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The study discovered that while many medical device businesses are well-positioned to lead the health future, they are unlikely to be able to do it on their own. Deloitte recommended that these companies acquire or partner with advanced data analytics firms, rather than concentrate on incremental improvements to their devices.
"The pace of innovation in health care is unprecedented, so medtech companies should think about what role they want to play in the future ecosystem, whether it's a data and platform provider, a well-being and care delivery organization, a care enabler, or elements of all three. Knowing where a partner may help fill any short- or long-term gaps can only position them for greater success," said Glenn Snyder, principal and medtech leader at Deloitte.
The research also indicated that medical device firms are likely to make the shift to the future through more advanced, data-driven services to the future of health. These vendors are prepared to play a major role in lowering medical expenses, improving surgical outcomes, and enhancing patient results.
The top three data-drive service areas that medical device vendors are likely to offer are remote patient monitoring, data storage and integration, and clinical efficiency improvement.
To remain competitive, Deloitte recommended that medical device vendors partner with or acquire consumer technology companies so they can innovate across the patient and clinician experience.
"What's interesting for medtech companies to know from this research is that in many ways, the data collected from their hardware could be more valuable than the hardware itself, at least as these capabilities evolve even more radically in the future," said Pedro Arboleda, managing director of Deloitte.
"To stay relevant in the future of health and be in a position to embrace new care models, medtech companies should consider partnering much more closely with consumer technology companies so they can continue innovating across the complete patient journey and clinician experience," Arboleda concluded.
