The COVID-19 pandemic slowed down many industries, but in the case of med-tech it turned out to be the driving force of its development. This is mainly due to the involvement of the medical sector in the fight against coronavirus.
A real urgent market need has forced the emergence of new technological solutions for medicine (with telemedicine as one of the main trends).
As the pandemic progresses, new needs arise and opportunities evolve. But what are the real big challenges that med-tech will have to face in the coming years?
Telemedicine
As telemedicine develops, it becomes a key element in diagnosing and treating diseases. The outbreak of the pandemic significantly reduced patients’ access to traditional medical services. Solutions allowing to provide them remotely have proved to be helpful. Remote consultation with a doctor has improved and accelerated the process of preventing, diagnosing and treating diseases.
Moreover, this solution has generally received a warm welcome from patients. The McKinsey consumer survey of COVID-19 showed that as many as 76% of people intend to use telehealth in the future [1].
Society and the market expect further development in this area, as well as more effective and efficient solutions to meet their needs and improve the health system.
According to healthcare executives, healthcare services and management in this sector will be very different from year to year. Half of them agreed that at least 25% of outpatient, preventive and long-term care services will go to virtual care by 2040. In addition, as many as 74% of respondents believe that investment in telemedicine by 2030 will be more than 25% higher than before [2]. Proof of this are, for example, all emerging solutions – such as virtual services in every aspect of AI care.
Ensuring a high level of data security
The revolution in modern technologies has enabled many companies to process data in the Cloud. In addition to the many benefits of this solution, it also creates the challenge of ensuring the cybersecurity of data and protecting patient privacy. It should be emphasized that medical data are particularly sensitive and require the highest standards of protection.
According to the Security Barometer report, in 2020 as many as 64% of organizations reported at least one incident related to data leakage or incorrect security. 51% of respondents stressed that switching to remote work was already a security challenge due to the increased vulnerability of cyber-attacks.The list of the most risky incidents includes data leaks through malware, phishing and data leaks related to theft or loss of devices [3].
Further digital innovations will certainly generate even greater needs for the prevention of cyber-attacks, and maintaining a sufficient level of security will certainly generate the need to train the employees.
Proper technology partnerships for new opportunities
The continuous development of med-tech companies in the field of specialization in selected areas of activity forces the implementation of development strategies that take into account mergers and acquisitions. Technological partnerships that allow market domination are also an integral part of such strategies.
In the recent years in the med-tech industry we have observed a rapid development and continuous evolution resulting from the decline in the production of medical devices. As a result, the sector is consolidating more and more rapidly.
Nearly half of CEOs (45.8%) believe that in order to drive the growth of their organizations, they will have to rely on business partnerships over the next three years [4].
Although mergers and acquisitions can generate misunderstandings and require efficient communication to manage innovation or the quality of the solutions provided, strategic partnerships with high-tech manufacturers enhance the company’s skills and capabilities, which directly translates into its success.
Sources:
- [1] McKinsey COVID-19 Consumer Survey, May 20, 2020
- [2] Deloitte Center for Health Solutions, The future of virtual health. Executives see industrywide investments on the horizon, June 2020
- [3] KPMG, Report: Cybersecurity Barometer. COVID-19 accelerates digitization of companies, March 2021
- [4] Siemens, Overcoming the top six medtech challenges, 2019