Digitization in medical devices is becoming a critical factor to remain competitive and gain the necessary momentum for enduring growth and profitability. Rising costs from health care providers and low returns from high investment medical devices are forcing the Medtech companies to explore new ways in improving their end results. Let’s discuss them in detail below
Drivers of digital transformation in MedTech Industry
There are several reasons that are making it necessary for established as well as new entrants in the field to implement digital strategies in their business and industrial DNA. These trends show no signs of reversing. Increased Cost: In the MedTech industry, increasing-price and competition continue to be a source of concern for executives. All stakeholder wants low-cost devices and meets regulatory processes. Furthermore, issues of rising out-of-pocket expenses (OOP), increasing patient demand is also soaring high. Patients often tend to skip treatment or pay high medical charges to avail of premium healthcare services. Prices for MedTech goods have continued to fall in the face of these pressures. To compete with lowering prices, these companies must not only offer superior features but also give outstanding value to patients and providers while keeping costs low. Strict regulatory norms: MedTech companies have to face additional regulatory constraints that increase operating expenses. The latest European Union Medical Devices Regulation (MDR), for example, will mandate a more complete review of product safety and performance, stricter clinical evaluation criteria, and increased device traceability across the supply chain. Finally, businesses may have to examine if certain items generate enough revenue to justify their continued existence.
Digital transformation trends that will dominate the MedTech sector
With the disruption of innovation, there are various opportunities in the healthcare industry to be explored. Companies opting to use digital techniques for innovation, must become well-versed in emerging digital trends and incorporate them into their organisations. Adopt new and thriving digital trends to stay ahead of the competition. So, what will be the future technology that will rule the healthcare industry? Let us analyse them in-depth.
1. Connected Devices and IoT
Smart, connected devices are becoming the go-to choices, and their importance in the healthcare industry has expanded dramatically. These connected devices will play a crucial role in the future of medical technology. Such connected devices allow patients to have real-time access to information and help caregivers seek immediate answers to problems that need immediate attention. The proliferation of connected medical devices along with IoT is also becoming popular in providing remote patient care and clinical research. With the help of connected devices understanding patient medical history and shape the clinical decision is possible even in a remote location.
2. Wearable devices
There lie tremendous opportunities to use wearable devices for improving patient care. As per a report, the global wearable medical devices market will grow by a CAGR of approximately 7% between 2021 and 2031. Today, smartwatches are not only limited to tracking footsteps but equipped with monitoring SpO2. Other forms of wearable devices are ECG monitors, blood pressure monitors, glucometers to detect anomalies and send reports to the doctors directly. Further, wearable devices will give opportunities to patients to proactively take care of their health and get health support immediately.
3. Health applications
Smartphones have become an integral part of our lives. As per a report, there are about 5.5 billion smartphone users in the world, and looking at the trend the numbers will continue to increase. People around the world devote most of their time browsing an app creating an opportunity for businesses to move to mobile applications – either IOS or Android to ensure business success. Further, it is also an opportunity for the MedTech companies to effectively utilize such a communication channel that can influence the masses. With the emergence of EHR/EMR systems, a customized mobile application can become a single point of connection between caregivers and patients. Data collected from mobile apps post valid authorization can be utilized to treat and improve patient care. Mobile apps can also be used to provide services such as teleconsultations and e-prescriptions.
How MicroGenesis can enhance the digital transformation journey for Medtech?
With the trends in the digital arena changing every minute and the urgency to offer the best healthcare service rising, the medical technology sector also needs to transition to next-generation services that offer the best to their customers. But for doing so, they need technical guidance and understanding of the latest happening in the sector. MicroGenesis can help by leveraging its industry-leading solutions and services and its extensive experience in the healthcare industry.Our experts have worked with multiple clients in the MedTech sector to enhance performance by leveraging digital strategies that are result-driven and cost-efficient. Our subject-matter experts comprise highly experienced business analysts, architects, test analysts for each client’s project requirement and implement the best methodology that would be the best fit for your requirement.To know about digital transformation in the Medtech sector contact us https://www.mgtechsoft.com/contactus/
