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Growth Opportunities to Boost Revenue in this Slowing Industry by an Additional $240 Billion by 2024
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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.
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
Author: Siddharth Shah
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