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2019 Growth Opportunities in Medtech Across Patient Centricity, Technology Adoption, Data Democratization and Invasion by Non-traditional Participants
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The study is a comprehensive analysis of the key forces shaping the global medtech industry in 2018 and the resultant themes that would govern the market dynamics in 2019 and beyond. The key medtech industry challenges of lack of innovation in conventional segments, increasing focus on efficiencies, changing device ecosystem to digital enablers, emergence of GAFAM and other non-traditional participants, and growing domestic competition in certain growth markets, has led to certain industry moves broadly classified into increasing personalization, data and tech leverage, enhanced post-acute care coordination and an increasing focus on value-based care models. The intersection of various trends and challenges has led to the emergence of four key themes, as explained below: • Patient Centricity: With shifting focus to proactive patient care, 25% of the top companies and 45% of start-ups are exploring patient-care gaps across the care continuum; • Tech Convergence: Medtech has leveraged on emerging technologies, such as Artificial Intelligence (AI) and Augmented Reality (AR)/Virtual Reality (VR) with 15% to 25% increase in tech-related strategic spending in 2018; • Data Monetization: Emergence of the “Quantified Self” has led to data-driven commercialization, and risk-sharing models will dominate medtech strategies in 2019; and• Non-traditional (NT) Entrants: Entry of tech, automotive, and logistics participants in medtech and the broader healthcare space has led OEMs to evaluate their impact and opportunities.Globally, 2019 will be a year of value-based care, as ‘outcome-based care’ focus will globalize. This will trigger the maturation of risk sharing in solution contracting between providers and drug/device OEMs, driving business value for providers. Access to affordable and quality care will be key political agendas for the upcoming 2019 elections in emerging markets, such as Asia, Africa, and Central and Eastern European countries. Research and Development (R&D) investments in future devices will be more targeted to meet the unique needs of emerging markets. Non-traditional participants, such as Amazon, Ali Health, Microsoft, and IBM, with digital technologies will provide the required impetus to public health systems to ensure accessibility and affordability of care.Frost & Sullivan estimates that the 4 themes would result in a huge set of new and unprecedented growth opportunities for existing medtech participants. The study highlights a set of 20 such growth opportunities cutting across these themes, with a combined incremental value of $64.10 billion, over and above the $413.90 billion traditional market size, in 2019. The estimates further peg the longer-term growth opportunity to be $173.06 billion by 2024, with a healthy CAGR of 22.0% compared to the traditional market, which is estimated to slow down from the current 5.8% to around 5.2% by 2024.
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