MedTech companies are in a great position to lead the Digital Health transformation. They have a strong understanding of treatments, patients, and healthcare providers. The growing popularity of digital devices is driving this change. These devices are already in consumers’ hands and fit into daily healthcare routines. Industries like 22Bet Kenya use strong digital systems. They strive to provide users with an exceptional experience. MedTech companies need to develop the appropriate tools. They need to turn insights into effective Digital Health solutions.
To find the key challenges in expanding, we spoke with over 30 top leaders in life sciences. The group had top executives, MedTech pros, and pharma experts. The interviews were conducted through AdvaMed’s Digital Health Center of Excellence. We surveyed 150 global MedTech senior execs. We also analyzed over 100 M&A deals and 600 product launches. We surveyed and analyzed a subset of MedTech companies from January 2019 to May 2022.
About 30% of deals in Medical Devices and Digital Health are nontraditional. This shows that MedTech is moving beyond its roots. It is now embracing digital innovation.
Through Our Research, We Found that Five Key Trends are Driving Future Growth:
- Patients are now like consumers. They want healthcare to be as convenient and high-quality as their other life. They are actively demanding and receiving better, more personalized care.
- Patients now want care anywhere, anytime. Healthcare is expanding beyond hospitals to include clinics and at-home care options.
- The rise of digital: The C-suite has made digital health a priority. They want to gain insights and expand patient care services.
Digital Health is driving new deals. It merges sectors to create products and services for the entire care pathway. - New regulatory pathways: The digitization of health may violate rules for untested tech. It requires new approaches from the sector.
Digital Health brings together the worlds of medicine and technology. Several legal and regulatory frameworks and groups govern it. MedTech execs saw regulatory uncertainty as a barrier. They agreed it harms their Digital Health agenda. Stakeholders must work in regulatory spaces in which they could be more comfortable. Sometimes, they must work with the regulator to develop new guidance.
If companies understand the barriers in healthcare, they can improve it. They can create a better, cheaper, and more innovative system. This system will provide sustainable care that improves the whole ecosystem.
86% of respondents agree. To succeed, companies must target the whole care pathway. They must focus on something other than specific products and services.
75% of MedTech execs expect new care models to shift their firms’ long-term strategies. They expect a change in their business models.
30% of deals within Med Device & Digital Health (2017-2021) are non-traditional.
MedTech is valuable. It’s accessible, provides insights for patients and doctors, and may also reduce costs. As companies adopt digital solutions, they are becoming more focused on outcomes. To support this shift, reimbursement models need to change. These new models urge providers to use digital health tools. They make care easier and more accessible for patients.
