The top themes likely to impact the medical devices industry in 2023 can be classified into technology, macroeconomic, and industry themes. Companies that invest in the right themes often become success stories, while those that miss the big themes ultimately fail. Given that so many themes are disruptive, it is very easy to be blindsided by industry outsiders that invade your sector. So, to help our clients gain a competitive advantage, we have developed GlobalData’s thematic intelligence ecosystem, a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. GlobalData’s thematic intelligence ecosystem assesses how well companies are positioned for the future based on their competitive position in the main themes disrupting their sector.
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Top Technology Themes: Artificial intelligence (AI), cybersecurity, robotics, wearable tech, and cloud computing are some of the top technology themes.
AI: The AI industry will be worth $93 billion in 2023, up 12% from 2022. As AI is increasingly involved in life-changing decisions, the inability to see and explain the decision-making processes of AI systems is eroding public confidence in this technology. Deploying explainable AI (XAI) will go some way to helping restore that confidence. Companies will invest more in XAI practices, like automated machine learning (AutoML) and synthetic data training, to automate time-consuming iterative tasks and circumvent the data problem using artificially created data.
Cybersecurity: The rising rates of cybercrime and growing media coverage both put immense pressure on cybersecurity teams. The ongoing cyber skills crisis makes attracting and retaining cybersecurity professionals to help keep businesses secure even more challenging. In 2023, their workload will threaten cyber teams’ mental and physical well-being. Medical companies that are investing in cybersecurity for new and existing devices and software such as Abbott, Johnson & Johnson, Medtronic, ICU Medical, and GE Healthcare will emerge as the winners. While companies behind the curve on zero-trust adaptation and those not ransomware-ready.
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Top Macroeconomic Themes: Environmental, Social, and Governance (ESG), China, and regulations in medical devices will be some of the top macroeconomic themes.
ESG: Public interest and increasing regulation have afforded environmental, social, and governance (ESG) themes greater consideration in company strategy. Many medical device companies have a stated commitment to ESG, but their goals, delivery, and reporting can vary substantially. In 2023, people will focus on the immediate concerns of rising inflation and the energy crisis, and ESG will be overshadowed.
Regulations in Medical Devices: As the digitalization of healthcare continues and becomes even more common, new types of medical devices will continue to be introduced. Some examples of recent digital health tools are wearable tech and mobile health apps. Some forms of wearable tech and mobile health apps are physician-prescribed, and many of those are regulated in some form. However, traditional regulations applied to wearable tech or mobile health apps can pose issues, as these are untraditional devices.
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Top Industry Themes: Remote patient monitoring and precision medicine are the key industry themes covered in this report.
Remote patient monitoring: Increasing acceptance of remote patient monitoring will increase market value. The integration of remote patient monitoring in medical devices is relatively new, but COVID-19 helped expedite the adoption rate significantly. Companies investing in more remote devices such as Medtronic, Philips, AliveCor, Abbott, Boston Scientific, GE Healthcare, Biotronik, Microport Scientific will emerge as the winners in this theme. However, companies not investing enough in remote devices or digital therapeutics might be emerging as the losers.
Precision medicine: Precision medicine refers to a medical model that proposes the customization of healthcare, with decisions and practices being tailored to the individual patient by use of genetic or other information. Precision medicine is reshaping disease treatment with the potential to provide superior outcomes in smaller patient populations, increasing patient expectations around efficacy. Precision medicine is gaining in popularity due to the shift in healthcare to a more patient-centric perspective.
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