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Unlocking Medtech’s Future Potential with Connected Devices and Services

June 9, 2020 Peter Myler
Unlocking Medtech’s Future Potential with Connected Devices and Services

With the global market for connected medical devices expected to grow from $55.5 billion in 2019 to $188 billion by 2024, medtech companies not investing in connectivity now risk being left behind.

Adding connectivity to medical devices facilitates the gathered of data that can be used to help streamline business operations and create new business models, increase clinical effectiveness, improve patient care and outcomes, and demonstrate value to payors.  

However, adding connectivity alone is not enough. Several factors play into a connected device’s ultimate success or failure; knowing what these factors are and where to begin can be challenging, especially for medtech companies just starting their journey toward connectivity.

Our latest whitepaper, ‘Unlocking Medtech’s Future Potential with Connected Devices and Services’, will take you through the opportunities for medical device connectivity in a manner that will allow you to meet your strategic business goals, scale across global markets, and ensure strong security protocols. It includes contributors from Bayer, Cochlear, Fresenius, and the Mayo Clinic and examples from ResMed, Abbot, Fresenius, and Cochlear,.

This paper also covers key considerations for developing connected health services that enhance and retain the value of the core device. Medtech companies willing to embrace this shift in mindset can benefit by making the move from being device-only vendors to becoming full-service providers. For example, in the United States, a recent executive order will incentivize in-home dialysis rather than in-center dialysis, increasing demand for these services.

Meanwhile, the COVID-19 pandemic has resulted in a rapid, global need to move care from hospitals to the home for many with chronic conditions. Answering this need will require medtech companies to investment in connectivity and companion services, built around and alongside connected medical devices, to facilitate the delivery of care in homes and to monitor the quality of that care.

 

In this whitepaper you'll get practical advice from industry experts on:

  • Actionable steps for navigating the complex environment of connected devices and services
  • Key considerations when adding connectivity to your devices
  • Examples of how ResMed, Abbott, Cochlear, and Fresenius are using connected devices

Download our new whitepaper:

Unlocking Medtech’s Future Potential with Connected Devices and Services