CONNECTED HEALTH
Connectivity offers a holistic view of patient health, meaning better care for patients, richer insights for doctors and more value paths for vendors. Image courtesy of S3 Connected Health
Why medtech needs a new connected health mindset
C Bill Betten | S3 Connected Health |
12
Medical Design & Outsourcing
An outdated focus on device-only operations is preventing the industry from reaching its full potential.
onnected health is on the rise, with the industry set to reach a value of $6.6 billion by 2027, according to a study by Acumen Research and Consulting. The COVID-19 pandemic has further underlined the importance of connected health for clinicians and patients, and many medtech developers have pivoted to take advantage of the new circumstances. To secure a truly connected future for healthcare, however, more change is required. The medtech industry needs a total mindset shift from “device-only” operations to broader “device-based” services. We’re starting to see signs of change on that front, too. This expansion in focus could open up a new path of value for the industry. But some roadblocks remain.
5 • 2021
Why device manufacturers should expand their focus The most significant roadblock is the traditional focus on immediate wins and short-term ROI. When looking through this lens, individual devices are perhaps the most lucrative option. The shift to value-based care, the need to prove new devices’ effectiveness and the demands of an older, tech-savvy population make predictive and preventative medicine more important, and this kind of approach requires services beyond just devices. The benefits for medical device companies Device-based services offer a far more holistic view of patient health, meaning better care for patients, richer data insights for doctors and vendors and new paths to value in the longer term.
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