Medtech Nears its Golden Age Focusing on Value-based Care

"Patient centricity is a major theme for the medtech industry, with focus continuing to develop around key areas of patient safety, monitoring, engagement, and care coordination - but this time empowered with digital tools, and focusing on newer areas of growth," said Sowmya Rajagopalan, Advanced Medical Technologies Global Director. "Patient safety, for instance, which traditionally involves areas such as surgical site infections, is now expanding the scope to cover diagnostics safety, pressure ulcers and preventing unnecessary emergency department admissions. These newer focus areas are expected to grow at a 14.7% CAGR until 2024."

Asia-Pacific, 24/06/2019 (informazione.news - comunicati stampa - editoria e media)

 is a major theme for the medtech industry, with focus continuing to develop around key areas of patient safety, monitoring, engagement, and care coordination - but this time empowered with digital tools, and focusing on newer areas of growth," said " for instance, which traditionally involves areas such as surgical site infections, is now expanding the scope to cover diagnostics safety, pressure ulcers and preventing unnecessary admissions. These newer focus areas are expected to grow at a 14.7% CAGR until 2024."

Frost & Sullivan's recent analysis, , comprehensively analyzes a set of 20 such growth opportunities cutting across these themes, with a combined incremental value of $64.10 billion , over and above the $413.90 billion traditional market size, in 2019. The estimates further peg the longer-term growth opportunity to be $173.06 billion by 2024, with a healthy CAGR of 22.0% compared to the traditional market, which is estimated to slow down from the current 5.8% to around 5.2% by 2024.

"The medtech industry has been challenged by the lack of innovation in conventional segments, increasing focus on efficiencies, to digital enablers, and rising domestic competition in certain growth markets," noted Rajagopalan. "This has resulted in a series of industry strategies broadly classified into increasing personalization, data and tech leverage, enhanced post-acute care coordination, and a focus on ."

Top medtech companies are adopting the following strategies to tap

 is part of Frost & Sullivan's global Advanced Medical Technologies Growth Partnership Service program.

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