A new report by Accenture and AdvaMed shows that the MedTech industry is being reshaped by digital health and growing consumer expectations to receive care when, how, and where they want.
The report, “Digital Health and MedTech – New Signals for Transformation,” is based on a global survey of more than 150 executives in the MedTech industry, revealing a shift away from traditional “brick and mortar” healthcare models to one that adopts digital health as a core part of an approach to improving patient outcomes. 75% of the executives reported that expanding care settings will significantly change their business models and long-term strategy.
“Healthcare is at a crossroads, facing unprecedented pressure and disruption — including affordability challenges, shifting patient expectations, and an increasing deluge of health data,” said Tim Durst, a Managing Director at Accenture who leads the global medical technology division in the company’s Life Sciences practice. “With a unique understanding of therapeutics, patients, and providers, as well as insights gained from digital devices in the hands of patients, MedTech companies are well-positioned to lead the transformation to digital health. However, companies will need the proper digital foundation to leverage the necessary insights and create a comprehensive digital health solution.”
The report also identifies five key trends that will impact the future growth of MedTech, including the need for continuous engagement between patient, provider, and payer; healthcare locations expanding from hospitals to ambulatory and at-home care locations; digital health’s continuing development and acceleration over the past two years; diverse sectors converging to develop products and services that cross the entire care continuum; and shifting regulatory guidelines acting as a threat and disruptor to the sector.
Developing the right connected products, programs, and services for patients and providers remains a hurdle as well, with implementation complexity and a lack of the right partners identified as primary challenges. Nearly 9 out of 10 executives now say that technology and collaboration are key to clearing these barriers.
The past few years have forced the healthcare industry to rapidly develop new ways of meeting patients where they are, and have caused care to evolve beyond treating a single health issue to a more whole-patient, care team oriented model. Technology has been instrumental in the transformation of the healthcare industry, and with MedTech continuing to drive new innovations, it is clear the industry will have to reorient its long-term strategy to embrace and thrive on the disruption.
