Accelerating the future: realising the potential of the Internet of Medical Things

This week, we publish the penultimate prediction from our Accelerating the future: Life Sciences and Healthcare predictions 2030 report, Realising the potential of the Internet of Medical Things. As always, the prediction is intended to be both optimistic and provocative, this time looking into how MedTech companies might leverage advances in AI, cloud computing and connectivity to create data-driven innovations that enable more effective and personalised diagnoses, monitoring, and treatments for patients; and support the shift towards value-based healthcare. This week blog summarises the main insights from our MedTech prediction, how the constraints that could impede the prediction can be overcome and need to be over and explore how AI can help accelerate the prediction and the different roles that MedTech companies might play in the health ecosystem.

MedTech's data-driven innovations are delivering patient-centric care 

In 2030, MedTech companies play an integral part in most patient interactions with digital disruption driving a more connected, efficient, agile and customer centric health ecosystem.  Connected medical devices, from wearables to smart implants, 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 to create end-to-end information chains across the entire ecosystem. These data are used to enable MedTech companies to develop more effective and differentiated diagnostic, monitoring, and personalised and preventative products. These, in turn, have helped establish value-based pricing models and deliver better, more cost-effective, patient outcomes. 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; see Figure 1).

Figure 1. The IoMT ecosystem and the key actions life sciences and healthcare stakeholders should consider when operating in the IoMT

These changes have also resulted in MedTech companies adopting the different roles highlighted in Deloitte’s Future of Health report, ‘Six winning roles for MedTech to thrive in the future of health’. These roles include next-gen commodities supplier, best-in-class innovator, medical solutions-as-a-service provider, disease owner, ecosystem data and informatics provider and consumer health enabler.¹

To realise our prediction, MedTech companies will also need to address the cross-cutting constraints that impact of our predictions, (having the right skills and talent, the need for new funding and business models, proactive approach to the evolving regulatory landscape and ensuring strong cyber security and data governance is in place). Consequently, by 2030 we expect MedTech companies to have:

• adopted 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
• implemented value-based pricing, risk and gain-sharing agreements, and adopted subscription and as a service business models to deliver more integrated offerings
• used a ‘regulatory-by-design approach’ to comply with evolving regulations including proactively engaging with regulators and their encouragement to submit real world evidence (RWE) to enable them to assess the safety and efficacy of innovation and expedite its approval
• embedded a ‘security-by-design’ approach, alongside regular assessments and updates to address vulnerabilities and keep devices secure and users safe, which should also help gain and keep the trust of consumers, patients and healthcare professionals.

How can GenAI accelerate this future?

In 2024, AI algorithms are already being used by MedTech companies to analyse vast patient datasets to identify patterns and insights that enable faster, more accurate diagnoses, personalised treatments and efficient resource allocation. By 2030, we expect MedTech companies to use GenAI to accelerate software development, with software as a medical device (SAMD) becoming a fully established business model; enhance imaging and diagnostics, including real-time imaging during surgery, still further; detect diseases and identify effective treatments at much earlier stages; and facilitate the development of innovative solutions and product designs, including new biomaterials tailored to different population groups. Although feasible today, by 2030, GenAI-enabled technologies will also have enabled the acceleration at scale of clinical development and regulatory approvals; improved the populations digital health literacy and be providing personalised support to diverse patient populations using AI chatbots and omnilingual software.

Conclusion

The MedTech industry stands at the cusp of transforming the healthcare industry into a more seamless, connected ecosystem, driven by converging advances in digital innovation, AI, and a renewed focus on consumer-centricity. By 2030, the industry will deliver a healthcare paradigm characterised by proactive interventions, faster and more personalised diagnoses and treatments, and significantly enhanced accessibility for different patient population groups. To realise this prediction, as MedTech companies adopt new roles in the healthcare ecosystem, they will prioritise strategic collaborations, embrace agile pricing structures, and proactively engage with regulatory bodies to ensure compliance within a rapidly evolving framework to deliver more effective, equitable care.