New medical devices are reshaping the industry
Key strategic learnings from the successes and competitive dynamics of these emerging medical technologies
New medical devices are reshaping the medtech industry. (Source)
The article covers a range of technologies, from pulsed field ablation (PFA), cardiac devices, wearable diabetes technology, and surgical robots.
Before we dive into key strategic learnings, let's look at the key characteristics these medical technologies share:
1️⃣ They are disrupting established markets and expanding patient access
Rather than just incrementally improving existing products, these technologies are creating paradigm shifts that open up massively expanded addressable markets.
For example: Over-the-counter CGMs are expanding beyond traditional diabetes care into the massive "wellness" market, reaching an estimated 25 million people with Type 2 diabetes who do not take insulin, plus millions more with prediabetes or general health interests.
2️⃣ They focus on safer, minimally invasive, and highly efficient alternatives
A common thread among these physical devices is the push away from traditional, riskier, or more manual medical interventions i.e. surgical robots, Pulsed Field Ablation (PFA), or AID systems.
3️⃣ They are driving competition among the top medtech companies
The financial potential of these innovations has triggered aggressive races for market share among the industry's largest players.
4️⃣ They share recent, major regulatory milestones
All of these technologies are currently riding a wave of recent regulatory momentum between 2023 and 2026.
Key strategic learnings
Here are the key strategic learnings other companies can draw from the successes and competitive dynamics of these emerging medical technologies:
Design for hospital throughput and seamless (clinical) workflow integration
A technology's success often hinges on how well it improves operational efficiency.
For example: A major driver of the rapid adoption of pulsed field ablation (PFA) is that it offers shorter procedure times, which allows doctors to increase their daily case volumes, a metric that "matters a lot to hospitals".
Incorporate "Design-for-Manufacturing" (DFM) early
For complex active devices, innovation cannot stop at a working prototype. Companies must partner with manufacturing experts early to incorporate DFM principles. Doing so ensures that once a product is proven to work, it can be seamlessly transitioned to high-volume production "consistently, at scale and at an optimised cost" without losing market momentum.
Leverage existing ecosystems and product bundling to drive adoption
Standalone products struggle against entrenched competitors, so companies should look to integrate new innovations with their existing portfolios.
Tailor software and sales channels when expanding into consumer markets
When modifying a prescription medical device for a broader consumer or "wellness" audience, companies must rethink the user interface and distribution.
For example: For their new over-the-counter continuous glucose monitors (CGMs), Dexcom and Abbott are purposefully removing strict medical alarms (which can be annoying for non-diabetics) and adding educational features to help everyday users interpret their metabolic data. Additionally, Dexcom opted to initially launch its OTC device exclusively online to actively study consumer buying patterns before expanding to other retail channels.
Treat the clinical workforce as the purchasing influencer
Companies must actively solve specific clinical pain points for doctors, nurses, allied health professionals.
Prioritise reimbursement, as it is the true catalyst for scale
Even if a product is regulatory approved and clinically effective, lack of reimbursement (either national/ single payer models or insurance coverage) will bottleneck its success.
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