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MedTech Outlook | Friday, December 23, 2022
Recent surveys highlight that the shift away from traditional healthcare settings will impact long-term business strategies and models.
FREMONT, CA:The medical technology industry is shaped by digital health and consumers’ expectations to receive care. A recent survey reveals a shift away from traditional healthcare models, with leaders adopting digital health as a core part of their approach to improving patient outcomes. Expanding care settings will significantly reorient the company’s long-term strategy and change business models.
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With a unique understanding of therapeutics, and patients and providing insights gained from digital devices in the hands of patients, Medtech companies are leading the transformation to digital health. However, companies will need the right digital foundation to leverage the necessary insights and create a comprehensive digital health solution. Developing the right connected products, services, and programmes for patients and providers is challenging with the lack of the right partners. The key to addressing these hurdles lies in technology and collaboration.
Consumer Patient
Healthcare now requires continuous engagement between patient, provider, and payer. Therefore, the consumer-patient phenomenon is very relevant and will significantly affect the firm’s long-term strategy.
Providing Care Anywhere and Everywhere
As consumers increasingly expect to receive care how, where, and when they need it, healthcare is expanding from hospitals to ambulatory and at-home care locations. While traditional products continue to drive revenues, the expansion of care to new settings is a crucial part of their growth strategies.
The Rise of Digital Health
MedTech leaders is prioritising digital health by building capabilities in-house through investments in R&D, technology, digital, and new business models and by making asset acquisitions to expand their pipeline across therapeutic areas and add new capabilities to innovate rapidly or reach consumers in new ways. The development and commercialization of digital health solutions have accelerated in the past two years.
Converging Sectors
The rise of digital in healthcare is fueling non-traditional deals, with future success dependent upon various sectors converging to develop products and services across the entire care continuum.
New Regulatory Pathways
Digital health may fall outside the bounds of established regulatory frameworks for untested technologies, necessitating new approaches from the sector. Most executives recognise government regulations as a threat and disruptor to their business. This is due to the shifting nature of regulatory guidelines as they work to maintain the rate of new and emerging technologies and ensure they are safe and effective. These shifts highlight how digital health is reshaping the MedTech industry as consumers demand more healthcare systems and services.
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