In a keynote to a health care industry conference last week, I emphasized that in the high velocity economy, new business models, products, markets, and careers are appearing at a fast and furious pace. And it’s by watching for, observing, and understanding these trends that you’ll discover opportunity for innovation.
Consider the rapid emergence of new markets. As new scientific discoveries occur at an ever more rapid pace — due to the massive global collaboration with Web 2.0 as well as new information research sharing paradigms within established peer review based research methodologies — there are countless new products and markets that are being brought to life.
Take that reality, and apply it to any industry. Say, health care. Then parse that industry down into dozens or hundreds of sub-markets, and you’ll discover forthcoming new, billion dollar markets.
Consider, for example, the concept of bioconnectivity, which will be one of the most significant trends — and new markets — to play out in the next twenty years in the health care industry. What is it? Quite simply, the marriage of the computer chip and connectivity technology to medical devices, and ultimately, to people.
One small submarket that will come with bio-connectivity is the emergence of smart, intelligent, home-based medical devices. Have you ever seen a Sharper Image catalogue, or its online Web site? It’s the ultimate source for unique gadgets and toys of every type. Think about what the catalog might look like in 10 years, when its full of home-based bioconnectivity devices aimed at the baby boomer set.
Digital Connect Magazine, which monitors development with home and business connectivity devices, suggests that U.S. revenue from digital-home health services will quadruple to exceed $2.1 billion by 2010.
The two fastest growing areas? “Wellness monitoring services” and “e-health services” will each achieve a compound annual growth rate of more than 50 per cent. The former allows doctors to remotely monitor a patient’s condition (such as their insulin levels), while the latter provides active medical care (such as an intelligent sub-dermal medicine patch, which not only provides a patient automatic ingestion of a particular pharmaceutical, but allows the doctor to monitor its effect.)
It might sound like science fiction, but it is a very real development. Sit back and think about the business models and opportunities that flow from such a transformative trend. Link it to another trend: a whole bunch of baby boomers are getting older, sicker, and the health care system is breaking down. Hospitals will go virtual, extending their services through bio-connectivity, so that non-critical care boomers can be treated and monitored at home. This is slam-dunk obvious!
It’s a BIG TREND. It’s but one of many.
Simply put, our new reality is that science, and hence markets, industries, products and services, are evolving and changing at a rate never seen before.
And that’s where your own opportunity for innovation comes from!