INOVIS  INSIGHTS

For MedTech Companies Proactive Competitive Intelligence is Essential to Survival

by the INOVIS team

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The future of MedTech is truly awe-inspiring.

In 2023, the FDA approved more novel medical technologies than ever before — driven by advancements in AI, miniaturization, visualization, and neuromodulation. And, while MedTech growth rates fell a bit post-pandemic (according to an S&P Capital IQ report), they are picking up the pace once again. According to a recent report from MarketsandMarkets, the global IoT medical devices market is expected to expand from USD41.5bn in 2023 to USD166.5bn by 2028.

Of course, this exponential expansion means that the competitive landscape is becoming increasingly complex with intensified competitor activities, regulatory changes, technological advances. For a MedTech firm to flourish — or even survive — Competitive Intelligence is critical.

With the swift evolution of MedTech, treatments in healthcare are showing tangible patient benefits faster — benefits like earlier detection and quicker healing, more precise surgical procedures, and even prevention of serious and chronic medical conditions.

DIGITAL HEALTH DEVICES

The COVID pandemic accelerated the acceptance and adoption of tele-health by healthcare systems, recognizing technology as the essential bridge between rising healthcare demand and limited resources. This increased acceptance of remote patient monitoring and management provides opportunities for digital health growth, through wearables and AI devices that empower patients to monitor and respond to their conditions independently, reducing the need for frequent face-to-face consultations, which of course lowers healthcare costs.

According to a recently published report by Verified Market Research, "Smart Wearable Healthcare Devices Market", the Global Smart Wearable Healthcare Devices Market size was valued at USD 13.8bn in 2020 and is projected to reach USD 37.4bn by 2028.

IMAGING AND SURGICAL DEVICES

Technological advancements and increasing acceptance of robotic surgeries by both surgeons and patients, have fast-tracked development. Advancements in  materials and designs, like the haptic feedback system¹ allow for enhanced precision and dexterity. These innovative surgical robotics rely on integration with advanced imaging systems along with AI- and ML- driven diagnostics.

More compact, versatile and cost effective systems will become available for wider accessibility. Teleoperation will allow more skilled surgeons to operate in difficult-to-access environments.

"...with future advancements such as AI-driven automation, nanorobots, microscopic incision surgeries, semi-automated telerobotic systems, and the impact of 5G connectivity on remote surgery, the growth curve of robotic surgery points to innovation and stands as a testament to the persistent pursuit of progress in healthcare." ²

As technology advances, the MedTech industry will run into challenges but also opportunities for delivering enhanced patient care, improved outcomes, and cost reduction. This evolution will reshape the healthcare landscape.

"...many smaller companies with ambitions in surgical robotics...will look to set themselves apart with unique design features or by establishing themselves in specialties where Intuitive (the current leader in the field) does not have a major presence" ³

For MedTech companies, the rapid pace of innovation means that swift, exhaustive, reliable and proactive Competitive Intelligence will be essential to survival. One might think that advanced AI systems should dominate in any tech-sector CI mission. But, as with robotic surgery, AI and ML simply augment and complement existing human talent. HUMINT⁴, which is actually more art than science, allows the discerning CI professional to grasp the larger, more intangible picture, put it in perspective and evolve proactive strategy.

Future Survival won't belong to the first-to-know, but the first-to anticipate.

1) the haptic feedback system allows surgeons to determine the consistency of the tissues they are operating upon, without physical contact, thereby preventing injuries due to the application of excess force
2) from "Advancements in robotic surgery: innovations, challenges and future prospects", Swastika Chatterjee et al, J Robotic Surg., 2024 Jan 17
3) from MedTechDive, "4 robotic surgery trends to watch in 2025", https://www.medtechdive.com/news/Robotic-surgery-outlook-2025-Intuitive-Surgical-Medtronic/738468/
4) Human Intel involves, in part, Primary Research, whereby during one-on-one interviews with opinion leaders and stakeholders, a seasoned investigator who understands subtle nuances can proactively adapt, add context and compose creative follow-up questions.