The global medical devices industry is
undergoing a major transformation in business models, technology adoption, and
care delivery approaches, according to Frost & Sullivan’s recent analysis, Global Medical Devices Outlook.
The digitalization of medical devices encourages medtech players to deliver
value for providers and patients with devices and digital data. This is leading
to the development of new business models, such as platform plays, and holistic
care delivery approaches that will accelerate global medical devices market
growth. Under an aspirational scenario, the market will likely reach $464.54
billion by the end of 2022 from $425.21billion in 2021.
“The unprecedented labor shortage due to the COVID-19
pandemic will drive hospitals to seek and adopt operational and clinical
efficiency solutions,” said Suchismita
Das, Healthcare & Life Sciences Senior Industry Analyst at Frost &
Sullivan. “Additionally,
insight-as-a-service offerings will emerge as pioneering medtech companies are
transforming into health-tech players while looking for the next level of
growth through their platform strategies.”
Das added: “The entry of disruptive start-ups and pure
technology firms into the care provision space has intensified competition. As
a result, medtech giants are exploring options to build assets in the digital
arena through mergers and acquisitions (M&As) to better compete and sustain
revenue growth.”
Hospitals increasing investments in advanced technologies to
improve patient outcomes and operational efficiencies will present
opportunities for medical devices market participants, including:
- Medtech companies should
redesign their product portfolios to meet the customized needs of the ambulatory surgery centers (ASCs)
in terms of clinical specifications, budget constraints, and design
variants of existing devices.
- Digital operating room (OR)
vendors can enter into partnerships with large medtech companies to push
their digital OR
solutions through these large companies’ channels, while
medtech companies can offer a holistic solution set for providers.
- Medtech original equipment
manufacturers (OEMs) can target women’s health providers and help them
offer holistic,
personalized care for women’s health needs using their
device solutions across the different stages of a woman’s life.
Global Medical Devices Outlook, 2022 is the latest addition to Frost &
Sullivan’s Healthcare &
Life Sciences research and analyses available through
the Frost & Sullivan Leadership Council, which helps organizations identify
a continuous flow of growth opportunities to succeed in an unpredictable
future.
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