Digital technology and mHealth expansion
not only enable patients to be more proactive in keeping themselves fit and healthy, these tech innovations are also underpinning the growth of consumerism in healthcare.
With data collected from medical devices – including wearables and other mHealth tools
– becoming increasingly valuable for disease diagnosis and prevention research, device manufacturers are now shifting their focus towards data collection and analytics software solutions.
Medical technology companies have traditionally performed the role of hardware developers, supplying the market with diagnostic and surgical equipment, infusion pumps and other medical devices. Today, the emergence of more sophisticated technologies such as artificial intelligence, data analytics and informatics – with the potential to improve diagnosis, treatment and prevention – is causing “dramatic change” to traditional medical technology business models, says a new report from Deloitte
Traditional hardware vendors working more closely with, for example, makers of wearable devices for fitness and wellness tracking, will position them for a future of fast-evolving information technology, according to the new Deloitte Center for Health Solutions report
The report is based on a crowdsourcing simulation conducted by Deloitte involving healthcare experts from different fields, including health systems, digital health start-ups and research entities. The top technologies creating impact on healthcare, as cited by study participants, were artificial intelligence, robotics and nanotechnology. Meanwhile, the top three service areas cited were remote patient monitoring, data storage and integration and improving clinical efficiency.
Deloitte researchers noted that, in the coming years, data-driven services like data collection and advanced data analysis, as well as software development will start to replace the traditional medtech focus on designing and developing hardware like surgical equipment, pacemakers, joint replacements and others.
To address changing healthcare provider needs, the researchers highlight the importance for medtech companies to also focus on developing, acquiring or partnering to access sophisticated data analytics capabilities – which could be useful in terms of optimising surgical performance and improving patient outcomes.
“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,” Pedro Arboleda, managing director, Deloitte Consulting, pointed out.
Such health and consumer tech partnerships will help these companies position themselves "for greater success" in the future ecosystem of care, added Glenn Snyder, principal and medtech leader of Deloitte Consulting.