Growth Opportunities for MedTech in the Transformation of the US Healthcare Ecosystem

The MedTech Industry is changing the face of the Healthcare Ecosystem in the USA as it has changed the way healthcare solutions are offered to the patients which is made possible by the advancements in MedTech solutions. The technological progressions such as Emergence of 3D printing are offering lucrative opportunities for Market Players in the MedTech segment.

Definition / Scope
Market Overview
Market Risks
Top Market Opportunities
Market Drivers
Market Restraints
Industry Challenges
Technology Trends
Regulatory Trends
Post COVID Recovery
Market Size and Forecast
Market Outlook
Technology Roadmap
Competitive Landscape
Competitive Factors
Key Market Players
Strategic Conclusion
References
Further Reading
Appendix

Definition / Scope

MedTech, or medical technology, is every product, service, or solution using medical technology to improve people’s health by preventing, diagnosing, monitoring, and treating disease. MedTech goods are thus required to improve the patient’s quality of life.

Medical technology is so widespread and incorporated into our daily lives these days that it’s impossible to picture existence without it. Early diagnostic methods, for example, can be used to avoid disease, and diagnosis aids doctors in identifying specific problems and providing early treatment. It is stated that knowledge is the most powerful weapon in the fight against sickness.

The global impact of the COVID-19 epidemic is being felt around the world. Medical devices (respirators), in-vitro diagnostic devices (e.g., PCR rapid testing kits), and digital health devices that use information and communication technologies to inform the public about how to protect themselves from the coronavirus and how to prevent its spread are all helping to save thousands of lives.

Medical technology includes medical and surgical procedures, medications, equipment, and facilities, as well as the organizational and support systems that enable care delivery. Given that medical technology assessment is the study of the effectiveness of equipment, systems, and procedures in treating or preventing disease or injury, there are two tiers of investigation:

Primary: clinical effectiveness and safety in terms of physical measures of patient care outcomes.

Secondary: using clinical impact findings to forecast financial outcomes and reimbursement decisions for payers.

Market Overview

The United States continues to be the world’s largest medical equipment market, with $156 billion in sales (40 percent of the global medical device market in 2017). It is estimated to reach $208 billion by 2023. In 2018, medical device exports from the United States in key product categories specified by the Department of Commerce surpassed $43 billion.

Articles, instruments, apparatuses, or machines used in the prevention, diagnosis, or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health purpose, make up the medical technology industry (also known as medical devices). A medical device’s objective is usually not fulfilled through pharmacological, immunological, or metabolic techniques.

In the United States, the industry employs almost 2 million people, both directly and indirectly. Over 300,000 of these employments are directly related to medical technology. In the United States, more than 80% of medical device companies have fewer than 50 employees, and many (particularly start-ups) generate little or no revenue.

Medical device firms in the United States are known around the world for their inventive and high-tech products. R&D investment continues to account for a large portion of the medical device industry’s budget, accounting for around 7% of total revenue. Several other businesses, such as automobile, defense, and telecommunications, are less profitable. Because of the competitive nature of the market and the ongoing innovation and development of existing technology, the medical device sector invests a higher percentage of annual revenues in product innovation.

Microelectronics, telecommunications, instrumentation, biotechnology, and software development are all fields where the United States has a competitive advantage in the medical device industry. Neurostimulators, stent technologies, biomarkers, robotic assistance, and implanted electronic devices have all been developed as a result of collaborations.

Because innovation feeds the medical device sector’s constant quest for new ways to treat and diagnose medical diseases, the medical device sector should continue to grow at a favorable rate in the future, especially as patient life expectancy rises and the world population ages.

Market Risks

Increased Competition

Many companies compete for the same market share in the medical device market. In USA, there are almost 25,000 medical technology businesses. The majority of them are Small and medium-sized businesses. The medical technology industry is nearly entirely made up of small and medium-sized businesses (SMEs), the majority of which are based in the United States. Employ fewer than 50 people (micro and small businesses) Because of this, the current rivalry is fierce.

In several key markets,

There is a lack of product differentiation.
low hospital switching costs
Reimbursement modifications, for example. regulations,
Biological difficulties

Availability of Substitutes

Medical substitutes have the same entry constraints as medical devices, notably in terms of long lead times to market and initial capital outlays.

These entry obstacles will not prevent alternative items from evolving, but they will slow the emergence of new substitutes compared to if the hurdles were lower.

