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Digital Transformation of the Global Medtech Industry, Forecast to 2024
Digital Transformation of the Global Medtech Industry, Forecast to 2024
Growth Opportunities to Boost Revenue in this Slowing Industry by an Additional $240 Billion by 2024
05-Sep-2019
Global
$4,950.00
Special Price $3,712.50 save 25 %
Description
The medtech industry’s revenue growth is expected to gradually dip beyond 2020, from a year-on-year growth of about 5.7% in 2020 to 5.3% in 2024. The industry is already addressing this as well as several other challenges such as the changing device ecosystem, shifting competitive focus, and the invasion by technology companies. Medtech players are no longer just suppliers of medical devices. They are, and will continue to play an increasingly growing role of being, solution providers as well. These solutions complement the core products to help their users— i.e., providers and patients, and those who pay for them, including payers—to better manage patient health and outcomes, while reducing costs, thus satisfying the requirements of the quadruple aim of healthcare. Medtech companies are also moving horizontally across the patient care continuum, beyond simply intervention or therapy, to focus on follow-up, as well as diagnosis and even prevention. Enabling this transition are the several digital tools and technologies that are now available and making their headway into the overall healthcare industry.
The medtech industry lags behind its larger healthcare peer, the pharmaceutical industry, and has a lot of room to incorporate digital solutions. The transformation begins from within, as the first pillar of digital transformation for the industry is its own internal operations. The other pillars are care delivery digitization, connected devices, and connected patients – with ample overlaps between the three. While those overlaps are acknowledged, the differences between the three are also crucial to understand. If the potential of the opportunities provided by digital transformation initiatives is achieved to a reasonable estimate, it could add up to $240 billion in revenues on top of the additional forecasts.
Research Highlights
This study outlines the background and the current trends in the medtech industry that are driving the need for digital transformation, identifies the need for transformative initiatives, along with the top five growth opportunities and their potential size by 2020, highlights novel business models arising as a result of digital transformation, and game-changing companies for each of the four pillars mentioned earlier. It also provides an assessment of the regional readiness for digital transformation, of the disease areas that are currently in focus for such initiatives, and of current industry efforts.
Key Issues Addressed
- What factors are driving the digital transformation of the industry?
- What role can digital technology play in the ongoing transformation of the medtech industry?
- What are the key areas (or pillars) of digital transformation for the medtech industry?
- What are the key growth opportunities in each area of transformation for the medtech industry?
- How much incremental revenue can the medtech industry derive by adopting digital transformation efforts?
- What are some examples among core medtech and healthcare companies, and healthcare entrants, which are effecting this digital transformation in the industry?
Author: Siddharth Shah
RESEARCH: INFOGRAPHIC
This infographic presents a brief overview of the research, and highlights the key topics discussed in it.Click image to view it in full size
Table of Contents
Defining Medtech Industry Pillars for Digital Transformation
Key Findings—Medtech Digital Transformation Pillars
Medtech—Boosting Growth with Digital Transformation
The Digital Transformation Toolkit
Key Findings
Scope and Segmentation
Key Questions this Study will Answer
CEO’s Perspective
Key Companies to Watch
Strategic Imperatives
Frost & Sullivan Digital Transformation Framework
Digital Transformation Framework—Digital Ecosystem
Digital Transformation Framework—Business Functions
Digital Transformation Framework—Business Models
Medtech—A Slowing Growth Market
Medtech Challenges for 2019 and Beyond
Healthcare Industry’s Transition and its Impact on Medtech Industry
Shifting Role of Medtech Players
Digitization vs. Digital Transformation
Understanding Digital Transformation
Medtech Industry’s State of Digital Transformation
Medtech—Boosting Growth with Digital Transformation
Medtech—Boosting Growth with Digital Transformation (continued)
