Digital Health Reshaping MedTech Industry as Consumers Demand “Anywhere, Everywhere” Healthcare, Accenture and AdvaMed Report Finds
Shift away from conventional healthcare settings will impression long-term business methods and fashions, in accordance with greater than three-quarters of MedTech executives surveyed
NEW YORK; Nov. 9, 2022 – The medical expertise (MedTech) business is being reshaped by digital well being and customers’ expectations to obtain care how, when and the place they need, in accordance with a brand new report from Accenture (NYSE: ACN) and AdvaMed.
The report, titled “Digital Health and MedTech – New Signals for Transformation,” based mostly on a world survey of greater than 150 MedTech executives, reveals a shift away from conventional healthcare fashions, with leaders adopting digital well being as a core a part of their strategy to bettering affected person outcomes. More than three-quarters (75%) of the executives stated that increasing care settings will considerably reorient their firm’s long-term technique and change business fashions.
“Healthcare is at a crossroads, facing unprecedented pressure and disruption — including affordability challenges, shifting patient expectations, and an increasing deluge of health data,” stated Tim Durst, a managing director at Accenture who leads the worldwide medical expertise sector within the firm’s Life Sciences follow. “With a unique understanding of therapeutics, patients and providers, as well as insights gained from digital devices in the hands of patients, MedTech companies are well-positioned to lead the transformation to digital health. However, companies will need the proper digital foundation to leverage the necessary insights and create a comprehensive digital health solution.”
The report notes that creating the suitable linked merchandise, providers and packages for sufferers and suppliers stays a hurdle, citing implementation complexity and the dearth of the suitable companions as major challenges. In addition, practically 9 out of 10 executives (86%) stated that expertise and collaboration are key to addressing these challenges.
The report identifies 5 key developments driving the long run progress of MedTech:
- The Consumer Patient: Healthcare is not a one-way interplay with the affected person solely on the receiving finish; it now requires steady engagement between affected person, supplier and payer. Two-thirds (70%) of executives stated that the Consumer Patient phenomenon may be very related and count on it to considerably have an effect on their agency’s long-term technique.
- Care Anywhere, Everywhere: As customers more and more count on to obtain care how, the place and when they need, healthcare is more and more increasing from hospitals to ambulatory and at-home care areas. The MedTech executives interviewed for the report stated that whereas conventional merchandise proceed to drive revenues, the growth of care to new settings is a key a part of their progress methods.
- The Rise of Digital Health: MedTech firm leaders are prioritizing digital well being by constructing capabilities in-house via investments in R&D, expertise, digital and new business fashions; and by making asset acquisitions to develop their pipeline throughout therapeutic areas and add new capabilities to innovate sooner or attain prospects in new methods. Nearly all (99%) executives indicated that improvement and commercialization of Digital Health options has accelerated up to now two years.
- Converging Sectors: The rise of digital in healthcare can be fueling non-traditional offers, with future success dependent upon numerous sectors converging to develop merchandise and providers throughout your complete care continuum, in accordance with practically 9 out of 10 (86%) executives.
- New Regulatory Pathways: Digital Health could fall outdoors the bounds of established regulatory pathways for untested applied sciences, requiring new approaches from the sector. Most executives (87%) recognized authorities rules as a menace and disruptor to their business. This could also be because of the shifting nature of regulatory pointers, as regulatory our bodies work to maintain up with the speed of latest and rising applied sciences and guarantee they’re secure and efficient.
Scott Whitaker, AdvaMed president and CEO stated, “AdvaMed members are at the forefront of innovation and improving patient health outcomes, and we are seeing some of the most exciting advancements in digital health. The report’s findings will help us plan for the future of our industry to ensure we can thrive and grow to meet the needs of the patients who rely on medical devices every day.”
Access the complete report right here.
About the Research
Accenture surveyed 150 MedTech senior executives globally (Germany, Japan, Netherlands, Switzerland, UK and US). The respondents had been equally distributed throughout 30 med-tech firms with median 2021 world revenues of practically US$10 billion. Two-thirds of the respondents had a tenure of 11-20 years’ expertise within the MedTech business. Accenture additionally interviewed 30+ C-suite and different senior executives from the MedTech and pharma sectors in AdvaMed’s Digital Health Center of Excellence to substantiate survey findings and acquire deeper insights. In addition, the researchers analyzed 100 M&A offers and greater than 600 product launches from a subset of MedTech firms that occurred between January 2019 and March 2022.
About Accenture
Accenture is a world skilled providers firm with main capabilities in digital, cloud and safety. Combining unmatched expertise and specialised expertise throughout greater than 40 industries, we provide Strategy and Consulting, Technology and Operations providers and Accenture Song — all powered by the world’s largest community of Advanced Technology and Intelligent Operations facilities. Our 721,000 folks ship on the promise of expertise and human ingenuity day-after-day, serving purchasers in additional than 120 international locations. We embrace the ability of change to create worth and shared success for our purchasers, folks, shareholders, companions and communities. Visit us at accenture.com.
# # #
Contact:
Marchell Gillis
Accenture
+1 678 657 7515
[email protected]
Copyright © 2022 Accenture. All rights reserved.
