MedTech companies play an integral role in most patient treatments, with digital disruption transforming the industry into a more connected, efficient, agile and customer-centric ecosystem. Connected medical devices generate, collect, analyze and transmit significant amounts of health data, which are then integrated into electronic health records (EHRs) via cloud computing and AI technologies, enabling more effective diagnosis, monitoring and treatment. Advances in wireless technology, connectivity, miniaturization and computing power are a ‘force multiplier’ in unlocking the potential of emerging medical technologies as part of the Internet of Medical Things (IoMT). MedTech companies are increasingly focusing on personalized and preventative therapies, leading the shift to value-based healthcare.
The world in 2030
- Progress in digitalization and connectivity: Connected devices, including patient-centric technologies such as wearables and smart implants, deliver real-time accurate and interoperable data to create end-to-end information chains across the healthcare ecosystem, enabling care anytime, anywhere.
- Rapid innovation: MedTech companies have invested in building smart factories, integrating and scaling disruptive technologies, and using predictive analytics and AI to improve asset and process efficiency, inventory and capacity tracking, preventative maintenance, demand management, order fulfillment and the improve supply chain resilience to deliver strong returns on production. investment.
- Care is delivered everywhere: Diagnostic devices are smaller (e.g., MRI machines the size of a clothes dryer, CAT scanners small enough to sit on a table, and pocket-sized ultrasounds are ubiquitous) and MedTech companies offering telemedicine supplemented with virtual reality technologies, support physicians to deliver more accessible, equitable care remotely.
- MedTech companies have adopted ambitious ESG targets: They use environmentally friendly and/or sustainable materials, work with end users to reuse and recycle devices, minimize waste and energy and embrace the circular economy.
Overcoming transversal limitations
There are several cross-cutting constraints that can impact the forecast (not having the right skills and talents, financing models, regulatory approaches and data management). The prediction can be realized by converting the constraints into possibilities by:
- applying build, buy and partner strategies to upskill the organization, including working with consumer, large technology and digital healthcare companies to leverage their experience in brand and customer engagement
- implementing value-based pricing, risk and profit sharing agreements, and adopting subscription and as-a-service business models to deliver more integrated offerings
- using a regulatory-by-design approach to comply with evolving regulations, including digital and AI, the Corporate Sustainability Reporting Directive and patient data (e.g. HIPAA and GDPR), and submitting real-world evidence to accelerate innovation adoption.
How AI/GenAI could impact the MedTech industry
- GenAI applied across the MedTech value chain can lead to more efficient processes, personalized customer interactions and end-to-end visibility across the supply chain.
- GenAI can improve diagnostic imaging and analysis to detect diseases at earlier stages, and facilitate the development of innovative solutions and designs, including new biomaterials tailored to different populations.
- GenAI can accelerate software development by automating coding, testing, and data generation, enabling the scalable adoption of the Software as a Medical Device (SAMD) business model.
- AI-powered chatbots and multilingual software can improve digital health literacy and provide personalized support to diverse patient populations.