In the medical device market, the overall force of substitute items is medium because, while some products are meant to be substituted, demand for the products in general is strong and expanding. As a result, the impact of alternative items on the medical device market could be defined as minimal.

Top Market Opportunities

Advancement of AI (Artificial Intelligence) Technologies in MedTech to offer Lucrative Opportunities

The market is predicted to develop as new technologies, such as artificial intelligence (AI), are integrated to aid in enhanced diagnosis. Healthcare personnel can potentially use AI to remotely monitor patients using sensors and automate therapy administration using mobile apps.

Medical equipment that creates data into care pathways is being driven by significant developments in new technologies such as smart sensors, smart gadgets, and other lightweight communication devices, building alliances with IoMT systems. These breakthroughs in biological signal monitoring and illness detection that do not require the employment of people are assisting healthcare organizations in improving patient outcomes, lowering costs, and increasing efficiency.

5G technology offering near-zero latency

Sensors and medical equipment connected to 5G have near-zero latency, allowing them to collect and transmit data nearly immediately, resulting in better patient monitoring and outcomes. Futurists are already considering the advantages of merging 5G, healthcare, and robotics. Medtronic, one of the world’s leading medical device companies, has already produced its next-generation patient monitoring system for pacemakers.

If pacemakers are equipped with Bluetooth technology, they can be linked to smartphone-based mobile apps that patients can better understand and use. As a result, remote monitoring and, as a result, patient outcomes will improve.

Emergence of 3D printing

The medical device sector appears to have been greatly impacted by the introduction of 3D printing into the healthcare industry. It employs a range of technologies to quickly construct complex structures, resulting in an increase in the production of innovative medical devices. This is critical for orthopedic implant development because it allows for the creation of long-lasting, high-quality, and optimal-fit implants with greater performance and flexibility.

In the medical community, 3D printing has a variety of applications (including manufacturing of surgical instruments, prosthetics, implants, and tissue engineering products). Rapid prototyping, on the other hand, is a common application of 3D printing. In fact, 3D printing is now used by virtually all of the top 50 medical device companies to quickly develop prototypes. During the COVID-19 pandemic, 3D printing in the healthcare industry saw a surge in demand. Mostly due to disruptions in the supply chain and the need to produce more PPE, testing, and medical devices to battle COVID-19. 3D bioprinting is another notion that is gaining traction in the industry. 3D bioprinting is comparable to traditional 3D printing, except it is developed exclusively for printing biological materials.

Market Drivers

Integration of AI and increased adoption of robotics

The rising deployment of robotics in medical surgery and the integration of AI are two significant factors driving market expansion. Furthermore, in the medical industry, companies’ reliance on information technology and real-time data has increased in recent years.

We may conclude that creativity and technology have been at the heart of numerous medical breakthroughs during the last two decades. The integration of technology in medical sciences has overcome people’s dread of life-threatening diseases, saving millions of lives over time.

Advancement in MedTech with the adoption of disruptive technologies

Doctors, clinicians, and other healthcare professionals are becoming interested in disruptive technology such as smart wearables for monitoring patient health and therapeutic procedures. Fighting pandemics and epidemics has resulted in increased healthcare spending by governments all over the world. Diseases like Covid-19, in which governments are significantly more reliant on technological assistance, will alter the landscape of healthcare infrastructure.

According to medical market research and medical device research reports, medical equipment businesses are developing robots for medication delivery systems and portable ventilators as new medical device industry trends. In vitro diagnostic tests and personal protective equipment (PPE) are in higher demand as a result of previous outbreaks, as are R&D activities.

Growing Geriatric Population

Home care monitoring gadgets will become more popular as the world’s population ages and as life becomes more convenient. Additionally, greater government funding and an increase in the number of insurance carriers will have a beneficial impact on market growth. For example, in 2010, the US government passed the Patient Protection and Affordable Care Act, which gave previously uninsured people access to healthcare. Furthermore, countries such as India, Singapore, China, and South Korea are well-known for providing cost-effective medical gadgets to address increased demand for treatment, new healthcare system cost limits, and rising healthcare spending management.

Market Restraints

High Cost of Medical Devices to Restrict the Market Growth

In the last decade, the medical device business has seen significant changes in terms of new technology and design revisions, among other things. However, the high cost of these devices, which includes a higher acquisition cost and ongoing maintenance expenditures, results in an overall increase in device cost and ownership. Some complex gadgets are linked to a variety of additional components, such as chips, batteries, sensors, and other accessories, which must be replaced on a regular basis.

