Reinventing MedTech with intelligent technologies

In brief

• The MedTech industry is being transformed by intelligent technologies such as generative AI.

• Gen AI enables creation of personalized, predictive and proactive products, services and solutions.

• This report focuses on four segments of the MedTech industry: diabetes, cardiovascular, general surgery and diagnostic imaging.

Introduction

Check your heart condition on a smart watch or go in for a stress test? For most patients, the former is the preferred way to go.

In the rapidly evolving MedTech landscape, the integration of generative AI (gen AI) is revolutionizing how healthcare is delivered. MedTech companies are leveraging intelligent technologies to meet the growing demand for real-time, personalized healthcare. Our research with 800 U.S. patients shows that 94% use devices and apps for health management¹, emphasizing the need for innovation to meet the preferences of tech-savvy patients and the needs of resource-limited providers. Strategic use of gen AI enhances patient engagement and improves care efficiency, leading to cost savings and better health outcomes.

1. Mass market makeover for diabetes

Diabetes care is at the forefront of the MedTech revolution. With the advent of wearable technology and digital health platforms, patient empowerment is reaching new heights. The integration of continuous glucose monitoring (CGM) systems and GLP-1 receptor agonists illustrates a symbiotic relationship between pharmaceutical treatments and MedTech innovations, reshaping patient care pathways.

Key insights

1. Adopt flexible business strategies with direct-to-consumer (DTC) models.
2. Shift from a product-centric to an end-to-end platform mindset.
3. Shift from an engineering-first to an experience-first mindset.

2. Care for cardiovascular

The cardiovascular(CVD) segment is witnessing a paradigm shift with the integration of smart devices capable of detecting heart conditions such as atrial fibrillation. This shift towards less invasive and more proactive monitoring tools is redefining the landscape, making patient care more preemptive and less reactive.

Key insights

1. Enhance upstream care investments.
2. Complement downstream portfolios with digital offering.
3. Embrace minimally invasive care and connected solutions.

3. Tech surge in surgery

The surgical field is experiencing a technological surge with the introduction of robotics and AI-enhanced systems. Miniaturized robotic-assisted surgery device innovations are setting new standards in minimally invasive procedures, enhancing the surgical process from planning through recovery.

Key insights

1. Upgrade the “hardware” and “software” of the general surgery portfolio.
2. Explore new business models for general surgical devices.
3. Customize to capture the outpatient market.

4. Improving diagnostic imaging

Diagnostic imaging is being transformed by AI and machine learning with significant advancements in workflow efficiency and diagnostic accuracy. AI-assisted ultrasound technology platforms are making waves by enhancing image quality and streamlining diagnostic processes.

Key insights

1. Prioritize workflow optimization and scale clinical AI for long-term impact.
2. Integrate imaging with procedures.
3. Monetize through multiple streams.

It's time for MedTech leaders to embrace these changes, focusing on developing intelligent solutions that meet both patient and provider needs. Read our full report to know how MedTech companies can navigate the complexities of the modern healthcare environment, ensuring sustainable growth and improved patient outcomes in the age of gen AI.

Source

_{¹ Accenture survey: “Connecting patients to better health” of 800 patients in the US}