Medtech—Boosting Growth with Digital Transformation (continued)
Medtech—Boosting Growth with Digital Transformation (continued)
Regional Split of Digital Transformation Incremental Revenues
Medtech Industry Pillars for Digital Transformation
Medtech Industry Pillars for Digital Transformation (continued)
The Digital Transformation Toolkit
Medtech Industry View of Digital Health Technologies
Medtech Industry View of Digital Health Technologies (continued)
Digitizing Medtech Internal Operations—Opportunity Potential
Need for Improving Internal Operations
Growth Opportunity 1—RWE
Growth Opportunity 2—3D Printing for Manufacturing
Growth Opportunity 3—Digital Twins
Growth Opportunity 4—Medtech eCommerce
Growth Opportunity 5—Risk-Based Contracting
Novel Business Models
Game-Changing Companies
Ecosystem for Digitizing Medtech Internal Operations
Care Delivery Digitization—Opportunity Potential
Need for Digitizing Care Delivery
Growth Opportunity 1—Evolved Vitals Monitoring Devices
Growth Opportunity 2—Smart Screening and Diagnosis Devices
Growth Opportunity 3—Clinic and Hospital Use IoT Devices and Systems
Growth Opportunity 4—Workflow Automation Solutions
Growth Opportunity 5—Endoscopy Digitalization
Novel Business Models
Game-Changing Companies
Ecosystem for Care Delivery Digitization
Connected Medical Devices—Opportunity Potential
Need for Connected Devices
Priority Medical Devices for Connectivity
Growth Opportunity 1—Mobile Asset Tracking
Growth Opportunity 2—Connected Devices in Clinical Trials
Growth Opportunity 3—Medication Adherence Support
Growth Opportunity 4—Device Data Analytics
Growth Opportunity 5—Medical Device Cybersecurity
Novel Business Models
Game-Changing Companies
Ecosystem for Connected Medical Devices
Connected Patients—Opportunity Potential
Need for Connecting Patients
The Connected Patient Paradigm
Growth Opportunity 1—Patient Engagement
Growth Opportunity 2—Gamification
Growth Opportunity 3—Software-as-a-Medical Device
Growth Opportunity 4—Telemedicine and RPM Devices
Growth Opportunity 5—Digital Therapeutics
Novel Business Models
Game-Changing Companies
Ecosystem for Connected Patients
Regional Readiness Assessment
Regional Readiness Assessment (continued)
Regional Readiness Assessment (continued)
Disease Focus for Digital Transformation Efforts
Disease Focus for Digital Transformation Efforts (continued)
Industry Efforts for Digital Transformation
Industry Efforts for Digital Transformation (continued)
The Medtronic Innovation and Transformation Journey
The Medtronic Innovation and Transformation Journey (continued)
The Medtronic Innovation and Transformation Journey (continued)
Future Medtech Industry Trends
Solutions to Key Challenges in Digital Transformation
Data—Digital Age Healthcare’s New Currency
Strategic Imperatives
Legal Disclaimer
Additional Sources of Information on Medtech Industry’s Digital Transformation
List of Exhibits
List of Exhibits (continued)
The Frost & Sullivan Story
Value Proposition—Future of Your Company & Career
Global Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
Our Blue Ocean Strategy
Related Research
Popular Topics
Research Highlights
This study outlines the background and the current trends in the medtech industry that are driving the need for digital transformation, identifies the need for transformative initiatives, along with the top five growth opportunities and their potential size by 2020, highlights novel business models arising as a result of digital transformation, and game-changing companies for each of the four pillars mentioned earlier. It also provides an assessment of the regional readiness for digital transformation, of the disease areas that are currently in focus for such initiatives, and of current industry efforts.
Key Issues Addressed
- What factors are driving the digital transformation of the industry?
- What role can digital technology play in the ongoing transformation of the medtech industry?
- What are the key areas (or pillars) of digital transformation for the medtech industry?
- What are the key growth opportunities in each area of transformation for the medtech industry?
- How much incremental revenue can the medtech industry derive by adopting digital transformation efforts?
- What are some examples among core medtech and healthcare companies, and healthcare entrants, which are effecting this digital transformation in the industry?
Author: Siddharth Shah
| No Index | No |
|---|---|
| Podcast | No |
| Author | Siddharth Shah |
| Industries | Healthcare |
| WIP Number | K35F-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9600-B1,9A4B-B1 |