In the United States, for example, an insulin pump costs between USD 4,500 and USD 6,500 per device. In addition, the entire annual cost of this device’s accessories, such as batteries, syringes, and other items, is roughly USD 1,500. As a result, the patient’s total cost of ownership is higher. Medical device reimbursement has also been a stumbling block in the adoption of these devices in developing countries. As a result of the aforementioned difficulties, as well as insufficient reimbursement rules, the adoption of these types of devices has been rather limited.

High Initial Capital and Stringent Rules

The significant initial capital expenditure required by manufacturers for high-quality treatment and compliance of these medical devices in a vast and heterogeneous market is the key challenge in the Medical Device market. Furthermore, one of the significant issues is the strict rules and regulations covering manufacture and compliance with legislation prior to distribution and sales in specific countries. Governments, on the other hand, are attempting to fix the issues by simplifying regulations and paperwork.

Industry Challenges

Challenges Due to Regulatory Changes

Regulatory changes are anticipated to raise expenses associated with new product development and patient service offers. These changes pertain to consumer data protection, such as the General Data Protection Regulation (GDPR) of the European Union, as well as modifications to equipment approval procedures.

The US Food and Drug Administration (FDA) has required more clinical data to back up claims of safety and efficacy for medical equipment such as endoscopic gadgets, extending the time it takes to process 510(k) premarket approval by more than 55 percent in the last decade. The potential loss of revenue owing to delays in product launches, as well as the additional costs paid due to demanding approval processes, places a pressure on new product development investments, limiting the market’s growth.

Reimbursement issues associated with medical device

In many states in the USA, reimbursement rates are decided by pre-defined equations applied to procedures or types of devices rather than by the technology or attributes of specific manufacturers. This prevents companies from investing in cutting-edge technologies that can help them save money and improve their long-term performance.

One of the most complicated and opaque processes that stifles medical device innovation is the reimbursement method for medical equipment. The process and contact with manufacturers include a large number of people from many states. Choices about reimbursement are frequently confusing, time-consuming, and opaque. Manufacturers in a number of providers face significant challenges in this area.

Technology Trends

Growing Consumer Adoption of Telemedicine

COVID-19 had a significant impact on customer behavior. And the healthcare industry is no different. According to a McKinsey report, only 11% of US customers used telehealth services in 2019. That number has already risen to 46%, thanks in major part to COVID-19. And it appears that telemedicine will remain a medtech trend even as things return to normal.

In fact, 76 percent of customers in the United States say they want to use telehealth in the future to supplement in-person doctor appointments. VCs have been particularly interested in the telehealth industry, which is expected to grow at a CAGR of more than 23% from 2020 to 2026. Telemedicine businesses garnered over $1.8 billion in venture capital funding in 2019, according to Mercom Capital. VCs invested $3.2 billion in telemedicine firms in just a nine-month period in 2020.In the telehealth sector, companies like Teladoc have seen enormous revenue growth.

Artificial Intelligence Augments Healthcare Processes

Healthcare AI funding hit $2.1 billion in Q3 2020, according to CB Insights analysis, with 121 acquisitions. Artificial intelligence has been largely accepted by the FDA. They presently have numerous ongoing initiatives aimed at developing and updating AI-specific regulatory frameworks. There were 64 FDA-approved AI/ML-based medical devices and algorithms as of early 2020.

The economic impact of AI applications in healthcare can be defined as €200 billion in yearly savings (including opportunity costs) for the European healthcare system, according to a Deloitte European study with MedTech Europe. Medical diagnostics, in particular, may hold the most promise for AI technology. In fact, commercial applications are already on the market. According to an IDTechEx research, image recognition AI technology will be worth more than $3 billion in medical diagnostics by 2030.

Medical Robots Continue to Gain Traction

The global market for medical robots is estimated to reach $23.92 billion by 2028, according to a Verified Market Research analysis. Surgical robots are by far the most used type of robotics in healthcare. In the last few years, demand for surgical robot technology has skyrocketed. One of the main drivers of VC financing growth in the medical equipment market has been investments in robotic surgical firms. (This is despite the fact that the epidemic has resulted in a considerable drop in the number of elective procedures conducted.)

