Medtech companies must consider what type of medical device connectivity is best for them and how to manage medical device data, or risk being left behind as competitors embrace IoT technology.
As our lives become increasingly connected to personal devices, data is constantly streamed and used by industries to optimize and personalize their offerings. Yet medtech, it seems, has not kept up with the times in this regard. Certainly, data is being gathered on some medical devices, but is it being used to its full potential?
To remain competitive, medtech firms need to fully embrace data-gathering capabilities. This includes the capture of data, facilitating the connectivity of devices, and generating insights to improve devices, operational efficiency, and healthcare outcomes.
More holistic internet of medical things (IoMT)-based solutions can autonomously gather data and seamlessly integrate with our increasingly digital lives. Digital health solutions like these can lead to more widespread adoption of medical devices and solutions and have the potential to drive meaningful change in health care.
With the market for connected medical devices predicted to grow from 14.9 billion USD in 2017 to 52.2 billion USD in 2022, a delay now in adding connectivity and using data to its full potential could be the undoing of some medtech firms as they lose out on this crucial market.
The threat of tech giants like Amazon, Apple, Google, and more moving into the digital health space remains. But security, regulation, and safe handling of patient data are of chief concern here, and could be a key differentiator in future.
In his recent article for MD+DI, Piotr Sokolowski, Head of Services Strategy here at S3 Connected Health, considers whether data gathered on medical devices is being used to its full potential and how data insights can help improve not only the device, but services around and beyond the device.