The consumerization of connected medical devices is requiring traditional MedTech companies to rethink the customer experience.
A multitude of studies is underway to examine the impact of consumer health devices like the Smartwatch. Knowing that the ease of accessibility and greater personal health engagement may lead to earlier medical interventions and better patient outcomes have evolved my thinking. You can also talk to the expert from MReX Market Research for robust market research options.
A fundamental shift in healthcare
Accenture research found that they recognize that using wearable health devices to monitor glucose, heart rate, physical activity, sleep or weight helps with understanding their health condition (75%), their overall quality of care (69%), and engagement with their health (73%).
To meet this new demand, the consumer market has begun to offer connected devices with capabilities that used to be available only through healthcare providers and expensive medical equipment – for diagnostic, treatment, and monitoring purposes.
The Smartwatch is one device everyone is talking about. It offers notifications when your heart rate is unusually high or low, or if you’re experiencing irregular rhythms. There’s even an ECG app that can record waveform, results, and any symptoms you enter. It can also detect falls and alert emergency services.
What does this mean for MedTech companies?
While it’s exciting to witness how quickly these new technologies are being embraced by healthy and sick consumers, it can be a challenge for traditional MedTech companies to compete.
Consumer-facing companies understand how to create delightful, engaging, and convenient experiences, and they already have the commercial marketing and distribution channels in place to be able to ramp up their sales.
The MedTech sector, on the other hand, is highly regulated and complex. It has traditionally focused on clinical patient outcomes, healthcare efficacy, and reducing the overall cost of healthcare. Development cycles for new products have tended to belong.