Canadian Manufacturing

Data monetization a must for MedTech industry to evolve

Connectivity solutions for data integration are critical to stop data silos and ensure success of any data monetization strategy, finds Frost & Sullivan

May 3, 2021  by CM Staff

Data Monetization a Must for MedTech Industry to Evolve Toward Real-World Evidence and Precision Medicine

SANTA CLARA, Calif. — Frost & Sullivan’s recent analysis, Data Monetization Drives Innovative Business Models in the Global MedTech Industry, finds that the digitalization of the healthcare sector will lead us to broader healthcare objectives of real-world evidence and precision medicine. But to achieve those goals, we need to harness data monetization.

“Digital automation solutions best serve provider needs to drive clinical and operational efficiency, which can help them thrive in the era of reducing reimbursements and value-based care,” said Siddharth Shah, Healthcare & Life Sciences Program Manager at Frost & Sullivan in a prepared statement. “Digital data-based solutions that help providers with clinical and operational automation are likely to be successful, with the caveat of finding the right business model.”

Shah added: “Current healthcare challenges of interoperability and data silos are tough to address, but the medical technology (MedTech) industry must rethink data strategies, especially with use cases of remote patient monitoring and disease management, to thrive in the post-pandemic world. Several large MedTech players have already built value propositions around digital solutions with data at the core, which present opportunities to create new business models that drive efficiencies internally and help increase revenues and market share.”

MedTech market participants should consider the following growth opportunities:

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  • Target hospital areas already served to provide data insights to build operational efficiency and add value to existing product portfolios.
  • Provide clinical intelligence along with services and products for surgical patients pre-, intra- or post-operatively to ensure surgical success and faster recoveries.
  • Connectivity solutions for data integration are critical to eliminate data silos and ensure success of any data monetization strategy.