Medical Devices

Disruptive change is rolling through the medical device industry as value-based healthcare and digitisation spread from niches to the mainstream. This is a challenging time, but it presents real opportunities for those ambitious companies prepared to reinvent themselves.

Medical Devices
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The medical device industry is highly segmented, and with that segmentation comes specific circumstances and trends. They remain united, however, by two overarching and closely linked waves of change. Firstly, payers are increasingly making the switch from service-based to value-based healthcare. Secondly, rapid adoption of digital technologies is transforming the way in which healthcare is delivered everywhere.

Changes in the reimbursement method inevitably lead to changes in the business model; many companies that had previously addressed specific points in the care pathway are now seeking to provide services across the entire continuum of care.

While rapid digitisation has completely revolutionised other markets, the regulatory regimes overseeing medical devices have slowed digital transformations in this industry. Still, the potential for change is sizeable. Medical device companies must consider how the reducing costs of sensing/processing/communication combined with customers and companies’ increasing familiarity with digital services will improve their offer.

For certain care pathways, moving to lower cost environments will be attractive to both payers and to patients, the latter of whom may prefer to receive their treatment at home. This presents new design challenges in order to ensure that complex medical equipment can function effectively in these contexts.

TTP works with its clients to bring new medical devices to the changing marketplace. Projects can include some or all of the process, from identifying new opportunities, to concept generation, design and manufacturing support.

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