Data Monetization Drives Innovative Business Models in the Global MedTech Industry

Data Monetization Drives Innovative Business Models in the Global MedTech Industry

Data-Enabled Growth Strategies Counterbalance Competitive Intensity

RELEASE DATE
29-Mar-2021
REGION
Global
Research Code: K614-01-00-00-00
SKU: HC03404-GL-MT_25332
$2,450.00
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$2,450.00
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Description

With the advent of digitization in healthcare, all industry efforts are geared toward better leveraging this stream of digital data to achieve the goals of precision medicine and precision health. The amount of health data that is becoming available is increasing exponentially each year, with new sources, such as wearable devices and social determinants of health, making such data accessible for care delivery improvement. It is estimated that the healthcare industry generated over 2,000 exabytes (1 exabyte = 10,002 Terabytes) of data in 2020. The question is how can we monetize this data?

For data monetization, healthcare is a unique industry due to two reasons. First, the issues of privacy are more complex in healthcare, governed by an increasingly complicated set of regulations. Second, the source of the data is almost always a patient, but where it is generated (care delivery location, a clinical trial, or academic research), who uses it (physicians, nurses, hospitals, payers, pharmaceutical companies, or MedTech companies), and for what use case (improving care delivery, personalizing medicine, drug/device R&D, or lowering costs) are completely different from other industries.

In this study, we explain the difference between direct and indirect data monetization, how it applies to the healthcare industry and specifically the MedTech sector, provide a framework for MedTech companies to assess the data monetization potential for each of their products, and give examples of monetization for medical devices, surgical equipment, imaging equipment, prostheses and implants, and consumables, along with a final strategic decision-making checklist for MedTech companies to monetize their own data.

Key Issues Addressed

  • Why is healthcare data important, and increasing in volume?
  • What is data monetization, and what are healthcare use cases and examples?
  • How does the MedTech industry leverage data monetization?
  • How can MedTech companies assess the data monetization potential for each of their products?
  • What are the considerations for MedTech companies before choosing data monetization as a growth strategy?

Author: Siddharth Shah

RESEARCH: INFOGRAPHIC

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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on Data Monetization for MedTech Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Healthcare Data Sources, Types, and Usage Across Silos

Exponential Growth in Data Volumes is Expected by 2025, but Several Challenges Prevent Healthcare Industry from Leveraging It

Data is the Critical Element for Achieving Precision Health Goals

Data is the Digital Age Healthcare’s New Currency

Two Types of Data Monetization

Routes to Data Monetization—Industry-Agnostic View

Healthcare Examples for Data Monetization

Healthcare Examples for Data Monetization (continued)

Growth Models with Data Monetization

Growth Drivers and Restraints

Existing Examples of Data Monetization in the MedTech Industry

Growth Models with Data Monetization—Healthcare Examples

Digital Data is Vital due to the Changing Role of Medical Devices in Care Paradigms

Opportunity to Serve in the Digital Age is Not Equal for All MedTech Companies

Additional Variable Factors Impacting the Data Monetization Opportunity Potential for MedTech Companies

Data Monetization Potential with Existing MedTech Products and Services

Data Monetization Potential with Existing MedTech Products and Services (continued)

Data Monetization Despite Low Potential

Data Monetization Despite Low Potential (continued)

Traditional MedTech Industry’s 5 Representative Product Categories

MedTech Data Monetization Case Study for Medical Devices

MedTech Data Monetization Case Study for Imaging Equipment

MedTech Data Monetization Case Study for Surgical Equipment

MedTech Data Monetization Case Study for Prostheses and Implants

MedTech Data Monetization Case Study for Consumables

Data Monetization Considerations

Healthcare Stakeholders Face Specific Challenges in Data Monetization

Strategic Decision-Making Checklist

Growth Opportunity 1—Risk Prediction & Prevention for Surgical Equipment Vendors, 2020

Growth Opportunity 1—Risk Prediction & Prevention for Surgical Equipment Vendors, 2020 (continued)

Growth Opportunity 2—Operational Insights for Clinical Department & Hospital Efficiency, 2020

Growth Opportunity 2—Operational Insights for Clinical Department & Hospital Efficiency, 2020 (continued)

Growth Opportunity 3—Connectivity for Data Integration, 2020

Growth Opportunity 3—Connectivity for Data Integration, 2020 (continued)

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

With the advent of digitization in healthcare, all industry efforts are geared toward better leveraging this stream of digital data to achieve the goals of precision medicine and precision health. The amount of health data that is becoming available is increasing exponentially each year, with new sources, such as wearable devices and social determinants of health, making such data accessible for care delivery improvement. It is estimated that the healthcare industry generated over 2,000 exabytes (1 exabyte = 10,002 Terabytes) of data in 2020. The question is how can we monetize this data? For data monetization, healthcare is a unique industry due to two reasons. First, the issues of privacy are more complex in healthcare, governed by an increasingly complicated set of regulations. Second, the source of the data is almost always a patient, but where it is generated (care delivery location, a clinical trial, or academic research), who uses it (physicians, nurses, hospitals, payers, pharmaceutical companies, or MedTech companies), and for what use case (improving care delivery, personalizing medicine, drug/device R&D, or lowering costs) are completely different from other industries. In this study, we explain the difference between direct and indirect data monetization, how it applies to the healthcare industry and specifically the MedTech sector, provide a framework for MedTech companies to assess the data monetization potential for each of their products, and give examples of monetization for medical devices, surgical equipment, imaging equipment, prostheses and implants, and consumables, along with a final strategic decision-making checklist for MedTech companies to monetize their own data.--BEGIN PROMO--

Key Issues Addressed

  • Why is healthcare data important, and increasing in volume?
  • What is data monetization, and what are healthcare use cases and examples?
  • How does the MedTech industry leverage data monetization?
  • How can MedTech companies assess the data monetization potential for each of their products?
  • What are the considerations for MedTech companies before choosing data monetization as a growth strategy?

Author: Siddharth Shah

More Information
No Index No
Podcast No
Author Siddharth Shah
Industries Healthcare
WIP Number K614-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9A4B-B1,9614-B1