Over the years, MedTech companies have typically built their products around a standard of care delivery that has proven to be relatively stable.
As the options for care delivery become richer and more varied, they provide opportunities to expand the marketplace for their products. The plethora of devices that can monitor our health, catch a disease early, and keep us well are making their way into retail locations and into the homes of consumers. You can even navigate to the-clinx.com/mrex-market-research for Medtech research from professionals.
To thrive in this increasingly consumer-centric landscape, MedTech companies should consider ways to incorporate digitally-enabled consumer-engagement capabilities into their product designs.
The rules that worked for the old context should be modified so that they also work for the new one. This could be a major undertaking that could require a fundamental transformation of the business.
Most large MedTech companies have historically engineered hardware products using a linear and sequential waterfall-development approach where the specifications are defined beforehand.
A major product release is typically followed by regular, scheduled updates. In the new, rapidly evolving context of consumer-focused health care, software-oriented products move to the forefront. Developing and rapidly iterating on these offerings (and continuously learning) will likely require that companies adopt an agile approach that supports smaller and more frequent product updates.