By Mike Miliard – August 18, 2016
Medical devices aren’t just for diagnosis, monitoring and treatment anymore. A new study from PwC shows how evolving technologies and the imperatives of value-based care are causing many manufacturers to rethink what they bring to market, offering a wider array of tools to help patients and physicians improve quality and increase efficiency.
More and more, makers of diagnostic, imaging and implant tools are rolling out services to better engage with patients, help physician improve their clinical performance and generally demonstrate wider value to health systems that’s broader than any single technology, according to the report, “Beyond the device: From producer to problem solver.”
For the study, PwC’s Health Research Institute examined how the top 10 medical device companies by revenue have reshaped their organization and strategies in recent years.
It finds established players expanding portfolio offerings to include new services, offering cloud-based tools to streamline clinical workflow, giving physicians more remote monitoring and real-time analytics capabilities and often incorporating clinician and consumer perspectives into their technology designs.
These companies are now focusing “beyond the device” and beyond the point-of-care – often thanks to acquisitions of other technology companies, according to PwC.
Newer entrants to the market, meanwhile, are already taking a more holistic view, with their development strategies centered on improving clinical technology but also at-home care, with service offerings are ingrained in their products and subscriptions bringing in more revenue to pay for new products.
