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

RELEASE DATE
05-Sep-2019
REGION
Global
Research Code: K35F-01-00-00-00
SKU: HC03211-GL-MR_23545

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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.
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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
The medtech industry’s revenue growth is expected to gradually dip beyond 2020, from a year-on-year growth of about 5.7Percentage in 2020 to 5.3Percentage 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.--BEGIN PROMO--

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

More Information
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