In the past few decades, the medical technology industry has been at the forefront of technological innovation, but at present, the entire medical industry is undergoing earth-shaking changes, and the return on innovative investment is declining in traditional medical technology companies. In the latest medical economics, innovation has been redefined in the medical technology industry, and its core value and convenience have received more attention. According to PwC’s latest report, medical technology companies need to continue to innovate to remain competitive in new market environments.
Not just product innovation
Medical technology executives are expected to usher in a new round of industry innovation in the next three years. However, the growth rate of relying solely on product innovation has become slower and slower. The addition of fancy product functions to existing products is no longer sufficient to support the rise in product prices. According to the survey, hospitals, medical service organizations, and even consumers have put forward higher requirements for medical technology companies in terms of product prices, ease of use, and product functions. Integrated service solutions and business models that meet the needs of healthcare professionals and consumers are becoming more important.
For medical technology companies, from product technology to business models are inseparable from innovation, the combination of innovation will also inject new vitality into the enterprise. Companies need to quickly update existing product and service portfolios and create more star products with unique selling points. In the future, the value of innovation will truly be reflected in products and effects.
Cross-border cooperation: another form of innovation
As new entrants continue to grab the $349 billion global medical technology market, traditional medical technology companies will face serious threats. Many non-medical companies are investing heavily in innovation into the medical technology industry. According to HRI, at least 18 companies from communications and home electronics (5 of which are Fortune 100 and 4 are Global 100). Strong) has entered the field of medical technology. The survey found that these non-medical companies are well prepared to compete with traditional medical technology companies and are likely to replace some of them.