Investment

Short term projections for the Scottish market

The wellness technology market has not yet matured. Medical devices are at the most mature stage of the market, however, there are so many emerging technologies in new areas - such as the consumer sports market for example - that companies in the industry have not yet defined a clear strategy.

The £2.5 billion global market for consumer electronic based therapeutic and well being products is expected to grow by 20 percent per annum.

In the short term, Scottish companies are more likely to do well in areas where considerable research is taking place, such as:

  • Government-led centres – such as the Scottish Centre for Telehealth in Aberdeen
  • Professional development centres – such as theIris Murdoch Building which focuses on dementia health at Stirling University
  • Academic research institutes - including partners in the MATCH project which is a collaborative research project that focuses on technologies for care at home

These centres can help companies to identify gaps in the market, provide research expertise and offer ways of adding value to existing developments. 

Scotland’s competitive advantage

Scotland has an excellent reputation in technology and engineering, specifically in sectors such as photonics, optoelectronics and precision engineering which contributes to the strength of the medical device cluster.

Scotland offers free personal care to all older people in the country. This means that Scotland is in an excellent position to create new principles of care and is a natural 'test bed' for new products in the independent living sector.

This creates the opportunity for technology to merge with traditional forms of support, meaning there is a greater chance of innovation occuring in Scotland rather than in the rest of the UK.

Scotland’s export opportunities

Although the Scottish market may seem relatively small in comparison to the rest of the UK, all products developed here can immediately be exported south of the border. Strong transport links mean that other countries where telecare services are being introduced, such as those in Northern Europe or America, can be easily exported to.