With surging inflation, decreased hospital spending, and widespread market uncertainty, it is vital that medical device organizations stay knowledgeable about the future of the industry, so they can prioritize their investments strategically. As we begin the new year, we expect the following eight trends to drive the medical device industry in 2023.
1. Virtual Health is Here to Stay
The Covid-19 pandemic required quick adoption of online treatments. And while the necessity for asynchronous care has since subsided, it has become standard for healthcare organizations to have the capability in place. Virtual health is more than a pandemic-era fad.
The adoption of telemedicine is here to stay. Today, 46% of health care consumers continue to use telehealth, and 76% are interested in using it in the future to complement necessary in-person visits. Now that consumers are familiar with using asynchronous care options, they will continue to expect them in the future. – and seek out providers offering virtual services.
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2. Rapid Innovation Requires More Support
The medical device industry is changing rapidly, and innovations are becoming more and more complex. We are seeing clinical populations struggle to keep up with the pace of innovation. In 2023 this will drive them to increase their reliance on patients, representatives, and digital channels to learn about new products and treatments. For medical device manufactures, this means that outreach to all corners of the healthcare ecosystem is key to building awareness and driving adoption.
3. Consumers Have More Options
Patients have more to consume, moving into 2023. There is more research, and more options available to patients than ever before. And it only continues to surge, even for surgical devices, instruments, and implants. Breaking through the noise and getting easily understood product information in front of the patient will be critical. An engaging Digital Front Door isn’t only a necessity for providers – it’s important for anyone looking to create a relationship with patients.
4. Ongoing Pandemic Hurdles
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While the effects of the pandemic have dwindled in many areas, lingering hurdles still remain. As we move into 2023, there are still ongoing Covid-19 protocols that make it difficult for representatives to perform in-person product demonstrations and in-service events. This results in clinicians missing a key step in understanding (and experiencing) new products. Creating interactive, meaningful digital experiences that give providers an in-depth look at products should continue to be on marketer’s minds as in person visits remain challenging.
5. Artificial Intelligence Funding
Funding for artificial itelligence is continuing to grow as the FDA has given their full support of AI innovation. They are in the process of developing new AI-specific regulatory frameworks. In 2023 we will see personalized apps, robotics, diagnostics, wearables (and more) benefit from the increased funding and research. While this is an exciting time for the market, innovators should be increases their reach with their target audiences and developing market access plans in parallel with the regulatory process to ensure they are well differentiated when the time comes for commercialization.
6. The Wearables Market
The wearables market has yet to hit its zenith. The market is set to reach upwards of $60.4 billion by 2027. Interest in launching product is already high, with 52% of digital healthcare decision-makers involved or planning on getting involved in the development of wearable devices. In 2023 differentiation for current and future products will be more critical than ever, as will integration with other tools that patients (and providers) are using to monitor health.
7. Elective Procedures
During the height of the pandemic, as the healthcare system became quickly overwhelmed, procedures deemed non-medically necessary, had to be put on the backburner. As we move into 2023, we are seeing elective procedures are rebounding post-pandemic. This will re-open sales opportunities, patient interest, patient research, R&D, and production.
8. Organizations Struggle with M&A Integration
According to Harvard Business Review, “Indeed, companies spend more than $2 trillion on acquisitions every year. Yet study after study puts the failure rate of mergers and acquisitions somewhere between 70% and 90%.” This is largely because organizations often fail to meet the level of synergy necessary for success. We see many organizations that are still grappling with technology integration from past M&A activity. Siloed technology, duplicative systems, and tangled processes limit truly audience-centric experiences.
The Future of the Medical Device Industry’s is Built on Consumer Experiences.
Traditionally focused on manufacturing, Med Device companies need to reinvent themselves and shift their focus to driving end to end customer value that includes more than products. They need to offer holistic solutions that include services, data intelligence and integrated product offerings to drive new revenue streams, reduce costs and prevent hospital admissions.
Perficient can lead Med Device companies through this opportunity by helping them to reinvent core business strategies for evolving markets, market opportunity assessments, technical roadmaps, data intelligence, commerce/logistics strategy, platform integration, interoperability, and more, becoming a single strategic partner driving value throughout the consumer lifecycle.
With deep expertise in life sciences and digital technologies, Perficient is a trusted, end-to-end, global digital consultancy. More than 150 pharmaceutical, biotechnology, medical device, and clinical research organizations have counted on our world-class industry capabilities and experience with leading technology innovators. Contact us to learn more.
- 7 Major Medtech Trends (2022-2027) (explodingtopics.com)
- Telehealth: A post-COVID-19 reality? | McKinsey
- Medtech M&A decline poised to continue in 2023 amid ‘bumpy’ market: report | MedTech Dive
- 2021 Digital Health Survey Report | Jabil
- Global Wearable Medical Devices Market Outlook and Projections, 2019-2027 (researchandmarkets.com)