MedTech companies play an integral part in most patient treatments, with digital disruption transforming the industry into a more connected, efficient, agile, and customer-centric ecosystem. Connected medical devices generate, collate, analyse and transmit substantial amounts of health data, which is then integrated into electronic health records (EHRs) via cloud computing and AI technologies, enabling more effective diagnosis, monitoring, and treatment. Advances in wireless technology, connectivity, miniaturisation and computing power are a ‘force multiplier’ in unlocking the potential of emerging medical technologies as part of the Internet of Medical Things (IoMT). MedTech companies increasingly focus on personalised and preventative therapies, leading the shift towards value-based healthcare. 

The world in 2030 
 

• Advances in digitalisation and connectivity: Connected devices, including patient-centric technologies such as wearables and smart implants, provide real-time precise and interoperable data to create end-to-end information chains across the entire healthcare ecosystem, enabling care anytime, anywhere. 

• Fast-paced innovation: MedTech companies have invested in building smart factories, integrating and scaling disruptive technologies and using predictive analytics and AI to improve asset and process efficiency, inventory and capacity tracking, preventative servicing, demand management, order fulfilment and supply chain resilience to deliver a strong return on investment. 

• Care is delivered everywhere: Diagnostic devices are smaller (e.g., MRI machines the size of a tumble-dryers, CAT scanners small enough to sit on a table and pocket-size ultrasounds are ubiquitous) and MedTech companies that provide telemedicine augmented by virtual reality technologies support clinicians to deliver more accessible, equitable remote care. 
  

• MedTech companies have adopted ambitious ESG goals: They use eco-friendly and/or durable materials, work with end users to reuse and recycle devices, minimise waste and energy and embrace the circular economy. 
  

Overcoming cross-cutting constraints

There are several cross-cutting constraints that could affect the prediction (not having the right skills and talent, funding models, approach to regulation, and data governance in place). The prediction can be realised by turning the constraints into enablers by:  
 

• adopting build, buy, and partner strategies to upskill the organisation, including collaborating with consumer, big tech and digital health companies to benefit from their experience of brand and customer-centric engagement 
• implementing value-based pricing, risk and gain-sharing agreements, and adopting subscription and as a service business models to deliver more integrated offerings 
• using ‘regulatory-by-design approach’ to comply with evolving regulations, including digital and AI, the Corporate Sustainability Reporting Directive, and patient data (e.g., HIPAA and GDPR), and submitting real world evidence to accelerate the approval of innovation. 

How AI/GenAI might impact the MedTech industry  
 

• GenAI applied across MedTech value chain can lead to more efficient processes, personalised customer interactions and end-to-end visibility across the supply chain. 

• GenAI can enhance diagnostic imaging and analysis to detect diseases at earlier stages, and facilitate the development of innovative solutions and designs, including new biomaterials tailored to different population groups. 

• GenAI can accelerate software development by automating coding, testing, and data generation, enabling the scaled adoption of Software as a Medical Device (SAMD) business model. 

• AI-powered chatbots and multilingual software can improve digital health literacy and provide personalised support to diverse patient populations.