Furthermore, many experts believe that the use of robotic technology is particularly beneficial during COVID-19 since it reduces human-to-human physical interaction. AquaBeam, an ultrasound-guided surgical robot developed by Procept Biorobotics, is one of the most notable surgical robotic developments.

Regulatory Trends

FDAs guidance for healthcare organizations, challenge for medical device manufacturers

The FDA’s Center for Devices and Radiological Health has produced a guidance advisory for makers of organized medical devices that use OTS programming on cyber security. The majority of IoT-enabled medical equipment were created without fully comprehending the implications of digital security. Medical systems are extremely complicated inside medical institutions, with systems of all types and capacities arranged in a variety of ways.

Despite the fact that certain systems remain in the pharmaceutical services provider systems for 10 to 25 years, manufacturers must consider what innovations and programming will look like in the next ten years. Despite these challenges, the FDA has tight guidelines for re-confirming certain classes of important medical devices if any changes are made.

In some circumstances, even the most highly networked medical systems may not be capable of providing adequate security in light of existing or future standards. Manufacturers of networked medical devices are responsible for understanding risks and threats associated with their products, including cyber security vulnerabilities.

Post COVID-19 Recovery

COVID-19 struck the world in the first quarter of 2020. The WHO designated the epidemic a worldwide pandemic since it affected so many countries. The COVID-19 epidemic has had a negative impact on several economies all around the world. The healthcare system has been crippled as a result of this pandemic. Healthcare systems are overburdened, and ensuring that all patients receive proper medical care has become a global concern. COVID-19 has turned industries, markets, and enterprises on their heads all over the world, having a particularly large influence on the medical device industry.

While the pandemic has had an overwhelmingly negative impact in many areas, the MedTech business has seen ups and downs during the crisis. Medical device manufacturers have not been immune to the pandemic’s consequences. Medical device companies, like pharmaceutical companies, rely significantly on healthcare facilities to gather data from clinical studies.

Before manufacturers can get regulatory approval certificates, most medical device items must pass pre- and post-market clinical trials. Medical device firms are struggling to make educated judgments regarding their products, supply chains, and regulatory duties while the COVID-19 pandemic continues. The medical device industry’s performance depends on announcements from regulatory authorities and talks with key decision-makers and regulatory specialists.

Due to COVID-19, a stumbling block to medical device adoption, the bulk of procedures have been assigned lower priority. Due to the crisis, many aesthetic operations have been postponed, the vast majority of which are cosmetic surgery such as breast implantation, lipoblast, and non-essential dental procedures. Hospitals have postponed or cancelled many elective operations, especially those deemed non-essential or non-urgent, to free up limited room for those being treated for the infection. In an effort to free up resources, NHS hospitals in the United Kingdom have halted all non-urgent aesthetic procedures for at least three months.

In these critical times, the regulatory landscape is posing a significant barrier for medical device businesses in achieving the requisite compliance for device approval. For example, if medical protective apparel fulfils regulatory standards from Japan, the European Union, or the United States, China has accelerated the registration process (April 2020).

During the COVID-19 pandemic, Singapore has also waived the registration requirements for some items, such as particulate respirators, protective gear, surgical masks, and thermometers (April 2020). Most MedTech companies have suffered a significant decline in sales, with Medtronic reporting a 60% drop in mid-April, Boston Scientific a 50% drop, and Becton Dickinson surgical revenues plummeting by 50-70 percent.

Medical device businesses and local governments are attempting to revitalize the ailing healthcare industry by implementing a variety of bailout tactics and packages, which is a good indicator for the market’s future growth.

Market Size and Forecast

In 2022, the Medical Device Manufacturing sector will have a market size of USD 52.1 billion dollars, as measured by revenue from a Market Value of USD 63.69 billion in 2028. In 2022, the Medical Device Manufacturing industry’s market size is predicted to grow by 3.4 percent. Between 2017 and 2022.

The Medical Device Manufacturing industry in the United States grew at a rate of 4.0 percent each year on average. The Medical Device Manufacturing industry in the United States is the 203rd largest in the country and ranks 21st in terms of market size. In the United States, the Medical Device Manufacturing industry grew at a greater rate than the Manufacturing sector as a whole.

