Innovative Business Models Unleash Growth Opportunities in the MedTech Industry

Innovative Business Models Unleash Growth Opportunities in the MedTech Industry

Unconventional Partnerships Create New Value, Address Evolving Market Needs, and Produce Transformational Growth

RELEASE DATE
23-Mar-2021
REGION
North America
Research Code: K5B9-01-00-00-00
SKU: HC03401-NA-MT_25317

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Description

Medical technology (MedTech) firms are on the verge of reinventing their role in enabling care delivery due to various external factors, such as continuous margin pressures from providers on account of increasing healthcare costs, changing needs of end users, rapid technological advancements, empowered patient-consumers taking an active role in their health and demanding new-age solutions, and threat from low-cost emerging market competitors. The increasing emphasis on value-based healthcare, which drives outcome-based reimbursement and purchase decisions for medical devices, necessitates a shift in business model and pricing strategies among the MedTech firms. The current scenario is presenting device companies with new opportunities to transform from a feature-oriented hardware sales model to a more engaging partnership model that helps save provider and payer costs while improving patient outcomes. To build solutions that solve the needs of key stakeholders in the current landscape, quantifiable data-driven metrics that prove the efficacy and effectiveness of the device are needed. For this, companies should shift their focus to continuum of care solutions, as the value metrics to prove the outcome might not be readily available during the point of intervention and would need continual measuring beyond the acute care setting. Integrating data and analytics to enhance the care process (improved clinical workflow and real-time clinical decision support) or extending monitoring capabilities beyond acute care setting (to recovery wards and home) prove the benefit of capturing pertinent data. The focus on continuum of care solutions, enabled by connected devices integrated into digital platforms, provides new revenue streams for MedTech firms centered on data and performance. It enables providers and payers to design innovative care delivery and disease management or wellness models. To sustain in the competitive market, MedTech firms need to embrace innovative risk-sharing models, value-based contracts, subscription models, and managed service partnerships. This research service covers key strategic imperatives for MedTech firms, key impacts on their growth opportunities due to business model transformation, and growth drivers and restraints for business model transformation.

Author: Srinath Venkatasubramanian

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 Medical Technology Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

MedTech Business Model Transformation Coverage Areas and Scope of Analysis

Top External Forces Impacting MedTech OEMs

Top Internal Forces Impacting MedTech OEMs

Market Disruptors and Their Impact on MedTech’s Status Quo

Healthcare Industry’s Transition and Its Impact on MedTech Industry

Growth Drivers for MedTech Business Model Transformation

Growth Restraints for MedTech Business Model Transformation

Shifting Expectations and Needs of Key Stakeholders—MedTech Business Model Transformation

Changing Role of MedTech Participants to Avoid the Commodity Trap

Change in Provider Priorities and MedTech Company Strategies

MedTech Transformation Model

Revenue Forecast by Business Model—MedTech Business Model Transformation

Revenue Forecast Analysis—MedTech Business Model Transformation

Value Creation Engine—MedTech Business Model Transformation

Solution Prioritization—MedTech Business Model Transformation

Key Strategic Imperatives Driving the Change—MedTech Business Model Transformation

Market Dynamics are Revamping the Traditional Engagement Model

Drivers of Business Model Reinvention

Impacts of Business Model Transformation

Change in Value Stream—MedTech Business Model Transformation

Change in Value Stream—MedTech Business Model Transformation (continued)

Innovation in MedTech Companies

Evolution of MedTech Companies

Expanding to New-Age Platforms and Solutions

New Business Models and Outcomes

Growth Opportunity Matrix—MedTech Business Model Transformation

Growth Opportunity 1: Omnichannel Sales and Innovative Clinical Engagement are Replacing Traditional MedTech Sales

Growth Opportunity 1: Omnichannel Sales and Innovative Clinical Engagement are Replacing Traditional MedTech Sales (continued)

Growth Opportunity 2: Connected Care Solutions have Enabled Care Delivery Beyond the High-acuity/hospital Setting

Growth Opportunity 2: Connected Care Solutions have Enabled Care Delivery Beyond the High-acuity/hospital Setting (continued)

Growth Opportunity 3: Insight-as-a Service with a Focus on Performance Data is the Linchpin in New Value-added Monetization Models

Growth Opportunity 3: Insight-as-a Service with a Focus on Performance Data is the Linchpin in New Value-added Monetization Models (continued)

Growth Opportunity 4: New Payment Models are Centered Around Managing the Disease Condition

Growth Opportunity 4: New Payment Models are Centered Around Managing the Disease Condition (continued)

Growth Opportunity 5: Emerging Market Strategy of Innovation and Economic Operations to Revive Sluggish Growth in MedTech Industry

Growth Opportunity 5: Emerging Market Strategy of Innovation and Economic Operations to Revive Sluggish Growth in MedTech Industry (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

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Related Research
Medical technology (MedTech) firms are on the verge of reinventing their role in enabling care delivery due to various external factors, such as continuous margin pressures from providers on account of increasing healthcare costs, changing needs of end users, rapid technological advancements, empowered patient-consumers taking an active role in their health and demanding new-age solutions, and threat from low-cost emerging market competitors. The increasing emphasis on value-based healthcare, which drives outcome-based reimbursement and purchase decisions for medical devices, necessitates a shift in business model and pricing strategies among the MedTech firms. The current scenario is presenting device companies with new opportunities to transform from a feature-oriented hardware sales model to a more engaging partnership model that helps save provider and payer costs while improving patient outcomes. To build solutions that solve the needs of key stakeholders in the current landscape, quantifiable data-driven metrics that prove the efficacy and effectiveness of the device are needed. For this, companies should shift their focus to continuum of care solutions, as the value metrics to prove the outcome might not be readily available during the point of intervention and would need continual measuring beyond the acute care setting. Integrating data and analytics to enhance the care process (improved clinical workflow and real-time clinical decision support) or extending monitoring capabilities beyond acute care setting (to recovery wards and home) prove the benefit of capturing pertinent data. The focus on continuum of care solutions, enabled by connected devices integrated into digital platforms, provides new revenue streams for MedTech firms centered on data and performance. It enables providers and payers to design innovative care delivery and disease management or wellness models. To sustain in the competitive market, MedTech firms need to embrace innovative risk-sharing models, value-based contracts, subscription models, and managed service partnerships. This research service covers key strategic imperatives for MedTech firms, key impacts on their growth opportunities due to business model transformation, and growth drivers and restraints for business model transformation. Author: Srinath Venkatasubramanian
More Information
No Index No
Podcast No
Author Srinath Venkatasubramanian
Industries Healthcare
WIP Number K5B9-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9825-B1,9A52-B1,9A54-B1,9566-B1,9570-B1,99CC-B1,9A47-B1,9A48-B1,9A49-B1,9A4B-B1,99BE-B1,9614-B1