To meet the new demand, the consumer sector has started to deliver connected devices with diagnostic, treatment, and tracking features that were previously only available via healthcare facilities and costly medical equipment.
FREMONT, CA: There has been a radical change in healthcare over the past three to five years. Patients now continue to have autonomy of their health information and to receive personalized assistance to achieve their health and wellness objectives. According to one study, people understand that using wearable health devices to track glucose, heart rate, physical activity, sleep, or weight helps them understand their health condition (75 percent), improve their overall standard of treatment (69 percent), and interact with their health (73 percent).
To meet the new demand, the consumer sector has started to deliver connected devices with diagnostic, treatment, and tracking features that were previously only available via healthcare facilities and costly medical equipment. Smartwatches improve people's lives, whether they are gamifying their health or weight loss journeys or monitoring clinical indicators like blood sugar levels. These devices, which are easy to use and incorporate into everyday lives, are pushing MedTech companies to play catch-up.
What Does this Mean for MedTech Firms?
While it is exciting to see how rapidly both healthy and sick people are adopting these new innovations, conventional MedTech companies may find it difficult to compete. Consumer-facing businesses know how to develop delightful, entertaining, and easy products for their customers, and they also have the commercial marketing and distribution networks in place to increase revenue. They are also quickly acquiring medical experience that was previously the domain of medical technology firms.
On the other hand, the MedTech industry is highly regulated and dynamic. It has historically concentrated on clinical patient outcomes, healthcare efficacy, and healthcare cost reduction. Additionally, new product development cycles have typically been lengthy, and there is always the issue of payment, particularly in the United States. Consumers, insurers, or a government payer like Medicaid or Medicare pay for therapeutics and facilities. What do they cost, and how much do they pay? It often differs from state to state and country to country.