In-vitro Diagnostics is poised to hold the major Market Share

Because of the increasing penetration of real-time diagnostic tests for precise diagnosis of chronic and infectious diseases like as diabetes, cancer, HIV/AIDS, and others, the in-vitro diagnostics (IVD) segment is predicted to grow at a faster rate than the other types. Due to increased demand and adoption of medical clothes, masks, gloves, surgical lights, foetal monitors, and other hospital goods, the other segment held a dominant share in 2020.

Due to increased investment by medical device companies in introducing novel wound devices and bioactive therapies into the market, the wound management category is predicted to rise at a considerable CAGR. Furthermore, surgical robot advances and increased use by healthcare practitioners are likely to fuel the minimally invasive surgery (MIS) segment’s rise during the projection period. Invitro Diagnostics (IVD) Segment to Grow at a Faster Pace during 2021-2028 Period.

However, due to an ever-increasing patient pool suffering from various cardiac and orthopaedic illnesses, the orthopaedic and cardiovascular device segments are expected to increase at a rapid rate. Furthermore, the rising prevalence of diabetes and retinal illnesses in the general population is expected to enhance the use of diabetes care and ophthalmic equipment, driving medical device market growth throughout the forecast period.

Hospitals & ASC Segment Held a Dominant Share in 2021

Hospitals and ASCs, clinics, and others are among the market’s end-users. Due to the growing number of multispecialty and community hospitals, particularly in emerging nations, the hospitals & ASC category had a dominant position in 2020.

Thus, the aforementioned factors, as well as the growing emphasis of healthcare organisations and the government on routine patient diagnosis and early treatment, have resulted in increased awareness among the general population, which is driving the market’s expansion over the projection period. Due to increased financing by public and private players in small and medium-sized clinics and long-term care centres worldwide to strengthen healthcare infrastructure, the clinics and other categories are likely to rise at a substantial CAGR during the projection period.

Market Outlook

The MedTech industry was valued USD 50.4 billion in 2021, according to the latest research report, and is predicted to expand at a CAGR of 3.4 percent to USD 63.69 billion by 2028. Some of the major factors driving the medical devices market are the ageing population and rising life expectancy, rising adoption of IoT-based smart medical devices, rising demand for portable medical devices and wearable medical device market, rising use of radiation therapy in disease diagnosis and treatment, and favorable healthcare reforms and government financial assistance for senior citizens.

An increase in the number of people suffering from various diseases, an increase in the number of accidents, and an increase in healthcare sector research & development to manufacture technologically complex medical equipment are driving the market. The medical equipment industry is further boosted by the increased prevalence of cardiac diseases and the growing older population with a variety of health problems. However, market expansion is expected to be stifled by factors such as the high cost of medical equipment and the additional expenditures associated with professional maintenance training.

Technology Roadmap

The healthcare industry can benefit from virtual reality (VR) technology in a variety of ways, including:

Medical training
Patient treatment
Medical marketing
Disease awareness

In 2019, the VR healthcare market was valued at $2.14 billion, according to a Verified Market Research analysis. By 2027, it is expected to reach $33.72 billion. Major firms have expressed interest in VR startups in the healthcare sector. As was the situation when medtech behemoth Medtronic bought British startup Digital Surgery in February 2020. Oxford VR is another example of a rapidly expanding virtual reality company.

Competitive Landscape

The medical device market is competitive and fragmented, with several large manufacturers. Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthineers(Siemens AG), Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare are among the market leaders.

Many of these businesses are employing a variety of techniques in order to maintain their market share. Medtronic PLC, for example, partnered with The Foundry, a medical device business, in October 2020. The Foundry’s track record of innovation in the field of transcatheter mitral valve repair and replacement is combined with Medtronic’s leadership in structural heart and intellectual property.

Key Market Developments

In January 2021, Koninklijke Philips N.V. launched the abdominal aortic aneurysm(AAA) model, providing physicians a more patient-friendly solution compared to the current standard of care for managing AAA patients.

In November 2020, Siemens Healthineers launched the MULTIX Impact C, a ceiling-mounted digital radiography (DR) system. The company also launched MULTIX Impact VA20, a new version of the established floor-mounted parent DR system.

Competitive Factors

Large companies with a diverse product line and well-developed infrastructure are better positioned to profit from macro-level issues and regulatory pressures because their R&D investments, expansions into new markets, and cost-cutting strategies are all critical factors in surviving and sustaining macro-level issues and regulatory pressures.

The majority of manufacturers who spend a lot of money on R&D, taxes, and other expenses recover their money through international sales. The implementation of a unique device identifier (UDI) system is expected to spark several benefits, according to industry analyses.

