Life Sciences

MedTech companies are best positioned to lead the transformation in Digital Health thanks to their unique understanding of therapeutics, patients and providers. Growth is being driven by the increasing popularity of digital devices, many of which are already in the hands of consumers. However, without the right digital foundation to support these companies internally, digital insights will be difficult to leverage to create a comprehensive Digital Health solution.

To understand key challenges facing life sciences professionals when expanding, we interviewed 30 Digital Health executives and C-Suite leaders from the MedTech and pharma sectors in AdvaMed’s Digital Health Center of Excellence. Additionally, we surveyed 150 MedTech executives globally, and analyzed over 100 M&A deals and 600 product launches from a subset of MedTech companies that took place between January 2019 and May 2022. We uncovered five key trends driving the future growth of MedTech.

Innovation in Life Sciences is at an all-time high, developing new capabilities powered by technology and science. But there's still a heavy reliance on mergers and acquisitions (M&A) for growth, with 60% of their marketed assets coming through acquisitions in the last 15 years. 

This industry reality requires understanding how to shift to sustainable growth and the patterns behind it. Accenture researched four pathways companies are taking in this direction and how understanding these models will uncover trends for innovation and success. Companies must choose the right roadmaps combined with three key actions to determine future growth, lasting impacts and patient outcomes.

The metaverse is here, evolving at a fast pace, with some components already creating revolutions in the life sciences industry. Accenture research revealed that 85% of Biopharma and 91% of MedTech executives considering that it will have a positive impact on their organizations.

WebMe, the Programmable World, the Unreal and Computing the Impossible are four key technology trends shaping the industry’s future. These metaverse components will create truly humanized digital approaches that will bring us closer to meeting the unmet needs of patients, employees and healthcare professionals in previously unimagined ways. Explore our podcast and research to find out how technology continues to transform Biopharma and MedTech.