Digital Health Reshaping MedTech Industry as Consumers Demand “Anywhere, Everywhere” Healthcare, Accenture and AdvaMed Report Finds
09 November 2022 - 11:59PM
Business Wire
Shift away from traditional healthcare settings
will impact long-term business strategies and models, according to
more than three-quarters of MedTech executives surveyed
The medical technology (MedTech) industry is being reshaped by
digital health and consumers' expectations to receive care how,
when and where they want, according to a new report from Accenture
(NYSE: ACN) and AdvaMed.
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The MedTech industry is being reshaped by
digital health and consumers' expectations to receive care how,
when and where they want, says Accenture and AdvaMed. (Photo:
Business Wire)
The report, titled “Digital Health and MedTech – New Signals for
Transformation,” based on a global survey of more than 150 MedTech
executives, reveals a shift away from traditional healthcare
models, with leaders adopting digital health as a core part of
their approach to improving patient outcomes. More than
three-quarters (75%) of the executives said that expanding care
settings will significantly reorient their company’s long-term
strategy and change business models.
“Healthcare is at a crossroads, facing unprecedented pressure
and disruption — including affordability challenges, shifting
patient expectations, and an increasing deluge of health data,”
said Tim Durst, a managing director at Accenture who leads the
global medical technology sector in the company’s Life Sciences
practice. “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 developing the right connected products,
services and programs for patients and providers remains a hurdle,
citing implementation complexity and the lack of the right partners
as primary challenges. In addition, nearly nine out of 10
executives (86%) said that technology and collaboration are key to
addressing these challenges.
The report identifies five key trends driving the future growth
of MedTech:
- The Consumer Patient: Healthcare is no longer a one-way
interaction with the patient only on the receiving end; it now
requires continuous engagement between patient, provider and payer.
Two-thirds (70%) of executives said that the Consumer Patient
phenomenon is very relevant and expect it to significantly affect
their firm’s long-term strategy.
- Care Anywhere, Everywhere: As consumers increasingly
expect to receive care how, where and when they want, healthcare is
increasingly expanding from hospitals to ambulatory and at-home
care locations. The MedTech executives interviewed for the report
said that while traditional products continue to drive revenues,
the expansion of care to new settings is a key part of their growth
strategies.
- The Rise of Digital Health: MedTech company leaders are
prioritizing digital health by building capabilities in-house
through investments in R&D, technology, digital and new
business models; and by making asset acquisitions to expand their
pipeline across therapeutic areas and add new capabilities to
innovate faster or reach customers in new ways. Nearly all (99%)
executives indicated that development and commercialization of
Digital Health solutions has accelerated in the past two
years.
- Converging Sectors: The rise of digital in healthcare is
also fueling non-traditional deals, with future success dependent
upon various sectors converging to develop products and services
across the entire care continuum, according to nearly nine out of
10 (86%) executives.
- New Regulatory Pathways: Digital Health may fall outside
the bounds of established regulatory pathways for untested
technologies, requiring new approaches from the sector. Most
executives (87%) identified government regulations as a threat and
disruptor to their business. This may be due to the shifting nature
of regulatory guidelines, as regulatory bodies work to keep up with
the rate of new and emerging technologies and ensure they are safe
and effective.
Scott Whitaker, AdvaMed president and CEO said, “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 full report here.
About the Research Accenture surveyed 150 MedTech senior
executives globally (Germany, Japan, Netherlands, Switzerland, UK
and US). The respondents were equally distributed across 30
med-tech companies with median 2021 global revenues of nearly US$10
billion. Two-thirds of the respondents had a tenure of 11-20 years’
experience in the MedTech industry. Accenture also interviewed 30+
C-suite and other senior executives from the MedTech and pharma
sectors in AdvaMed’s Digital Health Center of Excellence to confirm
survey findings and gain deeper insights. In addition, the
researchers analyzed 100 M&A deals and more than 600 product
launches from a subset of MedTech companies that took place between
January 2019 and March 2022.
About Accenture Accenture is a global professional
services company with leading capabilities in digital, cloud and
security. Combining unmatched experience and specialized skills
across more than 40 industries, we offer Strategy and Consulting,
Technology and Operations services and Accenture Song — all powered
by the world’s largest network of Advanced Technology and
Intelligent Operations centers. Our 721,000 people deliver on the
promise of technology and human ingenuity every day, serving
clients in more than 120 countries. We embrace the power of change
to create value and shared success for our clients, people,
shareholders, partners and communities. Visit us at
accenture.com.
Copyright © 2022 Accenture. All rights reserved.
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Marchell Gillis Accenture +1 678 657 7515
marchell.gillis@accenture.com
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