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Best Buy is set to enter the healthcare space

Best Buy (Getty Images)

The healthcare industry is being repeatedly disrupted by non-traditional players, transforming the way the sector has traditionally tackled ongoing challenges to deliver exceptional patient care.

Moving towards an increasingly consumer-centric model, retailers such as Walmart are beginning to look at the potential of delivering customer-led health products and services, in order to compete against technology giants such as Amazon and Apple.

It has now been revealed that Best Buy is now exploring this space and is set to develop technological solutions to support a growing, ageing population, CNBC has reported.

In a recent earnings call, the company has stated its plans to look at developing digital tools and solutions to target this significant market segment,  and enable consumers to remain in their home and improve quality of life, all whilst driving down escalating healthcare costs.

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“One thing we’ve talked about is how technology can help people stay in their home for longer, Best Buy CEO, Hubert Joly explained.

“We already have sold a variety of health-related products and technology products designed for seniors, like specially designed phones and medical alert systems. We are also testing a service, called Assured Living, to help the ageing population stay healthy at home, with assistance from technology product and services. And we will continue to learn as we find our approach in this space.”

"We're not trying to increase the profitability, we are trying to position the company for the future," he added.

"The return for the winners in this space are going to be outsized because there's going to be greater and greater differentiation between winners and losers. And so, this is the time clearly to invest."