now found in locations such as Rite Aid. Through these stations, consumers can have their vital signs read, consult face-to-face with doctors, and have symptoms diagnosed-all remotely. Another innovation is the Medtronic CardioInsight ECVUE™ Sensor Array vest, to improve and speed diagnosis and guide treatment of electrical disorders of the heart without surgery. After this product was commercialized, Medtronic purchased CardioInsight for about $93 million.
The firm's proprietary Vertical Innovation™ approach means Nottingham Spirk handles every aspect of innovation under one roof—i.e., research, design, engineering, prototyping, sourcing, and more. In addition, the Nottingham Spirk Innovation Center near the Cleveland Clinic and University Hospitals gives them access to medical professionals who are on the cutting edge of discovery and treatment, according to national rankings.
Companies that would like a complimentary analysis of their readiness to enter the consumer healthcare product market should contact Jennifer Torchia at [email protected].
About Nottingham Spirk
Cleveland-based breakthrough innovation firm Nottingham Spirk is the innovator of wildly successful new businesses including: Spinbrush, Swiffer SweeperVac, Sherwin Williams Twist & PourTM, and HealthSpot®—the first telemedicine kiosk. Launched 44 years ago, Nottingham Spirk has developed over 1,000 commercialized patents that have generated over $50 billion in new revenue for industry leaders as well as fast-growth entrepreneurial firms. Through our proprietary Vertical Innovation™ approach, we handle every aspect of innovation under one roof, leading to significant time and cost efficiencies as well as ensuring confidentiality and intellectual property protection. To learn more about our collaborative approach and successes with our client partners, visit www.nottinghamspirk.com.
Survey Methodology: This survey was conducted online within the United States by Harris Poll on behalf of Nottingham Spirk from October 13-15, 2015 among 2,009 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Ariane Doud, Warner Communications, at 978-283-2674 or [email protected].
Contact: Ariane Doud, Warner Communications
(978) 283-2674 or [email protected]
SOURCE Nottingham Spirk