Medical device manufacturers always face longer regulatory and approval processes through the FDA and other similar administration boards of other countries, but the silver lining in the darker and unpredictable process is the implementation of a unique device identifier (UDI) system, which is expected to spark several benefits according to industry analyses.

Key Market Players

Some of the Key Players in the MedTech segment in the USA include

Stryker Corporation is a medical device manufacturer. Orthopedic, medicinal, and surgical items, as well as neurotechnology and spine devices, are among the company’s medical technologies. Orthopedics, MedSurg, Neurotechnology, and Spine are among its segments. Reconstructive (hip and knee) and trauma implant systems, as well as other related goods, are included in the Orthopedics segment.

Surgical equipment and surgical navigation systems, as well as endoscopic and communications systems, patient handling, emergency medical equipment, intensive care disposable products, reprocessed and remanufactured medical devices, and other related products, are all included in the MedSurg segment. Neurovascular products, spinal implant systems, and other related items are included in the Neurotechnology and Spine category.

Implants, which are utilized in joint replacement and trauma procedures, are among the company’s products. It provides musculoskeletal care as well as sensor-based complete joint replacement.

General Electric Company is a manufacturing firm. Power, Renewable Energy, Aviation, and Healthcare are the company’s industrial segments. Healthcare, which specializes in medical imaging, digital solutions, patient monitoring and diagnostics, and medication research, among other things.

Becton, Dickinson and Company (BD) is a medical technology company that develops, manufactures, and sells a variety of medical supplies, devices, laboratory equipment, and diagnostic items around the world. BD Medical, BD Life Sciences, and BD Interventional are some of the company’s segments. The BD Medical division makes a variety of medical devices and technologies that are used to help improve healthcare delivery in a variety of contexts.

Medication delivery solutions, medication management solutions, diabetic care, and pharmaceutical systems are among the business areas that make up BD Medical. The BD Life Sciences sector offers equipment and reagent systems for detecting infectious diseases, healthcare-associated infections, and malignancies, as well as products for the safe collection and transport of diagnostic specimens. The BD Interventional division offers products in the areas of vascular, urology, cancer, and surgery.

Boston Scientific Corporation is a medical device researcher, producer, and marketer that serves a variety of interventional medical specialties. Interventional Cardiology, Peripheral Interventions, Cardiac Rhythm Management, Electrophysiology, Endoscopy, Urology and Pelvic Health, Neuromodulation, and Specialty Pharmaceuticals are some of the businesses that offer the company’s products. It operates in three segments: MedSurg, Rhythm and Neuro, and Cardiovascular.

MedSurg consists of Endoscopy and Urology and Pelvic Health businesses. Rhythm segment consists of Cardiac Rhythm Management, Electrophysiology and Neuromodulation businesses. Its Cardiovascular sector consists of Interventional Cardiology and Peripheral Interventions businesses. Its products include percutaneous transluminal coronary angioplasty (PTCA) balloon catheters, rotational atherectomy systems, guide wires, guide catheters, embolic protection devices, and diagnostic catheters.

Johnson & Johnson is a holding corporation that is involved in the research and development, manufacturing, and distribution of a variety of healthcare products. Consumer, Pharmaceutical, and Medical Devices are the three segments in which it operates. Medical Devices encompasses a variety of goods utilised in the disciplines of interventional solutions, orthopaedics, surgery, and eyesight.

Strategic Conclusion

Many in the MedTech industry are focusing on digital adoption, technological change, shifting customer attitudes, and business model disruption. Companies should evaluate new capacities to win in the future of health in order to achieve this.

Companies can benefit from having consumer-centric product ranges and an operating and business architecture that supports them. MedTech businesses should also think about developing platforms to help them make sense of all the data they have. Companies should also recognize the importance of forming collaborations with hospitals in order to collect data on unmet requirements in order to develop nonpharmacological solutions.

MedTech firms should think about what position they want to play in the future ecosystem: data and platform supplier, well-being and care delivery company, care facilitator, or a combination of the three.

References

Appendix

MedTech – Medical Technology
PCR – Polymerase Chain Reaction
AI – Artificial Intelligence
PPE – Personal Protective Equipment
R&D – Research & Development
ACA – Affordable Care Act
IoT – Internet of Things
FDA – Food and Drugs Agency
IVD – In-vitro Diagnostics