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Smart, connected products have transformed the medical device market, creating opportunities for product differentiation and value-added service offerings. But at the same time, the digital world has completely altered the competitive landscape. Your competition is no longer who you think it is as digital medical devices become part of broader product systems. Products that might seem unrelated to the medical device world can become increasingly relevant as they become part of the digital realm.
For example, manufacturers of football helmets traditionally have been competing against each other. However if you take that same football helmet and incorporate smart technology, your competition is no longer just other manufacturers. You are now vying for your place in the emerging “concussion prevention services” market which includes sensor OEMs, smartphone applications, and various other medical technologies and healthcare services. So what approach can you take to ensure you are ready to compete and be successful in the world of smart products?
Take our smart product design course to learn about how to complete a competitive assessment for the digital world.