The MedTech industry is experiencing extraordinary disruption, from affordability challenges, shifting patient expectations and the pressure to find innovative products and services to create value. The metaverse creates opportunities for truly humanized digital MedTech ecosystems that meet customer needs across the value chain—manufacturing, sales, after-sales service, training, and supply chain management. A true opportunity to transform payer, provider, healthcare professional (HCP) and consumer experiences for improved patient care.
In this year’s Technology Vision, we like to present to you how today’s technology innovations are becoming the building blocks of our collective future. The trends investigate the entire spectrum, from the virtual to the physical world, across the MedTech ecosystem and devices alike. Enter the Metaverse Continuum.
Trend 1: WebMe
The best healthcare services exhibit proactive and consistent interaction between patients and doctors. The metaverse will play a vital role in managing this process effectively. It has the power to transform the current healthcare delivery model by opening new treatment delivery channels, lowering costs, significantly empowering the patient and improving patient care outcomes.
of MedTech executives believed realization of Web3 over the next decade will fundamentally change how businesses engage with users online.
WebMe makes diagnostics, treatment and monitoring understandable and accessible to patients via the MedTech devices, solutions and platforms. It acts as the interface, often, between the physical and virtual.
Trend 2: Programmable World
The last two years have completely changed the trajectory of digital transformation in all industries, but especially MedTech. Customer engagement and experience remain the crucial parameters. Virtualization and technology-driven disruptors like extended reality (XR) and 5G are playing pivotal roles in delivering almost real-life personalized experiences to customers.
of MedTech executives believe that programming the physical environment will emerge as a competitive differentiation in their industry.
A key potential game changer is augmented reality (AR) and its application across customer service, compliance assurance and customer experiences. In fact, 99 percent of MedTech executives report their organization would consider using AR in the next three years. AR creates opportunities for experts to meet where real-world limitations would have prevented meetings in the past.
Trend 3: The Unreal
Clinical AI algorithms are revolutionizing the medical device industry. Enhanced algorithms are looking at EKGs in previously unimagined ways. Machine learning is helping us to look through 3D CT scans and other images to identify cancers and other abnormalities.
of MedTech executives report that their organizations are committed to authenticating the origin of their data and genuine use of AI.
From image-based diagnosis in radiology and dermatology to surgery, to patient monitoring and assistance—more than nine out of ten (91 percent) of MedTech executives report that their organization is dependent on AI technologies to function effectively. This is significantly higher than the 80 percent average response from other industries. But to make good decisions, AI needs to learn by interpreting results.
Trend 4: Computing the Impossible
Computing muscle could significantly enhance data-rich research and development processes. More computing power means research faster better-quality research and development at a lower cost. Regarding data science as a product, or feature of a product, gives MedTech companies a different paradigm for execution focused on a tangible outcome.
of MedTech executives say quantum computing will have a breakthrough or transformational impact on their organizations in the future.
of MedTech executives say high performance computing will have a breakthrough or transformational impact on their organizations in the future.
of MedTech executives say bioinspired computing will have a breakthrough or transformational impact on their organizations in the future.
Faster analysis of patient usage patterns can help to improve patient experiences, while clinical trial efficiency and site selection can be improved through artificial intelligence (AI). Computing the Impossible will provide a platform for lightning-fast device and medical solution research and development.
MedTech companies are using metaverse technology like connected devices, digital twinning, data-led insights and virtual collaboration to transform their research and development capabilities.
Where should you begin?
MedTech companies stand at a unique precipice in time. While much of this technology is still in the early adopter phase, there are signals that the future world will bring us closer to meeting the unmet needs of patients, employees and healthcare professionals in previously unimagined ways. It will be about putting humanity at the core by designing better experiences for improved outcomes for our patients, improving the HCP experience and having better and more resilient supply chains.
Who better than the MedTech industry to appreciate that they must manage the risks carefully? Leaders are not just pioneering new digital future, but a new future for human and enterprise interaction, and many of the rules remain undefined. It is critical that MedTech companies take steps to shape the Metaverse Continuum proactively and responsibly.